FinTech Weekly | Issue 60

Financial technology HappyPal financing $7 million

Financial technology company HappyPal announced a Series A financing of 7 million euros, led by Educapital. HappyPal was founded in 2019 with the aim of improving employee welfare insurance management, expanding employee welfare insurance coverage, and enhancing technical proficiency.

Information link:

https://fintech.global/2023/11/23/happypal-secures-e7m-in-series-a-funding-to-revolutionise-employee-benefits/

Comment: HappyPal aims to narrow the coverage gap of employee welfare insurance, improve the financial health level of blue collar workers, provide seamless digital services for employees, improve interaction and job satisfaction. HappyPal puts users at the core and provides strong customer support.

PB Fintech of India announces an investment of $42 million in its wholly-owned subsidiary, Policybazaar

Indian PB Fintech announced an investment of $42 million in its insurance technology subsidiary. The financing funds will be used to launch strategic projects, enhance brand awareness, and expand offline stores. The insurance consumption platform Policybazaar was established in 2014, mainly providing customers with life insurance, health insurance, and car insurance products from multiple insurance companies, as well as insurance brokerage services.

Information link:

https://www.policybazaar.com/

Comment: In the fiscal year 2022-23, Policybazaar's sales amounted to $152 million, and an additional $27.6 million will be invested in the Paisabazaar marketing and consulting services platform.

Every financing $9.5 million

Every, the company provides backend services for startups and has now received $9.5 million in seed funding. This round of financing is led by Base10, followed by Y Combinator, Formus Capital, and Cambrian Ventures. Every is headquartered in San Francisco and offers a range of products and services, including bank accounts, corporate cards, bill payments, corporate finance, human resources, salaries, benefits, accounting, and taxation.

Information link:

https://www.omnicalculator.com/finance/pay-raise

Comment: Founders can receive expert guidance from specialized accountants and salary experts who can provide support for declaring state taxes, selecting the best healthcare plans, and creating customized financial management plans to maximize revenue and financial security.

JAB acquires Embrace for $1.5 billion

Carlyle's subsidiary NSM Insurance Group is selling Embrace Pet Insurance to JAB Holdings, and according to sources, the transaction is worth $1.5 billion. This transaction marks a new chapter for Embrace Pet Insurance, co founded by Laura Bennett and Alex Krooglik in 2003 and acquired by NSM in 2019.

Information link:

https://coverager.com/jab-acquires-embrace-pet-insurance-for-1-5-billion/

Comment: Embrace Pet Insurance is renowned for its pet policies underwritten by Munich Reinsurance Company American Modern. Its website attracts an average of 913802 visitors per month, partly due to its close relationships with insurance companies such as GEICO and USAA. Financial technology HappyPal financing $7 million

Information link:

https://fintech.global/2023/11/23/happypal-secures-e7m-in-series-a-funding-to-revolutionise-employee-benefits/

PB Fintech of India announces an investment of $42 million in its wholly-owned subsidiary, Policybazaar

Information link:

https://www.policybazaar.com/

Comment: In the fiscal year 2022-23, Policybazaar's sales amounted to $152 million, and an additional $27.6 million will be invested in the Paisabazaar marketing and consulting services platform.

Every financing $9.5 million

Information link:

https://www.omnicalculator.com/finance/pay-raise

JAB acquires Embrace for $1.5 billion

Information link:

https://coverager.com/jab-acquires-embrace-pet-insurance-for-1-5-billion/

Akur8's pricing decision-making ability in collaboration with hyperexponential

Akur8 has partnered with hyperexpert, an intelligent pricing decision service company, to accelerate the data-driven pricing process for professional and commercial insurance. This collaboration will integrate the precise pricing factors of Akur8 into the hyperexponential pricing model.

Information link:

https://www.hyperexponential.com/news/hyperexponential-and-akur8-partnership/

Comment: The pricing decision information and claim data of the insurance company's data and insight platform will be returned to Akur8 to optimize the pricing factor. Akur8's transparent artificial intelligence technology can help insurance companies automate rate setting and pricing processes.

Baobai Hong Kong opens a new artificial intelligence diagnostic center

Po Pak Hong Kong announced the opening of a new diagnostic and imaging center at the Mong Kok Innovation Centre. According to the report, the Alpha Medical Diagnostic Center was established in collaboration with its healthcare provider QHMS.

Information link:

https://www.the-digital-insurer.com/zh-cn/aggregator/bupa-hk-opens-new-ai-powered-diagnostics-centre/

Comment: This 6000 square foot new facility is the latest member of the QHMS diagnostic center network, which includes six Alpha medical diagnostic centers, a central medical diagnostic center, and a central PET/CT scanning center. The center will also utilize artificial intelligence technology to improve the accuracy of testing and analysis.

Amazon UK adds new insurance partners

Currently, Amazon Insurance Store has five insurance partners, including insurance startup Urban Jungle. Amazon Insurance Store launched in October 2022, allowing UK customers to purchase home insurance.

Information link:

https://www.163.com/dy/article/hk6vqpl10538j3xi.html

Comment: Urban Jungle was founded in 2016 and provides various policies underwritten by different insurance companies, including property insurance, building insurance, a combination of the two, and tenant liability insurance. The startup raised approximately $45 million and reported a loss of £ 18 million for the year ended September 30, 2022.

ThingCo has reduced speeding by a quarter

ThingCo, an in car remote communication service provider, collects data through its wireless devices to improve the accuracy of identifying speeding behavior. Through its reference software, ThingCo can directly contact the driver and remind them to drive within the speed limit range after accurately detecting speeding behavior. It is said that they can reduce speeding by a quarter.

Information link:

https://thingco.com/

Comment: In addition, ThingCo can detect risky drivers attempting to intervene in the device. Their equipment will send comprehensive driving data to insurance companies for underwriting, risk mitigation, and claims processing.

The Investment Department of the Inter American Development Bank and the International Finance Corporation teamed up to launch the Amazon Financial Network

The Investment Department of the Inter-American Development Bank, a member of the Inter-American Development Bank Group, collaborated with the International Finance Corporation, a member of the World Bank Group, to jointly launch the Amazon Financial Network. These two institutions announced this project at the 28th United Nations Climate Change Conference held in Dubai, United Arab Emirates.

Information link:

https://www.iadb.org/en

Credit Union 1, the second largest credit union in Alaska, USA, has deployed the Symittar core platform

Jack Henry provided his core technology to over half of Alaska's credit cooperatives, stating that his open banking infrastructure was a decisive factor in CU1's transfer of its core system, and claiming that there were "integration restrictions" on the previous providers of credit cooperatives, which would affect their growth capabilities.

Information link:

https://ir.jackhenry.com/news-releases/news-release-details/credit-union-1-values-jack-henrys-commitment-future

Goldman Sachs terminates multiple credit card collaborations

Recently, Apple submitted a proposal to Goldman Sachs to withdraw from related contracts within the next 12-15 months, which will cover the entire consumer partnership between the two companies, including the credit cards launched by the two companies in 2019 and savings accounts launched this year. This move will lead to a disruptive shift in a plan that was just extended from last year to 2029, which was originally intended to become a pillar for Goldman Sachs to enter the mass market. Goldman Sachs also plans to terminate another credit card partnership with General Motors.

Information link:

https://finance.sina.com.cn/jjxw/2023-12-01/doc-imzwnqic7658921.shtml

JPMorgan Chase: Artificial intelligence technology is beginning to bring revenue to the company

Recently, JPMorgan Chase stated that artificial intelligence tools have begun to generate revenue for the bank, and future advancements in the field of artificial intelligence may bring more benefits. "In addition to improving efficiency and potential cost avoidance, we have also seen revenue generating activities, which is truly encouraging," said the bank's Chief Data and Analytics Officer. JPMorgan Chase set a goal of creating $1 billion in "business value" for artificial intelligence in 2023 last year, and raised this goal to $1.5 billion on Investor Day in May. It is reported that these benefits come from personalized recommendations to credit card business customers and providing insights for customer coverage teams.

Information link:

https://new.com/rain/a/20231130a010ys00

COP28 is a good start: the historic "Climate Disaster Compensation Fund" has been launched

On November 30th, in addition to the inflation data from Europe and America and the allocation of next year's production quotas by OPEC oil producing countries, the annual United Nations Climate Change Conference (COP28) also opened in Dubai, United Arab Emirates. On the first day of the opening ceremony, the organizer, the United Arab Emirates, announced that the participating parties had agreed to establish a new fund to support poor countries in addressing the impact of climate disasters.

Information link:

https://www.cop28.com/en/

The World Bank releases Azerbaijan's $44 billion climate adaptation strategy path

The World Bank Group's Azerbaijan National Climate and Development Report (CCDR) points out that taking urgent action to address climate change can help Azerbaijan minimize the risks of global low-carbon transformation and protect people's living standards.

Information link:

N ewshttps://esgnews.com/zh-cn/44-billion-path-wbg...

The EU promises to provide 4 billion euros to fund decarbonization and clean technology manufacturing projects

The European Commission has announced an investment of 4 billion euros in deploying innovative decarbonization technologies, with a focus on clean technology manufacturing projects, utilizing funds raised under the EU Emissions Trading System (ETS). This announcement marks the fourth large-scale call by the European Commission for decarbonization projects under the EU Innovation Fund, which is one of the world's largest funding programs for demonstrating innovative low-carbon technologies.

Information link:

https://cn.solarbe.com/news/20231124/82660.html

The Monetary Authority of Singapore releases images of ESG ratings and data supplier code of conduct

On December 7th, the Monetary Authority of Singapore (MAS) announced the release of the finalized Code of Conduct for ESG Rating and Data Product Providers, aimed at improving the transparency, comparability, and reliability of ESG ratings and data. This quasi test adopts the principle of "compliance or explanation" on a voluntary basis. This code of conduct requires ESG rating and data providers to adhere to benchmark industry standards in the following areas: transparency of methods and data sources: suppliers should clearly disclose their rating methods, data sources, assumptions, and limitations, as well as how they consider forward-looking factors such as climate transition risks and opportunities.

Information link:

https://senecaesg.com/zh/insights/insights-monetary-authority-of-singapore-mas...

EU: Germany, France, and Italy reach an agreement on future regulation of artificial intelligence

According to a leaked joint document contacted by Reuters on November 18, 2023, France, Germany, and Italy have reached an agreement on how to regulate artificial intelligence, which is expected to accelerate negotiations on artificial intelligence regulation at the European level. The governments of the three countries support so-called artificial intelligence foundation models that are subject to mandatory self-regulation through codes of conduct, including large language models.

Information link:

https://www.ithome.com/0/733/528.htm

18 countries including the United States and the United Kingdom have signed agreements urging companies to create AI systems that are "design safe"

On November 27th, the United States, the United Kingdom, and more than a dozen other countries released their first detailed international agreement on how to protect AI from illegal actors, urging companies to create "design safe" AI systems. In a 20 page document, 18 countries unanimously agree that companies designing and using AI need to develop and deploy it in a way that ensures that customers and the public are not abused.

Information link:

https://world.huanqiu.com/article/4fxbfjeh595

US judge calls for a halt to Montana's ban on TikTok

On November 30, 2023, US District Court Judge Donald Molloy temporarily blocked Montana's ban on TikTok, SB 419, citing the threat of freedom of speech. According to this rule, Apple and Google must remove TikTok from their app stores, otherwise they will be fined $10000 per day.

Information link:

https://www.36kr.com/p/2547569755512712

Intensive reshuffling, trust industry transformation enters a critical period

Since the beginning of this year, there have been changes in the chairman, general manager, and other senior executives of several trust companies. Trust industry insiders say that frequent changes in executives are an important manifestation of trust company business transformation. Currently, the transformation of the trust industry has entered a critical period, and some trust companies are actively exploring areas such as fintech, family trusts, and home service trusts.

Information link:

https://paper.cnstock.com/html/2023-12/04/content_1849701.htm

The hearing of Evergrande Hong Kong's liquidation petition has been postponed to January 29th

The hearing of the liquidation petition originally scheduled for December 4th by China Evergrande has been postponed to January 29th next year. For real estate companies with a debt scale of 2 trillion yuan, liquidation will be rare in history, and the market is focused on the possibility and effectiveness of the law's introduction.

Information link:

https://www.caixin.com/2023-12-04/102142711.html

Another securities firm has set up an entrepreneur's office! Different players have different playing styles

Galaxy Securities recently announced the establishment of the Galaxy Securities Starlight Entrepreneur Office and released a newly upgraded enterprise service system. Establishing an entrepreneur's office has become one of the important directions for top securities firms to make efforts. In addition to Galaxy Securities, CITIC Securities also announced the establishment of an Entrepreneur Office at the end of August this year. Earlier, the entrepreneurial offices of CITIC Securities, CICC, and Industrial Securities had already expanded and achieved certain results.

Information link:

https://www.thepaper.cn/newsdetail_forward_25467072

Hong Kong Monetary Authority President Yu Wai man: Hong Kong's international competitiveness has not weakened, focusing on three major financial sectors

On December 4th, the President of the Hong Kong Monetary Authority, Yu Wai man, stated that it is difficult to predict when global inflation will fall. However, the recent interest rate trend has almost peaked or is expected to remain high next year, and it is expected that Hong Kong's overall economy will be soft next year.

Information link:

https://www.hkma.gov.hk/gb_chi/news-and-media/insight/2023/05/20230529

Nvidia Huang Renxun claims that AI will surpass humans within 5 years

According to Global Market News, NVIDIA CEO Huang Renxun stated on November 29th that artificial intelligence is catching up with humans. He stated at the DealBook summit that if artificial intelligence (AGI) is defined as a computer that can complete tests in a way that "competes" with human intelligence, then "within the next five years, artificial intelligence can complete these tests."

Information link:

https://www.tmtpost.com/6815990.html

Amazon purchases SpaceX rockets for launching satellites

On December 2nd local time, Amazon announced that it had signed a launch contract with SpaceX for the Falcon 9 rocket to support the deployment plan of the Amazon Low Earth Orbit (LEO) satellite broadband network Project Kuiper. This round of Falcon 9 rocket launch is expected to start in 2025.

Information link:

https://www.caixin.com/2023-12-04/102142437.html

Microsoft to invest $3.2 billion in artificial intelligence infrastructure in the UK within 3 years

Microsoft announced on November 30th that it plans to invest $3.2 billion in artificial intelligence infrastructure in the UK within three years. Microsoft will expand its data centers in London and Cardiff, with the possibility of expanding to the north of England. The UK Chancellor of the Exchequer stated that Microsoft's significant investment is crucial for future innovation and will help drive the country to become a "technology superpower".

Information link:

https://www.eet-china.com/mp/a271113.html

The National Development Bank has issued the first batch of digital RMB national student loans nationwide

On November 29th, according to the official WeChat account of the China Development Bank, the bank recently issued the first batch of national digital RMB student source credit student loans in Suzhou. In cooperation with settlement agencies, the bank issued a national student loan of 186000 yuan to 13 students from Suzhou University, Suzhou University School of Applied Technology, and Changshu Institute of Technology.

Information link:

http://www.news.cn/money/20231129/94390186aa084eeca9c77...

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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FinTech Weekly | Issue 60