FinTech Weekly | Issue 63

IBM to acquire Software AG's enterprise technology business for $2.3 billion

IBM plans to acquire StreamSets and webMethods enterprise technology platforms under Software AG for 2.13 billion euros (2.33 billion US dollars), with the aim of strengthening its artificial intelligence and hybrid cloud product portfolio. This acquisition will be completed in cash payment, aiming to increase IBM's investment in artificial intelligence and hybrid cloud fields. These two platforms provide application integration, API management, and other data integration services.

 

Information link:

https://newsroom.ibm.com/2023-12-18-IBM-to-Acquire...

Comment: StreamSets will add data acquisition capabilities to IBM's Watson x data platform, while webMethods will provide customers and partners with more integration and API management tools in a hybrid multi cloud environment.

 

UniUniUni completes $20 million in Series B2 financing

On December 19th, UniUni, a new generation logistics platform that provides the "last mile" solution for the North American e-commerce market, announced the completion of a $20 million B2 round of financing.

 

Information link:

https://www.uniuni.com

Comment: Jointly led by Yuanjing Capital and Fosun Ruizheng, B-round investors Lanchi Venture Capital, Canadian Celtic Venture Capital, and Qingbo Capital have added follow-up investments.

 

Coupang acquires luxury e-commerce Farfetch

Coupang has announced a strategic acquisition plan to provide $500 million in funding to Farfetch to support its business operations. Farfetch's current market value is $226.7 million, and after this news was released, its stock was suspended, which also led to a decline in Coupang's stock price.

 

Information link:

https://www.ft.com/content/cdeb940f-909a-44c8-9f0b-e20ea2b8332a

Comment: As the main operator of the online luxury goods market, Farfetch specializes in selling high-end fashion and jewelry. In recent weeks, it has been hit by a credit rating downgrade due to the industry slowdown.

 

Bain Capital Insurance invests $200 million in GuideOne

The Mutual Group, a new insurance platform serving the mutual aid industry, has announced plans to launch it with the support of Bain Capital Insurance, a specialized insurance investment division under Bain Capital. The Mutual Group was established through Bain Capital Insurance's acquisition of the operating platform of GuideOne Insurance Company, a mutual insurance company founded in 1947. GuideOne will become the first member of The Mutual Group.

 

Information link:

https://www.guideone.com/resources/newsroom/bain...

Comment: The Mutual Group's over 400 employees will provide approximately $800 million in annual premiums to 50000 commercial policyholders.

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.

 

Cytora and ZestAI collaborate on commercial property insurance underwriting

Climate risk solution provider ZestAI announced a partnership with digital risk management platform Cytora. ZestAI will be embedded in the Cytora platform to provide commercial insurance underwriting companies with risk tools and risk scoring for climate related risk assessment and management processes.

 

Information link:

https://www.prnewswire.com/news-releases/cytora...

Comment: ZestAI stated that the importance of natural disaster risks, which were previously considered secondary hazards, is increasing. They will use artificial intelligence technology to assess the risk level of property and establish a comprehensive climate risk model.

 

Allianz Life Insurance collaborates with Munich Reinsurance on automation solutions

Munich Reinsurance Automation Solutions announced that North American Allianz Life Insurance has chosen its cloud based automated underwriting solution ALLPINANZ SPARK to pilot its ePHI product, helping accelerate the digitization of underwriting processes.

 

Information link:

https://www.the-digital-insurer.com/zh-CN/...

Comment: SaaS based solutions have features such as underwriting engines, rule design and management tools, analysis, and third-party integration.

 

Duuo Insurance launches its first active insurance API interface

Duuo Insurance, a Canadian insurance service company, announced a partnership with the event entertainment ticketing platform Univerus Sport&Recreation to launch the first event entertainment insurance API interface. According to this collaboration, Canadian consumers have the opportunity to purchase promotional insurance products on the Univerus Rec platform while booking tickets.

 

Information link:

https://duuo.ca

Comment: This API collaboration will bring consumers a seamless user experience, improve the ticketing booking process, and send real-time notifications to the platform when users purchase or cancel policies.

Toronto Dominic Bank in Canada is considering expanding its nationwide coverage of mid market business

TD is seeking to expand nationwide coverage of its mid market business, which serves institutional clients such as universities, non-profit organizations, and healthcare systems, said Chris Giamo, head of TD's commercial banking department. This Toronto based bank has identified Chicago and Atlanta as two cities where the company can gain a larger mid-range market share without building more branches.

 

Information link:

https://zh.td.com/ca/en/about-td/corporate-profile

 

Bunq becomes the latest 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. Ali Niknam, the founder and CEO of Bunq, said in a statement, "Finn will bring you surprises. Years of AI innovation, combined with a focus on users, have enabled us to completely transform the banking business you know. It is unbelievably exciting to see generative AI providing so much convenience to our users."

 

Information link:

ahttps://www.marketinginasia.com/zh-CN

 

Webster Financial acquires healthcare fund custodians for $350 million

This Ametros transaction marks Webster's second acquisition of a deposit aggregation platform in over a year. This Connecticut based bank, with assets of $70 billion, agreed to purchase interLINK in December last year, a platform that manages $9 billion in deposits. The bank purchased HSA Bank, the health savings account administrator, in 2015, and Sterling Bancorp in the Pearl River, New York, in a transaction of 5.1 billion dollars in 2021, and obtained regulatory approval.

 

Information link:

https://www.moomoo.com/hans/news/post/7214319

 

Rauva, a European fintech super application, appoints new Chief Risk Officer

Last month, Rauva, a financial technology company headquartered in Lisbon, agreed to acquire Empresas Montepio, a Portuguese bank, for 30 million euros. At the time, it stated that this move would enable it to offer new financial products, such as credit solutions and other products. However, the company needs a Chief Risk Officer to assist in launching credit products, and now the company has announced that Tomas Oliveira da Silva will take on this position.

 

Information link:

https://www.retailbankerinternational.com/news/...

UK releases CCUS vision plan

The UK government has proposed a new plan aimed at making the UK a globally competitive CCUS market for carbon capture, use, and storage, thereby promoting green development of the UK economy. The plan is called the CCUS Vision.

 

Information link:

https://www.reccessary.com/zh-cn/news/world...

 

Saudi Arabia will launch a greenhouse gas emission credit mechanism in early 2024

Saudi Arabia announced that it will launch the Greenhouse Gas Emission Credit Mechanism (GCOM) early next year, which aims to address climate change and achieve net zero emissions by 2060. According to the plan, companies must comply with a certain amount of carbon credits (representing their allowed emissions). If a company generates more emissions, it must purchase additional carbon credits from other companies whose emissions are lower than its allocated amount.

 

Information link:

https://m.eeo.com.cn/2023/1013/608567.shtml

 

The Biden Harris administration has invested $40 million in training talents in the clean energy sector

To support President Biden's "Invest in America" program, the US Department of Energy will provide competitive funding to improve the quality of workers with energy efficiency certification skills. Authorized by President Biden's bipartisan infrastructure bill, the Energy Auditor Training Program (EAT) will provide up to $40 million in funding to state governments to train individuals in conducting energy audits or investigations on commercial and residential buildings.

 

Information link:

http://blog.tsukisoi.com/articles/biden-harris...

 

Tesla: Energy Storage Super Factory Project Launched in Shanghai

On December 22nd, Tesla and the Shanghai Lingang New Area Management Committee held a land acquisition signing ceremony, announcing the official launch of the Tesla Energy Storage Super Factory project. As Tesla's first energy storage super factory project outside the United States, the factory is scheduled to start construction in the first quarter of 2024 and commence production in the fourth quarter.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_25752238

The Japanese government plans to establish an AI security organization

According to BNN Breaking, Japan recently held an AI strategy conference and announced plans to establish a national agency dedicated to investigating generative AI security and related aspects. Japanese Prime Minister Fumio Kishida pointed out that the emergence of research institutions in countries such as the United Kingdom and the United States prompted Japan to make this decision. The proposed "AI Security Research Institute" aims to explore assessment techniques for AI security and develop standards to ensure comprehensive protection.

 

Information link:

https://finance.sina.cn/2023-12-16/detail-imzycruk9698185.d.html?vt=

 

Swiss Financial Market Regulation Authority issues guidance on equity mining services

On December 21st, the Swiss Financial Markets Authority (FINMA) issued guidance on equity mining services. This guidance clarifies FINMA's regulatory practices, with a focus on protecting customers from the risk of bankruptcy for equity mining service providers. Equity mining services involve a series of legal issues related to how to interpret and safeguard encrypted assets.

 

Information link:

https://www.finma.ch/e

 

The Hong Kong Monetary Authority: is planning to establish a sandbox to communicate regulatory expectations with issuers interested in issuing stablecoins in Hong Kong

On December 27th, Yu Weiwen, President of the Hong Kong Monetary Authority, issued a speech discussing stablecoins. The Hong Kong Treasury and the Monetary Authority jointly released a public consultation paper today, inviting opinions from the public and stakeholders on legislative proposals for establishing a regulatory system for stablecoin issuers. Yu Weiwen said, "Faced with the rapidly changing market, we must closely follow its latest developments and establish a regulatory system that can ensure financial stability without hindering innovation."

 

Information link:

https://www.hkma.gov.hk/gb_chi/news-and-media/insight/2023/12/20231227

 

South Korea explicitly states that AI generated content is not protected by copyright

The South Korean Ministry of Culture, Sports and Tourism has released the "Four Strategies for Achieving a Copyright Strong Country", which has decided not to allow copyright registration of AI generated content that has not been created by humans. The department also added that only creative ideas that can clearly convey human thoughts and emotions can be registered. This decision will soon be published in the AI Copyright Guide for AI enterprises, copyright owners, and users.

 

Information link:

http://www.gamelook.com.cn/2023/12/534977

2023 Global Wealth Report Released

Recently, Credit Suisse and UBS jointly released the 2023 Global Wealth Report, which is a research report on the global wealth situation, covering wealth estimates for 5.4 billion adults worldwide, including various wealth sectors. Affected by high inflation and the appreciation of the US dollar against multiple currencies, global wealth experienced a decline for the first time since 2008 in 2022.

 

Information link:

https://unctad.org/publication/world-investment-report-2023

 

Abu Dhabi International Financial Center Revised Anti Money Laundering Guidelines

On December 21st, the Abu Dhabi International Financial Center (FSRA) announced the revision of the Anti Money Laundering Regulations and Guidelines (AML) to clarify the requirements previously appearing in anti money laundering rules, particularly the provisions related to digital asset transactions, to better illustrate that the travel rules of the Financial Action Task Force (FATF) apply to virtual assets.

 

Information link:

https://foresightnews.pro/news/detail/35276

 

Encountered anti money laundering investigation, two executives of Vivo India company are exposed to be detained in India

According to Interface News, on December 23rd, multiple media outlets reported that the Indian Enforcement Agency (ED) had recently arrested several executives of Vivo India on the grounds of "anti money laundering investigations". There were reports that the detained employees included Vivo India's interim CEO and CFO.

 

Information link:

https://www.ithome.com/0/741/205.htm

 

About 65 domestic trust companies are involved in charitable trust business

According to data from the National Charity Information Disclosure Platform (Charity China), as of December 19, 2023, 1602 charitable trust projects have been registered, with a total asset size of 6.538 billion yuan. Charity trust, as a service method that can not only leverage the original characteristics of trust, but also participate in public welfare undertakings, has become one of the important directions for the transformation and development of the trust industry in the context of the new classification. As one of the three major businesses in the new classification system, charitable trusts have become a business that trust companies are eager to layout.

 

Information link:

https://www.163.com/dy/article/IMR7UTI20530HI7R.html

EU extends emergency measures for renewable energy

The EU Energy Minister has agreed to extend three emergency regulations, including accelerating the deployment of renewable energy. The European Council stated in a statement that ministers have agreed to extend Regulation (EU) 2022/2577 until June 30, 2025. The Council implemented this regulation on December 30, 2022, for an initial period of 18 months, in response to the Russia Ukraine conflict, aimed at reducing the EU's dependence on Russian fossil fuels, addressing the energy crisis, and advancing the EU's climate goals by accelerating the licensing process and deployment of renewable energy projects.

 

Information link:

Www.in en. com/article/html/energy 2329900. shtml

 

Digital RMB pilot in Singapore, allowing tourists from both countries to use e-CNY for consumption

With the continuous promotion of cross-border digital RMB payment pilot projects, the Monetary Authority of Singapore recently announced new digital finance and capital market initiatives to expand financial cooperation with China, including cross-border digital RMB pilot projects between China and Singapore.

 

Information link:

https://www.yicai.com/news/101922238.html

 

Microsoft will continue to collaborate with the US military to develop HoloLens headsets

Microsoft has issued a statement stating that abandoning Windows Mixed Reality will not affect current cooperation with the US Army and will continue to develop HoloLens mixed reality headsets. From the statement, it appears that Microsoft will continue to collaborate with the US Army to develop IVAS devices based on HoloLens, but the company does not appear to provide any mixed reality software to consumers.

 

Information link:

https://www.ithome.com/0/740/865.htm

 

SpaceX builds a 1 million square foot interstellar factory

SpaceX Starbase General Manager Casey Leders stated that he will strengthen cooperation with the FAA and accelerate the expansion of his campus in Boca Chicago, Texas, USA, with plans to build a rocket manufacturing plant called the Starfactory. Leders stated that the engines currently used in Starship are being transported from the California factory, and the completion of the factory can reduce transportation costs, improve testing capabilities, and accelerate the progress of various tasks.

 

Information link:

bhttps://www.techweb.com.cn/world/2023-12-26/2938763.shtml

 

 

 

 

 

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.