FinTech Weekly | Issue 64

Backer acquires Saving For College and completes Series A financing

Backer, a financial technology company headquartered in San Francisco, focuses on tax incentives for its 529 savings plan and announced the completion of a $9.5 million Series A financing and acquisition of Saving For College, a media asset and educational savings resource. Backer's consumer savings application was established in 2017 and has helped over 200000 parents and children save approximately $250 million in education costs. It is worth noting that 40% of the savings are contributed by family and friends.

 

Information link:

https://backer.com

Comment: Backer's success is attributed to its efficient registration process, user-friendly gift platform, and unique mobile application launch. These features make Backer a technology ally for numerous 529 projects across the country.

 

TuMeke financing $10 million

TuMeke is a computer vision platform that automatically assesses the risk of damage to manufacturing facilities, raising $10 million in Series A financing led by Intel Investment. TuMeke was founded in 2019 and provides a solution where security personnel can quickly assess and reduce work-related risks using smartphones. Its artificial intelligence system integrates computer vision and ergonomics, enabling users to effectively redesign work or retrain workers.

 

Information link:

Markets.businessinsider.com/news/stocks/tutorial courses 10m in series a-funding led by int

Comment: TuMeke software can be easily packaged as a mobile application without the need for additional devices, cameras, or exoskeletons.

 

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://ir.aboutcoupang.com/English/news-and...

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.

 

Tongda Group plans to acquire Credence Technology Limited for HKD 60 million

Tongda Group has announced an important plan for its wholly-owned subsidiary Tongda Intelligence (BVI) Co Limited to acquire all issued share capital of Credence Technology Limited for HKD 60 million, with a transaction date set for December 22, 2023.

 

Information link:

https://www.163.com/dy/article/IMJKES6105198UNI.html

Comment: This acquisition is seen as part of Tongda Group's strategic planning, aiming to drive business development by integrating resources, enhancing manufacturing capabilities, and integrating supply chains. The target company's professional knowledge and manufacturing capabilities in the field of precision manufacturing will help supplement Tongda Group's existing manufacturing business. Through this integration, the company expects to improve the efficiency and competitiveness of its overall manufacturing business, bringing broader benefits to shareholders.

Nationwide announces continuation of partnership with Major League Soccer

Nationwide has announced a long-standing partnership with the NFL Major League Baseball, and will continue to serve as its official partner for car insurance, home insurance, life insurance, commercial insurance, agricultural insurance, and pet insurance.

 

Information link:

https://login.nationwide.com/access/web/login-continue.x

Comment: The core of this collaboration is to continue sponsoring the annual Walter Patton Award, while other pension planning sponsorship projects will take effect next year. The first cooperation between the two sides began in 2014.

 

NOW Insurance, a full stack commercial insurance platform, launches physician and medical group insurance

NOW Insurance is a full stack artificial intelligence commercial insurance platform that mainly serves medical professional liability insurance. Recently, it has launched a physician and medical team insurance. Designated brokers can purchase insurance products and issue orders for their physicians and medical team clients. This platform utilizes advanced underwriting processes to obtain insurance quotes based on physician accounts without the need for application.

 

Information link:

https://www.nowinsurance.com

Comment: If the physician has no major medical liability accidents, they can receive insurance quotes within a few minutes. If there are accident records, it will take several weeks to obtain a quote from an insurance company.

 

Chubb and cybersecurity company NetSPI establish a network insurance partnership

Insurance company Chubb announced a partnership with cybersecurity company NetSPI to optimize customer network risk levels through attack surface management and penetration testing solutions. Chubb's US and Canadian customers have the opportunity to use NetSPI's full range of proactive network security solutions at discounted prices, including intrusion and attack simulation, attack surface management, and comprehensive penetration testing.

 

Information link:

I https://www.netspi.com/partners/chubb

Comment: This solution will continuously evaluate the customer's level of network risk and security vulnerabilities, reduce the incidence of network attacks, and provide actionable insights.

 

BrokerTech Ventures Accelerator opens up application opportunities for 2024

The industry's first accelerator project led by insurance brokers, BrokerTech Ventures, has opened up opportunities for accelerator quota applications in 2024. Since its establishment, BTC has accepted 12 of the most well-known local brokerage firms, 13 of the world's most well-known insurance companies and wholesalers, and 48 insurance technology companies from around the world.

 

Information link:

Www.brookertechVentures.com

Comment: BTV has always been committed to helping accelerate project development in Israel and Latin America, providing support for early insurance technology companies in the industry.

Blue Federal Credit Union Joins Hands with Cotton to Build a Digital Account Opening Platform

The Blue Federal Credit Union has chosen the American fintech company Cotribute as its digital account opening platform partner. This credit union based in Cheyenne, Wyoming, stated that it chose this fintech company to "simplify the account opening process" and help its membership grow. It is said to currently have over 115000 members in Wyoming and Colorado.

 

Information link:

http://www.chinadaily.com.cn/a/201812/07/WS5c09b9dfa310...

 

The Bank of India plans to establish a new fintech repository and cloud infrastructure

Recently, the Central Bank of India announced the establishment of a new fintech repository and cloud infrastructure. Among them, the repository planned to be put into operation in April 2024 will collect non mandatory information about fintech companies, including detailed information on operations, technology, products, and finance, to provide assistance to regulatory agencies and other stakeholders.

 

Information link:

https://www.weiyangx.com/431758.html

 

The UK Joint Regulatory Commission emphasizes progress in 2023 and formulates future UK open banking plans

On December 18th, the UK Joint Supervisory Commission (hereinafter referred to as the "Commission") released the latest update on the significant progress made since outlining its vision for open banking in April. At the same time, the committee released a response to the launch of the Non Sweeping VRP blueprint by the Variable Recurring Payment (VRP) working group. The blueprint suggests that regulated utilities, regulated financial services, and central and local government payments should be the first step towards the wider application of VRP and open banking payments.

 

Information link:

https://mandarinian.news

 

The National Bank of Pakistan will launch a blockchain based KYC platform

On January 2nd, the State Bank of Pakistan (SBP) will launch a blockchain based shared e-KYC platform aimed at providing privacy and efficiency. According to the regulations of the central bank, only banks and financial institutions can access the personal information of customers. The shared e-KYC platform is expected to provide a range of benefits to Pakistani banks, including process standardization and cost saving features. Banks can access and verify necessary personal information through several buttons based on existing KYC and Customer Due Diligence (CDD) rules.

 

Information link:

https://cloud.tencent.com/developer/news/1283514

GRI and IFRS jointly release Sustainable Innovation Laboratory SIL

The Global Reporting Initiative (GRI) and the International Financial Reporting Standards Foundation (IFRS Foundation) jointly announced the establishment of the Sustainability Innovation Laboratory (SIL) in Singapore. The laboratory will bring together global and local partners in Singapore to enhance the ability of enterprises to use GRI standards and ISSB guidelines for reporting, committed to establishing standards, education and training, collecting data, and building capacity for public organizations.

 

Information link:

https://www.ifrs.org/news-and-events/news/2023/11/...

 

The Monetary Authority of Singapore launches an ESG data platform driven by Microsoft Chat GPT

The Monetary Authority of Singapore (MAS) has launched an innovative ESG data platform, Grnprint, which utilizes Chat GPT and other artificial intelligence tools to simplify the collection and reporting of ESG data. This platform is particularly helpful for small and medium-sized enterprises (SMEs) to manage and report sustainability related information more effectively. Developed by the public-private partnership Project Greenprint team, the Grnprint platform can automatically convert economic data of enterprises and financial institutions into sustainability related information, greatly reducing the complexity and difficulty of data processing.

 

Information link:

https://www.todayesg.com/mas-esg-data-platform-gprnt

 

Hong Kong and Dubai Joining Hands to Promote Sustainable Financial Development

On December 19, 2023, the Hong Kong Monetary Authority and the Dubai Financial Services Authority announced their joint exploration of supporting the promotion of climate finance in the Middle East and Asia through policy and regulatory measures. This cooperation aims to strengthen cross-border cooperation, promote sustainable financial development in the two regions, and contribute to the "net zero transformation". One of the important measures of this cooperation is the climate finance conference jointly organized by both sides in Hong Kong in the autumn of 2024.

 

Information link:

https://www.hkma.gov.hk/gb_chi/news-and-media/...

 

The European Fund and Asset Management Association releases ESG fund data based on SFDR

Recently, the European Fund and Asset Management Association (EFAMA) released ESG fund data based on the Sustainable Financial Disclosure Regulation (SFDR), analyzing Article 6, Article 8, and Article 9 funds in the European region, aiming to summarize the development of ESG funds in the European region. The ESG fund data released this time comes from the 2023 European Asset Management Report released by EFAMA.

 

Information link:

https://www.todayesg.com/efama-sfdr-esg-fund-data

The Financial Stability Board of the United States releases its 2023 annual report

On December 14th, the Financial Stability Oversight Board (FSOC) released its 2023 annual report. In the report, FSOC provides recommendations and prospects for the following areas: 1) Cybersecurity: FSOC supports sustained partnerships between state and federal agencies and private companies, and recommends that they continue to promote information sharing related to cybersecurity and undertake more work to mitigate financial stability risks associated with the internet.

 

Information link:

https://www.fsb.org

 

Hong Kong Monetary Authority: Unlicensed issuance and promotion of stablecoins are criminal offenses with a maximum fine of HKD 10 million

On December 28th, according to the consultation document of the Hong Kong Monetary Authority on stablecoins, issuing stablecoins in Hong Kong without a license and distributing advertisements to promote stablecoins issued by non licensed issuers are all criminal offenses. The document also suggests that the regulatory system should introduce a series of civil and regulatory sanctions. The Monetary Authority may consider implementing appropriate penalties based on the severity and duration of the violation, including temporary or permanent revocation or revocation of licenses, with a fine of no more than 10 million yuan, or a fine equivalent to three times the amount of profit obtained or loss avoided due to the violation, whichever is higher.

 

Information link:

https://www.hkma.gov.hk/gb_chi/news-and-media/...

 

European Central Bank Managing Director Holzmann: There is no guarantee that interest rates will be lowered in 2024

On Thursday (December 28th) local time, Robert Holzmann, the Governor of the Austrian Central Bank and the European Central Bank, stated that it is still too early to discuss reducing borrowing costs, and there is no guarantee that interest rates will be lowered next year. Holzmann wrote in a press release released on the official website of the Austrian Central Bank that 2023 will be a year of tight monetary policy, and this must be consolidated next year. "After four rate hikes in 2022, we have raised interest rates six times in a row this year. Although we have raised interest rates an unprecedented 10 times, we cannot guarantee a rate cut in 2024."

 

Information link:

http://news.cnfol.com/guojicaijing/20231229/30564688.shtml

 

Annual update of the European Payment Council's report on payment threats and fraud trends

The European Payment Council (EPC) has released the annual update report on Payment Threats and Fraud Trends. This update focuses on recent attacks and outlines the most important threats and other "fraud drivers" in the payment field, including social engineering, malware, advanced persistent threats (APT), distributed denial of service (DDoS), and more Zombie networks, third-party compromises, monetization channels, and social engineering fraud. In the main investigation results, EPC pointed out that one of the most complex and profitable types of payment fraud now and in the future is Advanced Persistent Threat (APT). The EPC marking of APT must be considered as a potential high-risk for payment infrastructure and all network related payment ecosystems.

 

Information link:

https://www.europeanpaymentscouncil.eu

Musk's net worth increased by $92 billion, making him the most profitable billionaire of 2023. According to the Bloomberg Billionaires Index, the wealth of tech industry billionaires increased by 48% in 2023, with a growth of $658 billion (approximately RMB 4671.7 billion). Among them, Elon Musk, the founder and CEO of Tesla, had the largest wealth growth ($92 billion), and his net asset size of $229 billion also allowed him to regain his position as the world's richest man from Bernard Arnault, the chairman of the French LVMH Group.

 

Information link:

Www.jwview.com jingwei/HTML/01-01/573872.shtml

 

Nova Holdings CEO replacement, 49 year old Yin Zhe takes over from Wang Jingbo

On December 29th, Noah Holdings Private Wealth Asset Management Co., Ltd. (Noah Holdings, 06686. HK) announced that the board of directors has approved the distinction between the roles of CEO and Chairman, with Yin Zhe replacing Wang Jingbo as the company's CEO, effective from December 29th, 2023. After this change, Wang Jingbo will continue to serve as Chairman and Chairman of the Corporate Governance and Nomination Committee of the company.

 

Information link:

https://www.163.com/dy/article/INFOOC330530HI7R.html

 

In 2023, 156 A-share listed companies were investigated by the China Securities Regulatory Commission, and 70% of them were involved in credit fraud

On the evening of December 29, 2023, * ST Sansheng (300282) disclosed that the company received a "Notice of Filing" issued by the China Securities Regulatory Commission on the same day. The company was filed on suspicion of illegal and irregular information disclosure. This is the last listed company to be announced for investigation by the China Securities Regulatory Commission in 2023.

 

Information link:

https://business.china.com/industrial/13004644/20240102/46029564.html

 

Release of the 2023 China Wealth Management Market Report

Recently, the 2023 China Wealth Management Market Report, jointly written by the Institute of Trust and Wealth Management at Southwest University of Finance and Economics and Puyi Standard, was released. The report starts with an overview of the development of the wealth management market, analyzing in detail the current development status of various asset management industries from six aspects: bank wealth management, trust, public fund, private fund, securities asset management, and insurance asset management. Then, it provides a comprehensive and thorough interpretation of the development logic of China's wealth management market from four dimensions: macroeconomic, capital, asset, and institutional, Finally, based on the above analysis, an outlook on the Chinese wealth management market is provided, providing important reference for observing the development of the Chinese wealth management market.

 

Information link:

https://www.nbd.com.cn/articles/2023-12-08/3155182.html

Stanford used Wikipedia to train a large model called WikiChat

On January 4th, researchers from Stanford University trained a large model named WikiChat using Wikipedia data. Through optimization and improvement, they successfully solved the illusion problem of the large model and performed well in factual accuracy and other indicators. Their best model achieved 97.3% factual accuracy in the new benchmark test, far exceeding 66.1% of GPT-4. In addition, WikiChat leads other models in terms of relevance, information, naturalness, non repeatability, and temporal accuracy.

 

Information link:

https://wikichat.genie.stanford.edu

 

Microsoft launches PromptBench, a large model integration tool library

On December 27th, Microsoft recently launched an integrated tool library called PromptBench specifically designed for evaluating large language models. This toolkit provides a range of tools, including creating different types of prompts, loading datasets and models, executing adversarial prompt attacks, etc., to support researchers in evaluating and analyzing LLMs from different perspectives.

 

Information link:

https://cloud.tencent.com/developer/news/1281134

 

Musk's xAI adopts a special corporate structure

On December 27th, Musk's artificial intelligence startup xAI was following in the footsteps of its competitors OpenAI and Aerospace, choosing an unusual corporate structure. According to the documents submitted to Nevada at the end of November, xAI has been established as a for-profit welfare company in Nevada, which allows the company to prioritize having a positive impact on society rather than being obligated to shareholders.

 

Information link:

Www.ithome.com/0/741/806.HTML

 

Türkiye's parliamentary committee approves Sweden's accession to NATO

Recently, the Foreign Affairs Committee of Türkiye's Grand National Assembly passed the proposal on Sweden's accession to the NATO protocol. The Justice and Development Party, the largest party in the parliament, the Republican People's Party and the National Action Party all supported the adoption of the proposal. The bill will then be submitted to Türkiye's Grand National Assembly for discussion and voting.

 

Information link:

https://www.guancha.cn/internation/www.guancha.cn/...

 

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.v