Risk exchange startup CatX completes $2.7 million seed round financing
CatX is a digital disaster and parameter risk trading startup that has successfully completed a $2.7 million seed round financing, bringing more alternative capital to the insurance industry. The company stated that this round of financing marks an important milestone in its mission to bridge the supply-demand gap in the reinsurance industry. Due to the shortage of reinsurance capital, the insurance industry is currently facing severe challenges, and reinsurance capital is necessary to protect insurance companies from significant losses.
Information link:
https://beinsure.com/news/catx-raised-seed-funding/
Comment: CatX has partnered with over 15 leading institutional investors, including North American pension funds, hedge funds, and structured credit funds, providing insurance companies with the opportunity to acquire billions of dollars in capital through the platform.
CoverSelf earns $3.4 million in seed rounds
CoverSelf, a medical insurance technology company, announced a $3.4 million acquisition, with a seed round financing amount of $8.2 million. The financing funds will be used to expand the operational scale, enhance its GenAI capabilities, and expand the team size. The investors in this round of financing include BEENEXT and 3One4 Capital, Z21 Ventures.
Information link:
https://healthcare-digital.com/technology-and-ai/healthtech-platform-coverself-extends-seed-round-to-us-8-2m
Comment: CoverSelf was founded in 2021 with the aim of addressing the issue of excessive claims in the healthcare insurance industry, as the United States spends over $4.1 trillion annually on healthcare insurance, many of which are administrative expenses.
Fairfax proposes to privatize agricultural technology company Farmers Edge at a price 99% below the IPO price
Fairfax Financial Holdings Ltd., a Canadian financial group, has proposed to acquire a minority stake in agricultural technology company Farmers Edge Inc. at a price that would result in almost all losses for any long-term holder of the stock. Fairfax's acquisition offer is 25 Canadian cents per share, which is nearly 99% lower than the initial public offering price of $17 per share for Farmers Edge in March 2021.
Information link:
https://farmersedge.ca/farmers-edge-announces-fairfax-privatization-offer
Comment: Farmers Edge utilizes technology to analyze weather, soil moisture, satellite data, and other information to help farmers plan their crops. This initial public offering was conducted in an environment where ultra-low interest rates opened up the public market to speculative enterprises. This company briefly reached a stock market value of approximately 835 million Canadian dollars (609 million US dollars).
Singapore Insurance Company Singlife receives an investment of SGD 180 million
Singapore Insurance Company announced a $132 million investment from Japanese insurance company Sumitomo Life Insurance Company. The financing funds will be used to accelerate Singlife's business development.
Information link:
https://www.globenewswire.com/news-release/2023/11/28/2787170/0/en/attentive-drives-record-breaking-1-8-billion-in-online-sales-during-cyber-week-2023.html
Comment: Singlife has always provided various insurance products, employee benefits, and savings products and services, as well as investment and consulting solutions through its platform.vv
Allianz has been rated as the world's top insurance brand
Interbrand, a brand evaluation agency, has ranked Allianz as the world's leading insurance company for the fifth consecutive year in its global best brand ranking. The global brand value of Allianz Group has exceeded $20.85 billion, marking the company's first achievement of this milestone. The increase in brand value has made Allianz Group ranked 31st, becoming one of the fastest-growing global brands.
Information link:
https://interbrand.com/best-global-brands/allianz/
Comment: Allianz's recent strategic focus is to enhance the brand experience for corporate customers. Notable measures include renaming Euler Hermes to Allianz Trade in 2022 and establishing Allianz Commercial to integrate its global midsize and large enterprise insurance business.
The Japanese insurance plan will cover obesity treatment
Japan's public health insurance will cover a new obesity treatment method, marking a significant increase in the country's healthcare services. This development comes at a time of debate over the possibility of healthy individuals abusing such drugs for non medical weight loss. According to the Japan Times, Wegovy's coverage is limited to patients with specific health conditions such as hypertension, hyperlipidemia (high cholesterol level) and type 2 diabetes. These patients do not see enough effect only by diet and exercise.
Information link:
https://www.usnews.com/news/world/articles/2023-11-23/novo-nordisk-to-launch-obesity-drug-wegovy-in-japan-in-februar
Comment: The eligibility criteria include a body mass index (BMI) of 35 or above, or a BMI of 27 or above with at least two obesity related health issues.
Embedded Insurance Technology Bolttech Collaborates with Communication Group NJJ
Insurance technology company Bolttech has chosen to collaborate with communication group NJJ to provide embedded device insurance products for mobile operators in Europe, including Salt and Monaco Telecom. This collaboration will cover 1.5 million paying customers of Salt and 800000 registered customers of Monaco. The cooperation includes providing customers with fast equipment maintenance and support services, such as equipment replacement the next day and one hour on-site repair services.
Information link:
https://insurtechdigital.com/articles/insurtech-bolttech-partners-with-european-telco-group-njj
Comment: Currently, Bolttech's products have been launched in 35 markets including the United States, Asia, Europe, and Africa. Their digital capabilities strengthen the connections between insurance companies, distributors, and customers, simplifying the insurance sales process.
Hyro launches medical insurance chat AI function
Hyro has launched a conversational artificial intelligence feature for medical insurance, which can improve patient journeys and optimize the operational efficiency of healthcare providers using data.
Information link:
https://www.hyro.ai/
Comment: With this new feature, healthcare providers can better meet the needs of patients, reduce waiting time, and increase the variety of self-service functions.
Google and Symphony have collaborated to launch a voice analysis tool for banks
This tool aims to help banks better retain and mark suspicious conversations, while regulatory authorities continue to strengthen their review of record keeping practices in financial companies. This new information compliance tool combines Google Cloud's generative artificial intelligence platform Vertex AI and Symphony's AI and domain expertise to provide financial market voice analysis services. This tool will enhance Symphony's Cloud9 voice products through more advanced voice to text and natural language processing capabilities.
Information link:
https://www.econotimes.com/google-symphony-team-up-for-generative-ai-for-voice-analytics-1667014
JPMorgan Chase has obtained a Class I license in the Abu Dhabi global market and plans to expand its business in the United Arab Emirates
JPMorgan Chase has obtained principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) to upgrade its license to Category I. With this approval, this US banking giant will expand its business scope in the UAE and now be able to provide payment and corporate banking services in the region, including accepting deposits and providing payment processing services to ADGM's wholesale banking clients.
Information link:
https://www.jpmorgan.com/about-us/corporate-news/2021/jpmorgan-establishes-new-legal-entity-in-adgm
Codebase teamed up with Visa and eFinance to launch a Bank as a Service (BaaS) solution in Egypt
Codebase Technologies, an open API banking solution provider, is partnering with Visa and eFinance Investment Group, a payment technology company based in Giza, to launch Egypt's first Bank as a Service (BaaS) solution. This cooperation model will enable non banking businesses in the country to integrate the digital services of banks into their product lines through APIs.
Information link:
https://ffnews.com/newsarticle/fintech/codebase-technologies-announces-joint-strategic-baas-venture-with-efinance-investment-group-at-cairo-ict-2023/
HSBC appoints CEO and COO of a new embedded finance joint venture, with plans to launch in the first half of 2024
HSBC has appointed Vinay Mendonca as the design CEO of its new embedded finance joint venture with the US fintech company Tradeshift. The new enterprise is expected to be launched in the first half of 2024, aiming to develop embedded financial solutions and financial service applications. The company will receive a two-stage investment support of $35 million from HSBC and will hold 75% of the company's shares, while Tradeshift will hold the remaining 25%. In addition, Barry O'Byrne, CEO of HSBC Global Commercial Bank, will serve as the Chairman of the Board of Directors for the new company.
Information link:
https://www.fintechfutures.com/2023/11/hsbc-appoints-ceo-and-coo-for-new-embedded-finance-jv/ Google and Symphony have collaborated to launch a voice analysis tool for banks
This tool aims to help banks better retain and mark suspicious conversations, while regulatory authorities continue to strengthen their review of record keeping practices in financial companies. This new information compliance tool combines Google Cloud's generative artificial intelligence platform Vertex AI and Symphony's AI and domain expertise to provide financial market voice analysis services. This tool will enhance Symphony's Cloud9 voice products through more advanced voice to text and natural language processing capabilities.
Information link:
https://www.econotimes.com/google-symphony-team-up-for-generative-ai-for-voice-analytics-1667014
JPMorgan Chase has obtained a Class I license in the Abu Dhabi global market and plans to expand its business in the United Arab Emirates
JPMorgan Chase has obtained principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM) to upgrade its license to Category I. With this approval, this US banking giant will expand its business scope in the UAE and now be able to provide payment and corporate banking services in the region, including accepting deposits and providing payment processing services to ADGM's wholesale banking clients.
Information link:
https://www.jpmorgan.com/about-us/corporate-news/2021/jpmorgan-establishes-new-legal-entity-in-adgm
Codebase teamed up with Visa and eFinance to launch a Bank as a Service (BaaS) solution in Egypt
Codebase Technologies, an open API banking solution provider, is partnering with Visa and eFinance Investment Group, a payment technology company based in Giza, to launch Egypt's first Bank as a Service (BaaS) solution. This cooperation model will enable non banking businesses in the country to integrate the digital services of banks into their product lines through APIs.
Information link:
https://ffnews.com/newsarticle/fintech/codebase-technologies-announces-joint-strategic-baas-venture-with-efinance-investment-group-at-cairo-ict-2023/
HSBC appoints CEO and COO of a new embedded finance joint venture, with plans to launch in the first half of 2024
HSBC has appointed Vinay Mendonca as the design CEO of its new embedded finance joint venture with the US fintech company Tradeshift. The new enterprise is expected to be launched in the first half of 2024, aiming to develop embedded financial solutions and financial service applications. The company will receive a two-stage investment support of $35 million from HSBC and will hold 75% of the company's shares, while Tradeshift will hold the remaining 25%. In addition, Barry O'Byrne, CEO of HSBC Global Commercial Bank, will serve as the Chairman of the Board of Directors for the new company.
Information link:
https://www.fintechfutures.com/2023/11/hsbc-appoints-ceo-and-coo-for-new-embedded-finance-jv/
GRI releases new draft climate change and energy standards
On the 21st, the Global Reporting Initiative (GRI) released a new draft of climate change and energy standards aimed at helping businesses disclose their climate change transition plans and actions. The new disclosure requirements for the proposed standards include reporting on transition plans to mitigate climate change, adapting to climate change, emission reduction targets and progress, as well as disclosing the removal of greenhouse gases and the use of carbon credits in the organization's value chain.
Information link:
Www.globalreporting. org/news/news center/setting the standard for transparency on climate change impacts/
The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change opened in Dubai
The 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) opened on November 30th local time in Dubai, United Arab Emirates. The conference will focus on accelerating energy transformation, repairing climate financing, caring for people's lives and livelihoods, and building on the four pillars of transformation based on comprehensive inclusiveness. In addition to the global inventory, the future, start-up and operation losses and damage fund of fossil fuels will also be the focus of this conference.
Information link: https://www.cls.cn/detail/1531638
Canada and the European Union announce several new cooperation measures in the fields of environmental protection, scientific research and innovation
At the 19th Canada EU Leaders Summit, Canada and the EU announced the establishment of the "Canada Europe Green Alliance" to strengthen political, technological, economic, and scientific cooperation in various fields such as climate action, environmental and marine protection, energy transformation, green industry transformation, regulation, and business cooperation. (People's Daily Online)
Information link:
https://www.chinanews.com.cn/gj/2023/11-25/10117823.shtml
Global ships will face a huge climate bill of 3.6 billion US dollars
Ships bound for European ports in 2024 will face a total carbon emissions bill of $3.6 billion, and as the European continent increases its efforts to address climate change, this new tax is bound to continue to increase. This number is the total compliance price estimated by Drury Shipping Consulting Limited based on the EU Emissions Trading System.
Information link:
https://finance.sina.com.cn/stock/usstock/c/2023..
Australian regulatory authorities exploring the application of AI technology to improve the efficiency of financial market regulation
On November 22nd, at the annual meeting of the Australian Securities and Investment Commission (ASIC) held in Melbourne, it was announced that Australian regulatory agencies are exploring how to use artificial intelligence to assist in regulating financial markets and the entire financial industry. The head of the Australian market regulatory agency stated that they are considering a pilot project that will use artificial intelligence technology to read thousands of words of submitted documents faster than humans.
Information link:
https://h5.drcnet.com.cn/docview.aspx?version=...
The UK will legislate to implement a digital securities sandbox to promote the adoption of digital assets
On November 23rd, the mini budget released by the UK Treasury included a measure to promote growth in the digital asset industry. The UK government will implement Digital Securities Sandbox (DSS) through legislation aimed at promoting the adoption of digital assets in financial markets. The budget statement stated that the government will formulate administrative regulations to implement the digital securities sandbox, fulfill the Edinburgh reform announcement, and implement the financial market infrastructure sandbox in 2023.
Information link:
https://www.finacerun.com/home/news/detail/article_id/134855.html
The United States demands that Binance pay over $4 billion to settle criminal cases
On November 21st, the US Department of Justice demanded that trading platform Binance compensate over $4 billion to settle related criminal cases. According to insiders, negotiations between the US Department of Justice and Binance include an agreement that its founder, Zhao Changpeng, may face criminal charges in the United States to resolve investigations into suspected bank fraud and sanctions violations.
Information link:
https://finance.sina.com.cn/blockchain/roll/2023...
Italian data protection agency conducts a live survey on the practice of collecting personal data online for AI training
On November 23rd, the Italian data protection agency stated that it has begun a live investigation into the practice of collecting large amounts of personal data online for training artificial intelligence (AI) algorithms. The Italian authorities stated that the review aims to evaluate whether online websites have implemented "sufficient measures" to prevent artificial intelligence platforms from collecting large amounts of personal data for use in algorithms. The regulatory authorities stated that "after conducting a factual investigation, they reserve the right to take necessary measures and will also take emergency measures.".
Information link:
https://www.163.com/dy/article/ik883g0q05198086.html
The Legislative Council of the Hong Kong Special Administrative Region has passed the Draft Tax Ordinance 2023
On November 29th, the Legislative Council of the Hong Kong Special Administrative Region Government passed the "2023 Taxation (Amendment) (Taxation of Overseas Disposal Gains) Bill". It is reported that the draft bill optimizes Hong Kong's tax exemption mechanism for foreign income and expands the scope of assets covered by foreign disposal proceeds to include assets other than shares or equity interests.
Information link:
https://www.legco.gov.hk/cn/open-legco/press/yr2023/pr20231017-1.html
Hurun Research Institute releases the 2023 China High Net Worth Household Cash Flow Management Report
Hurun Research Institute has released the 2023 China High Net Worth Household Cash Flow Management Report by CITIC Prudential Life Insurance's "Heirs" and Hurun Baifu. The report shows that there are 5.18 million "wealthy households" in China with a net asset value of 6 million yuan, 2.11 million "high net worth households" with a net asset value of 10 million yuan, and 138000 "ultra high net worth households" with a net asset value of 100 million yuan. Among them, the five cities with the most "high net worth households" are Beijing, Shanghai, Hong Kong, Shenzhen, and Guangzhou. Among these five cities, Shanghai's "high net worth households" grew the fastest, with a year-on-year increase of 3.0%.
Information link:
http://www.br-cn.com/static/content/news/ch_news/2023-11-14/1174011858518049440.html
The wealth company belonging to the "Zhongzhi Group" has been filed for investigation! Zhongzhi Group's insolvency exceeds 200 billion yuan
On the night of November 25, Chaoyang Branch of Beijing Municipal Public Security Bureau (hereinafter referred to as "Beijing Chaoyang Public Security") reported that recently, according to law, the wealth company affiliated to "Zhongzhi Department" was suspected of being involved in criminal investigation, and criminal coercive measures were taken against multiple suspect such as XX.
Information link:
Www.cnr. cn/ziben/sddc/20231126/t20231126_ 526498827.shtml
Yao Zhenhua and Baoneng Group were forcibly executed for 6.577 billion yuan
On November 27th, according to frontline financial news, the official website of Aiqicha showed that recently, Yao Zhenhua and Shenzhen Baoneng Investment Group Co., Ltd. added a new information on the subject of execution, with an execution amount of over 6.577 billion yuan, and the execution court being the Beijing Financial Court. Risk information shows that Shenzhen Baoneng Investment Group Co., Ltd. has 74 information of executed persons with a total amount of over 36.9 billion yuan. In addition, the company also has multiple consumption restriction orders, dishonest executed persons (deadbeats), and information on the final case.
Information link:
http://henan.china.com.cn/legal/2023-11/28/content_42613704.htmlv
Sam Altman will return to OpenAI as CEO
On the afternoon of November 22nd, OpenAI announced on X (formerly Twitter) that Sam Altman will officially return to OpenAI as CEO, and the board of directors of OpenAI will undergo a restructuring.
Information link:
https://www.theverge.com/2023/11/29/23981848/sam-altman-back-open-ai-ceo-microsoft.
Bill Gates: AI will make it possible to work three days a week
On November 23rd, Bill Gates believed that artificial intelligence may not be able to replace humans, but it can make it possible to work three days a week. Gates stated that in such a world, "machines can make all kinds of food and things," and people don't have to work more than five days a week to earn a living. Although artificial intelligence can bring some positive changes, Gates previously acknowledged that the misuse of artificial intelligence will bring risks.
Information link:
News.sciencenet.cn/htmlnews/2023/11/512881.shtm
American investment guru Munger passed away
California, USA, November 28, 2023. According to a statement released by Berkshire Hathaway, Charlie Munger, a well-known American investor and Vice Chairman of Berkshire Hathaway's Board of Directors, passed away peacefully at a hospital in California where he lives. He was 99 years old, just over a month after his 100th birthday on January 1 next year.
Information link:
https://www.yicai.com/news/101916152.html
TikTok's preliminary victory! The first TikTok state ban in the United States has been suspended
On December 1st, Beijing time, a federal judge in Montana suspended the first TikTok state ban in the United States, stating that the ban "likely violated the First Amendment to the Constitution.". On that day, US District Judge Donald Molloy issued a preliminary ruling to prevent Montana's ban on TikTok from taking effect.
Information link:
News. mydrivers. com/1/950/950238. htm
Disclaimer: The content is from the Internet, WeChat official account and other public channels. We are neutral about the points in the article. This article is only for reference and exchange.
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