FinTech Weekly | Issue 61

Peloton Technologies received $2 million in investment

Canadian fintech company Peloton Technologies has successfully completed a $2 million seed round. Investors come from the fields of payment, finance, and risk management, providing not only financial support but also valuable insights and experiences. Peloton Technologies is a payment technology company that serves Canadian small and medium-sized enterprises.

 

Information link:

https://d3.harvard.edu/platform-digit/submission/peloton-using-digital-scale-to-revolutionize-fitness/

Comment: Since 2011, they have been innovating to simplify complex payment workflows, meet various payment needs of enterprises, and establish new industry standards.

 

Total Energy plans to accelerate the expansion of its electricity business by acquiring multiple startups

French energy giant Total Energy announced on Tuesday that it has acquired three startups as an important part of accelerating the pace of its electricity business development. The company pointed out that startups such as Dsflow, Nash Renewables, and Predictive Layer have all benefited from the Total Energies On acceleration project located in Station F, Paris.

 

Information link:

https://www.zhiguf.com/focusnews_detail/1068334

Comment: The company also controls Time2plug with a 56% stake to promote and accelerate the large-scale deployment of electric vehicle charging stations by its small B2B customers in France.

 

Conglian Group acquires Goldshell brand assets to expand its influence in the WEB3 industry

ICG. US, a supplier of high-performance computing ASIC chips and supporting software and hardware integrated solutions for blockchain applications, announced today that it has signed an asset acquisition agreement ("Agreement") with GOLDSHELL PTE. LTD., a Singaporean company.

 

Information link:

https://www.nasdaq.com/press-release/intchains-expands-web3-industry-presence-acquires-goldshell-brand-related-assets-2023

Comment: Purchase certain assets used by the seller to operate their Goldshell WEB3 infrastructure brand, namely the Goldshell brand.

 

Financial technology service provider CapitalOS recently received $39 million in strategic financing

CapitalOS is a fintech service provider that provides embedded expense management infrastructure for B2B platforms. It provides building modules that can be launched within a few days, including underwriting, risk, capital, embedded UI, and API.

 

Information link:

https://www.artemis.bm/news/aeolus-capital-management-aum-hits-3-9bn-on-mid-year-capital-raise/

Comment: Once integrated, CapitalOS will handle the entire user journey, from entry-level to continuous card management. Currently, enterprises can use it through platforms such as Workiz, Roll Credits, and HoneyBook.

American insurance technology Oyster launches UBI leasing insurance

Oyster, an American insurance technology company, has launched a rental insurance product that pays based on usage. This rental insurance product provides comprehensive insurance products for merchants, rental companies, and platforms, providing rental assets for businesses, including bicycles, electric bicycles, and pulp boards, to withstand potential damage, theft, and climate risks.

 

Information link:

https://opengovwa.com/corporation/601866134

Comment: The insurance period can be as short as one day and as long as one year. It is understood that they have adopted a pay for use pricing model, which can ensure that users and businesses only pay the premium during the usage period.

 

Irish insurance technology Companjon and Erste Bank Hungary have reached a partnership

Irish insurance technology company Companjon collaborates with Erste Bank Hungary to provide modern lifestyle insurance solutions for their clients. Bank customers will have the opportunity to purchase artificial intelligence driven insurance solutions through their digital platforms.

 

Information link:

https://www.companjon.com/news/companjon-erste-bank-collaboration/

Comment: At the beginning of this year, the two sides began collaborating on the bank's fintech project Bankspiration, embedding Companjon's insurance solution into Erste's digital platform to help clients mitigate unknown risks and uncertainties.

 

Wealth management company 2Plan collaborates with LifeSearch on insurance products

UK wealth management company 2Plan and independent insurance company LifeSearch have established an insurance consulting recommendation cooperation project. This collaboration began in early November this year, targeting over 450 insurance consultants from 2Plan Company.

 

Information link:

https://www.privatebankerinternational.com/news/wealth-management-2plan-forms-a-partnership-with-lifesearch/

Comment: Based on this collaboration, 2plan's consultants are able to recommend customers with insurance consumption intentions to LifeSearch, and LifeSearch will continue to serve customers.

 

Indian Life Insurance Group launches new digital transformation project DIVE

The Indian Life Insurance Group LIC has established a digital transformation project called Digital Innovation and Value Enhancement (DIVE). LIC stated that the purpose of the project is to provide the best digital services in the industry for customers, intermediaries, and sales personnel, transform the customer acquisition process, and currently rely on agents to acquire customers.

 

Information link:

https://www.msn.cn/zh-cn

Comment: There will be more areas for digital transformation in the future, including claims processing, loans, and other services.

Emerging bank Dave's new chatbot achieved an 89% resolution rate

CEO Jason Wilk stated that although Dave, as an emerging banking and personal finance application, has been using artificial intelligence to conduct credit evaluations on its products since its establishment in 2017, the fintech company has recently shown promising results in the use of generative AI in platform customer service.

 

Information link:

https://www.cnbc.com/2021/10/18/the-wealthiest-10percent-of-americans-own-a-record-89percent-of-all-us-stocks.html

 

Bank of England: will consider the financial stability risks brought by artificial intelligence in 2024

On December 6th, the Bank of England announced that it will consider the financial stability risks brought by artificial intelligence in 2024. The Governor of the Bank of England stated that artificial intelligence has a "profound impact" on the economy and must be embraced with an open eye to address risks. Companies using artificial intelligence must understand how it operates. Many challenges faced by artificial intelligence are not because it is out of control, but because it is too complex.

 

Information link:

https://cloud.tencent.com/developer/news/1263967

 

Elemi Bank applies to FDIC and seeks $25 million in capital to launch corporate services

According to the latest documents from the Federal Deposit Insurance Corporation (FDIC), a new challenger to a US bank, Elemi Bank, has taken a step closer to its launch. FDIC has received an application from Elemi Bank

The bank will be established in Burbank, California and is expected to become a state authorized corporate bank. Its core B2B services will be aimed at small and medium-sized enterprises (SMEs), professionals, as well as real estate investors and owners.

 

Information link:

https://europepmc.org/article/med/28592826

 

Payitoff collaborates with fintech companies to reduce student loan repayments

In October, nearly 44 million Americans resumed paying their loan installments - a sum they had not paid in the past three years. With the end of the COVID-19 grace period and the recovery of federal student loans, most borrowers may find it challenging to restart repayment plans from a few years ago. As a provider of consumer debt guidance tools, Payitoff has prepared some product solutions for borrowers to help them manage and reduce repayment amounts.

 

Information link:

https://www.payitoff.io/

EU: Prohibition of Large Retail Enterprises from Destroying Unsold Clothing and Footwear

On December 5th, in order to crack down on the "fast fashion" model and reduce resource waste, the European Union approved new regulations prohibiting large retail enterprises from destroying unsold clothing and footwear. European Parliament member Delala Berkhart said that consumers alone cannot change the global textile industry, and the EU must legally require manufacturers and large fashion companies to operate more sustainably.

 

Information link:

https://news.cctv.com/2023/12/11/artibegnsr3z1dpejhcyrt2x231211.shtml

 

Canada requires oil companies to reduce emissions by up to 38% within six years

On December 7th, Canada announced a plan aimed at promoting oil and gas companies to reduce emissions by up to 38% from 2019 levels by 2030 by introducing a total control and trading system. The plan immediately faced opposition from industry groups and some fossil fuel producing provinces.

 

Information link:

https://www.in-en.com/finance/html/energy-2258784.shtml

 

Bloomberg launches flagship fixed income index and leans towards green bonds

Bloomberg announced the launch of a new green slanted version of its flagship fixed income index, including the global composite index, treasury bond bond index and corporate bond index, aiming to enable investors to increase exposure to sustainable investment through products with characteristics similar to the parent benchmark.

 

Information link:

https://www.bloombergchina.com/blog/tilting-it-green-treasury-bond-indices

 

Andersen launches an impact investment strategy with a focus on agriculture

Europe's leading asset management company, Amundi, has announced the launch of the Amundi Absorption Agri Agro Direct Lending Europe (AAAA) project, a new private debt impact investment strategy aimed at providing financing for European agricultural and food companies committed to shifting towards more sustainable, low-carbon models and protecting natural resources, as well as ensuring food sovereignty.

 

Information link:

http://www.jjckb.cn/2022-04/17/c_1310562528.htm

The Office of the Comptroller of the Currency emphasizes in its latest report the key risks faced by the federal banking system

The Office of the Comptroller of the Currency (OCC) warned banks to be aware of the "significant challenges" posed by the seemingly unstoppable rise of artificial intelligence (AI) in the financial services industry in its risk outlook report for the fall of 2023.

 

Information link:

https://assets.kpmg.com/content/dam/kpmg/cn/pdf/zh/...

 

OCC releases its risk outlook for the autumn half year of 2023

The report specifically points out that the interaction between AI and the banking industry is an emerging risk, and emphasizes that although the widespread adoption of AI brings benefits such as cost reduction, service improvement, and efficiency enhancement, banks may also face challenges in compliance, credit, reputation, and operational risks.

 

Information link:

https://www.163.com/dy/article/hpk6pf880553ct35.html

 

Hong Kong releases a policy declaration to promote data circulation and ensure data security

On December 8th, the Innovation, Technology and Industry Bureau issued the "Policy Declaration on Promoting Data Circulation and Ensuring Data Security in Hong Kong", elaborating on the government's management concepts and key strategies for data circulation and data security, and proposing 18 specific action plans.

 

Information link:

https://www.news.gov.hk/chi/2023/12/20231208/20231208_124241_334.html

 

The European Union launches the world's first comprehensive regulation of artificial intelligence bill

According to reports, after lengthy negotiations, the European Parliament, EU member states, and the European Commission finally reached an agreement on the Artificial Intelligence Act on the evening of December 8th local time in Brussels. "With the agreement of the Artificial Intelligence Act, the EU has become the first continent to establish clear rules for the use of artificial intelligence," said Thierry Brayton, Internal Market Commissioner of the European Commission

 

Information link:

News.cctv.com/2023/12/11/ARTiguHKWcPWpFWZKgQ8KzuZ231211oshtml

UBS releases the 2023 UBS Billionaires Report

Swiss Bank releases the 2023 UBS Billionaires Report. The report reveals that the number of billionaires worldwide increased by 7% to 2544 last year, and their total wealth increased by 9%, estimated to reach $12 trillion. As of April this year, 137 individuals have become billionaires, of which 53 new billionaires inherited a total of $150.8 billion through their families, accounting for 38.7%, exceeding the $140.7 billion created by 84 self-made new billionaires during the same period.

 

Information link:

https://www.thepaper.cn/newsdetail_forward_25499031

 

Swiss Baida Bank fined $122.9 million for helping US clients evade taxes

On December 4, 2023, the US Department of Justice officially announced the progress of its tax investigation into Banque Pictet et Cie SA, a Swiss private bank. Banque admitted to actively helping US taxpayers use code hiding accounts, foreign offshore trusts and entities, nominal beneficiaries, PPLI insurance packaging, and other deceptive methods, More than $5.6 billion of funds were hidden in 1637 secret bank accounts in Switzerland and elsewhere, and the income generated from the accounts was concealed from the US Internal Revenue Service.

 

Information link:

https://www.yicai.com/news/101919425.html

 

The first asset isolation property trust project has successfully landed

Recently, CITIC Trust, CITIC Bank, and CITIC Chengkai jointly established the first property rights trust project in the industry with asset isolation as the purpose and the underlying assets of the project as the trust property. This project includes the CITIC Trust Shunyi Shanghefu Property Rights Trust Project and the CITIC Trust Miyun Shangheyuan Property Rights Trust Project (hereinafter referred to as the Trust Project), with a total scale of 4.8 billion yuan.

 

Information link:

https://finance.sina.com.cn/trust/2022-08-31/doc-imiziraw0489278.shtml

Meta and IBM teamed up with multiple companies to create an AI alliance to share technology and reduce risks

Meta and IBM are collaborating with over 40 companies and organizations to create an "Artificial Intelligence Alliance" to share technology and reduce risks, with the aim of increasing the number of open source AI models and developing AI technologies that include security and safety tools. The alliance will also collaborate with academic researchers to develop new hardware. Participants include Oracle, AMD, Intel, and academic research organizations. OpenAI is not listed as a participant in the alliance.

 

Information link:

https://newsroom.ibm.com/ai-alliance-launches-as...

 

Boston Consulting: 2023 Global Fintech Report

Boston Consulting Group (BCG) and QED Investors have jointly released a special report titled "Global Fintech 2023: Reimaging the Future of Finance.". The report points out that global fintech industry revenue is expected to grow sixfold by 2030, from $245 billion to $1.5 trillion. At present, the fintech industry accounts for only 2% of the global financial services revenue of $12.5 trillion, and this number is expected to climb to 7% in the future. Among them, banking fintech is expected to account for nearly 25% of the global bank valuation by 2030.

 

Information link:

http://www.199it.com/archives/1611117.html

 

IBM releases quantum computing chips with plans to build supercomputers within 10 years

IBM has released the strongest quantum computing chip in history, the IBM Quantum Heron, equipped with 133 qubits and improved performance by 3 to 5 times compared to its predecessor, with an error rate set at a historic low. IBM has also released its first computer, IBM Quantum System 2, with over 1000 qubits and showcased a new modular system. The company has set a goal of producing quantum supercomputers by 2033 and plans to establish eight quantum computing centers worldwide by the end of 2024.

 

Information link:

https://www.yicai.com/news/101918856.html

 

Tesla's affordable electric vehicles will be mass-produced

Tesla CEO Elon Musk recently stated that significant progress has been made in the development of an electric vehicle worth $25000 (approximately RMB 179000), which is a key product for Tesla's push to sell 20 million vehicles annually by 2030. Musk revealed in an interview with senior automotive engineer Sandy Munro that Tesla's low-cost electric vehicles will be produced at very high yields.

 

Information link:

https://auto.gasgoo.com/news/202312/6i70373237c501.shtml

 

 

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