FinTech Weekly | Issue 62

Israeli startup Mine raised $30 million in financing

Israeli startup Mine has reached a Series B financing of $30 million, led by Battery Ventures, with participants including Saban Ventures, MassMutual Ventures, Nationwide, and others. Mine was founded in 2019 and is an intelligent data assistant company that helps users discover and manage their network data. Users can identify which companies have access to their personal data and request deletion, etc.

 

Information link:

https://www.pymnts.com/news/investment-tracker/2023/mine-raises-30-million-to-expand-data-privacy-offering/

Comment: In addition, Mine also provides the enterprise level application MineOS to help businesses manage their data usage.

 

Overhaul has launched an intelligent door lock solution

American technology company Overloul has launched an intelligent door lock solution that can emit real-time alarms when trailer doors are opened, breaking through the limitations of traditional light controlled alarms and becoming part of Overloul's IoT technology services, fulfilling their commitment to improving cargo safety through technology. Overhaul was founded in 2016 and specializes in improving supply chain visibility and risk management software.

 

Information link:

https://www.hometips.com/repair-fix/door-lock-latch-problems.html

Comment: The in transit transportation monitoring solution suitable for various devices has improved the risk management capability of the supply chain. The various data analysis and forward-looking insights of the platform empower supply chain management.

 

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 comprehensive software and hardware solutions for blockchain applications, announced today that it has signed an asset acquisition agreement ("Agreement") with Singapore based company GOLDSHELL PTE. LTD. ("Seller") to purchase certain assets of the Seller used to operate its Goldshell WEB3 infrastructure brand, namely the Goldshell brand.

 

Information link:

https://finance.sina.com.cn/stock/hkstock/ggscyd/...

Comment: Overall, this acquisition is an important step for the company to expand its influence in the WEB3 industry and will help the company further expand its product and service scope. By combining the company's technological strength and the market influence of the Goldshell brand, both parties are expected to jointly create greater value in the future.

 

Foretellix, a driving assistance system verification service provider, raised $85 million in funding

Israel's autonomous driving and driving assistance system verification service provider Foretellix has completed a Series C financing of $85 million, with a total financing amount of $135 million, led by 83North. Participants include Temasek, Isuzu, Woven, NVIDIA, Nationwide, Volvo Group VC, and others. The financing funds will be used to accelerate product development and expand the product line.

 

Information link:

https://www.foretellix.com/foretellix-raises-85-million-in-series-c-closing

Comment: Foretellix is driving a revolutionary change in validation technology and methods, with solutions that can eliminate safety barriers to large-scale deployment of autonomous vehicles while greatly reducing research and development costs.

Flock, a British insurance technology company, has partnered with NIG, a commercial insurance company

UK insurance technology company Flock Limited announced a partnership with commercial insurance company NIG. Both parties will launch a data-driven digital fleet insurance cooperation project, combining a fully digital insurance management port, safe driving rewards, and comprehensive safety and claims management services.

 

Information link:

https://blog.flockcover.com/flock-announces...

Comment: This collaboration aims to strengthen the risk protection capabilities of various commercial car insurances, improve road safety through millions of miles of driving data, and serve more consumers and broker partners.

 

Synpulse, a global professional services company, has partnered with Cenata, an insurance technology company

Synpulse, a global professional services company, has established a partnership with Cenata, an insurance technology company. Cenata provides real-time business management for commercial insurance and reinsurance companies. Their system helps efficiently handle reinsurance business risks and manage transaction processes through modern technology stacks and highly automated capabilities.

 

Information link:

https://www.synpulse.com/en/insights/cenata-and-sy...

Comment: Through collaboration with Cenata, Synpulse's professional service relationship can provide consumers with the best reinsurance technology, business expertise, and delivery capabilities.

 

Hiscox collaborates with Google Cloud to develop an artificial intelligence underwriting tool

Hiscox collaborated with Google Cloud to create the first artificial intelligence enhanced main underwriting model for the insurance industry in the London market. This collaboration combines Hiscox AI Laboratories (Hailo), a recently established technology platform in the London market, with Google Cloud's generative AI technology to achieve automated underwriting of the dominant algorithm from submission to quotation.

 

Information link

https://www.hiscoxgroup.com/news/press-releases/2023/12-12-23

Comment: This work utilizes Google Cloud's BigQuery and Vertex AI platforms to extract key data and analysis from email submissions. In today's insurance operation model, this manual process typically takes up to three days.

 

Allianz develops machine learning tools to address the growing fraud claims

Allianz UK has developed a cutting-edge machine learning tool called Incognito, which can identify potential fraudulent claims and then refer them to fraud experts for thorough investigation.

 

Information link:

https://www.allianz.com.cn

Comment: Since development, confirmed claims have saved £ 1.7 million to date, with £ 3.4 million remaining in the claims reserve pending investigation conclusions.

CSI acquires partner Hawthorn River and builds a single platform loan initiation system

CSI, an American fintech solution provider, has acquired Hawthorn River for an undisclosed amount to enhance its loan initiation capabilities. Hawthorn River is headquartered in St. Louis, Missouri and was established in 2018 to provide a loan initiation system (LOS) specifically for community banks. This transaction was made after CSI initially established a partnership with the solution provider in October this year. CSI stated that the complete integration of Hawthorn River this month will enable it to provide the ability to initiate all types of loans for commercial and consumer accounts.

 

Information link:

https://www.csiweb.com/who-we-are/csi-newsroom/csi-acquires-hawthorn-river

 

The Central Bank of Colombia collaborates with ACI Worldwide to create a real-time payment system

The Central Bank of Colombia, Banco de la Rep ú blica, has selected global payment software company ACI Worldwide to provide technical support for its new domestic real-time payment system. By utilizing ACI's enterprise payment platform to support its digital central infrastructure services, the central bank plans to create a real-time payment ecosystem that includes centralized settlement and all existing real-time payment solutions. The system is planned to be launched in 2025 and will serve as the foundation layer for all current and future real-time payment solutions.

 

Information link:

https://www.banrep.gov.co/en

 

New Bank Bunq launches a customer-oriented generative AI tool

New Bank Bunq has become the latest new bank to integrate generative artificial intelligence into its platform. This Amsterdam based fintech company has applied for a US banking license and stated that its generative AI tool Finn is now open to its 11 million users. The company stated in a press release that Finn has replaced the search function in the Bunq application, allowing consumers to plan their finances, budget, navigate the platform, and search for transactions.

 

Information link:

https://www.bankingdive.com/news/dutch-neobank...

 

BIS warns that CCP margin calls may exacerbate volatility

Research by the Bank for International Settlements (BIS) suggests that central counterparties (CCPs) with over $1 trillion in liquid assets may exacerbate financial volatility. The study suggests that when CCPs increase their initial margin requirements for members during periods of stress, the resulting sell-off may create a "margin spiral".

 

Information link:

https://www.bis.doc.gov

UK announces the launch of "carbon tariffs" starting from 2027

The UK government has officially announced the implementation of the Carbon Border Adjustment Mechanism (CBAM) starting from 2027. The preliminary product categories covered include aluminum, cement, ceramics, fertilizers, glass, hydrogen, and steel. The new carbon tax was introduced earlier this year after the government reviewed potential measures aimed at reducing carbon leakage, and producers in multiple emission intensive industries in the UK must comply with the country's Emissions Trading Scheme (ETS).

 

Information link:

Www.cgmiaorg.cn/Web/News/Detail/19077

 

The US House of Representatives is advancing an ESG investment investigation and issuing subpoenas to BlackRock and Dow Jones

The Chairman of the U.S. House Judiciary Committee, Jordan, has issued subpoenas to BlackRock and Dow Jones, requesting them to provide documents related to the committee's investigation. The committee is investigating whether their actions to address climate change violate US antitrust laws.

 

Information link:

https://finance.sina.com.cn/stock/usstock/c/2023...

 

The Dutch central bank will adjust its stock and corporate bond investment portfolio according to the goals of the Paris Agreement

The Dutch Central Bank (ABN) has announced a new commitment to adjust its reserves, including investments in stocks and corporate bonds, in accordance with the Paris Agreement. According to the new commitment, the Dutch central bank will strive to reduce its carbon footprint in its investment portfolio by half from 2019 by 2030, with a focus on achieving actual carbon reduction in its portfolio companies.

 

Information link:

Www.tanjiaoyi. com/article 59726-1. HTML

 

Denmark announces emission tax on air passengers

According to foreign media reports, on December 15, 2023, the Danish government announced that it will impose a green tax on air travel starting from 2025 and called on other EU countries to follow suit. It is reported that the tax is applicable to flights departing from Denmark, but does not include connecting flights. Initially, the tax on short haul flights was 30 Danish kroner and gradually increased to 50 Danish kroner by 2030, while the green tax on long haul flights will reach 410 Danish kroner. The revenue generated by taxation will be used to support domestic flights in Denmark to switch to using sustainable aviation fuels.

 

Information link:

https://news.carnoc.com/list/613/613713.html

CFTC releases new DCO regulatory proposals

A new proposal has been proposed by the Commodity Futures Trading Commission (CFTC) to require derivatives clearing organizations to separate customer funds from their own funds to protect customer funds. CFTC Chairman Rostin Behnam believes that this is an important issue that urgently needs to be addressed.

 

Information link:

https://www.cftc.gov/industryoversight/clearingorganizations/index.htm

 

US regulatory authorities claim that AI poses a threat to the market

The Financial Stability Oversight Council (FSOC) stated in its annual report that the widespread use of artificial intelligence (AI) may create "fragility" in financial markets. Finance Minister Yellen believes that innovation in this field can bring benefits such as increased efficiency to the financial system, but it also needs to be carried out within existing risk management principles and regulatory frameworks.

 

Information link:

https://www.sohu.com/a/746236753_121698190

 

Indian regulatory authorities find it difficult to curb individual investors from participating in the derivatives boom

As individual investors flock to derivatives, the trading volume of futures and options in India is currently more than 400 times that of the spot market. Although nearly 90% of individual investors are losing money, their enthusiasm for participation has not diminished in any way. Indian regulatory authorities have attempted to crack down on social media that provides advice, but have failed to stop this trend.

 

Information link:

https://www.cifcm.cn/yjcp/yjbg/202103/20210322/j...

 

UAE Revises Anti Money Laundering Regulations to Include Digital Asset Transactions in Regulatory Scope

On December 22nd, it was reported that the Financial Services Regulatory Authority (FSRA) of the United Arab Emirates has recently revised the Anti Money Laundering Regulations and Guidelines (AML), particularly the provisions related to digital asset transactions, in response to the significant changes made by the Financial Action Task Force on Money Laundering (FATF) in this field. The United Arab Emirates has officially classified digital assets as a recognized payment method in this revision, indicating the evolution of financial transaction methods. The document specifically mentions that payments involving virtual assets fall within the scope of this regulation.

 

Information link:

https://cn.investing.com/news/stock-market-news/article-2277027

Singapore Inland Revenue Agency updates tax residency guidelines

Recently, the Singapore Inland Revenue Service (IRAS) has updated guidelines for confirming a company's tax residency status to determine whether a company constitutes a tax resident of Singapore when using virtual conferencing technology to attend board meetings. If a company controls and manages its business in Singapore in the previous calendar year, it will be considered a tax resident of Singapore in the evaluation year.

 

Information link:

https://www.paulhypepage.com/cn/singapore-income...

 

The US Corporate Transparency Act (CTA) is about to take effect

On January 1, 2024, the Corporate Transparency Act (CTA) was officially implemented, which requires institutions within and outside the United States that meet reporting requirements to report their Beneficial Owner Information (BOI) to the Financial Crime Enforcement Network (FinCEN) of the US Department of the Treasury.

 

Information link:

https://www.lionslawgroup.com/post/

 

Australia Announces Latest Immigration Policy

Starting from 2024, the Australian Immigration Service will strengthen the review requirements for various types of visas in various aspects, raising the visa threshold. It is important to note that the increased visa threshold mainly involves 500 student visas and 485 graduate work visas.

 

Information link:

https://www.sohu.com/a/743725472_397375

 

Ou Guansheng: The Hong Kong Stock Exchange closely monitors the latest technological developments and looks forward to strengthening cooperation with all parties involved

On December 15th and 16th, the Hong Kong Stock Exchange, Shenzhen Stock Exchange, and Guangzhou Futures Exchange jointly held the 2023 Greater Bay Area Exchange Technology Conference. The CEO of the Hong Kong Stock Exchange Group, Eurovision, stated that fintech is triggering a profound transformation in the capital market.

 

Information link:

http://news.10jqka.com.cn/20231218/c653252634.shtml

Cambridge University Research Innovation: AI Systems Simulating the Human Brain, Opening a New Chapter in Intelligent Technology

The latest research from the University of Cambridge has ushered in a new era of AI imitating the human brain, by creating self-organizing AI systems to replicate key features and complex structures of the human brain. This study, published in Nature, demonstrates how AI systems can develop features and strategies similar to the human brain through physical constraints and simplified brain models.

 

Information link:

https://www.ithome.com/0/738/553.htm

 

The International Organization of Securities Commissions releases DeFi recommendations

On December 19th, the International Organization of Securities Commissions (IOSCO) issued nine policy recommendations. The organization is seeking to encourage more consistent regulatory oversight within and across jurisdictions. The accompanying guidelines list various ways in which DeFi or other market participants can seek to avoid regulation.

 

Information link:

https://foresightnews.pro/news/detail/35191

 

Scottish Fintech Open Financial Regulatory Innovation Laboratory

On December 7, 2023, Fintech Scotland announced the establishment of the Financial Regulatory Innovation Laboratory (FRIL). FRIL will cooperate with the University of Strathclyde and the University of Glasgow to provide an actionable research agenda led by the financial sector to help promote understanding and adoption of emerging technologies.

 

Information link:

https://0xzx.com/2023120716523931962.html

 

Moneyhub has been granted credit information service authority by the Financial Conduct Authority in the UK

Moneyhub has obtained permission from the Financial Conduct Authority (FCA) in the UK to provide credit information services. In the mid-term report of FCA's credit information market research, it was found that although the market has a high understanding of credit information, the understanding of information and its impact is low, which may have adverse effects on consumers. FCA speculates that insufficient understanding of credit information and difficulties in accessing credit records may lead to consumers unknowingly damaging their reputation, which may affect their opportunities and costs to obtain financial products.

 

Information link:

https://www.fca.org.uk

 

 

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