FinTech Weekly | Issue 65

Defense technology startup Shield AI raises $300 million in new financing

Backer, a financial technology company headquartered in San Francisco, focuses on tax incentives for its 529 savings plan and announced the completion of 950 Shield AI's recent $300 million investment, bringing the Series F financing amount to $500 million. This has raised the valuation of Shield AI's company from $2.7 billion in November to the current $2.8 billion. In this financing, Hermes Capital is responsible for providing debt financing.

 

Information link:

https://shield.ai/shield-ai-raises-200m-reaching-2-7b-valuation

Comment: Shield AI is a company dedicated to developing unmanned flight systems using artificial intelligence technology. Its flagship product "Hivemind" can achieve autonomous operation of aircraft without the intervention of remote operators, communication, or GPS.

 

AI search engine Perplexity AI completed $73.6 million in financing

AI search engine startup Perplexity AI recently announced the completion of a $73.6 million financing. This round of financing has resulted in a valuation of $520 million for Perplexity. Since its establishment in August 2022, Perplexity has provided a chatbot like interface through the use of self-developed and third-party GenAI models. Users can ask questions in natural language, and the platform's AI provides abstract answers with source citations, allowing users to ask follow-up questions to delve deeper into specific topics.

 

Information link:

https://www.theregister.com/2024/01/05/perprexity_ai_search_engine

Comment: Despite facing high training costs for GenAI models and concerns about misuse and incorrect information, Perplexity currently has annual recurring revenue ranging from $5 million to $10 million and has 10 million active monthly users. The company is currently working hard to expand its team and develop new product features.

 

SonicWall acquires Banyan Security, a security service edge solution provider

SonicWall, a cybersecurity company based in Milpitas, California, announced the acquisition of Banyan Security, a security service edge (SSE) solution provider headquartered in San Francisco, for an undisclosed transaction amount. This acquisition will strengthen SonicWall's product portfolio by adding zero trust security technologies adopted by Fortune 100 companies to small businesses to replace traditional architectures, such as Zero Trust Network Access (ZTNA).

 

Information link:

https://www.sonicwall.com/news/sonicwall...

Comment: Banyan Security provides infrastructure and application security access services for employees, developers, and third parties that do not rely on traditional network center solutions such as VPN.

 

Prudential announces increased investment and CITIC's joint venture

Life insurance company Prudential announced an injection of RMB 2.5 billion into their Chinese joint venture company CPL (CITIC Prudential Life Insurance) with CITIC Financial. After this capital injection, CPL's registered capital will increase from 2.36 billion yuan to 4.86 billion yuan. The two shareholders will maintain their respective 50% shareholding ratio, which is currently awaiting regulatory approval.

 

Information link:

https://www.prudentialplc.com/en/news-and-insights/...

Comment: This capital injection will aim to improve CPL's financial condition, with core and comprehensive solvency adequacy ratios of 121% and 215%, respectively. At the same time, it reflects the full confidence of both sides in the mainland life insurance market and CPL.

Citizens Property Insurance announces entry into Guidewire's cloud platform

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://www.guidewire.com/about-us/news-and-events/...

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.

 

Openly collaborates with Ecopia AI on building based geocoding technology

Openly, a homeowner insurance service provider, has chosen to use Ecopia AI's building based geocoding technology to improve the accuracy of risk assessment in the underwriting process. Now, Openly's independent property insurance agents in 21 states will be able to leverage artificial intelligence technology to provide homeowners with the most accurate quotes.

 

Information link:

https://www.ecopiatech.com/resources/news/openly...

Comment: Openly was founded in 2017 with the vision of reshaping the housing insurance market by creating data-driven solutions. Their solutions include providing comprehensive insurance solutions for policyholders and simplified pricing processes for agents.

 

Jaguar Land Rover launches car insurance products

Jaguar Land Rover has announced a new car insurance product for UK customers facing rising car insurance premiums, targeting Range Rover, Defender, Discovery, and Jaguar owners. It is reported that this insurance has been launched since October last year and has completed over 4000 independent quotations. Insurance services are managed by insurance technology company Risk and underwritten by High Insurance (a subsidiary of LV=Group).

 

Information link:

https://www.landrover.com.cn/experiences/news/...

Comment: They stated that due to the recent surge in organized theft cases in the UK, some British car owners have found it difficult to purchase car insurance products.

 

AXA XL launches marine liability insurance in the United States

AXA XL of Ansheng Group collaborates with Overseas insurance agency to launch professional marine liability insurance, specifically targeting ship service companies, providing comprehensive protection for contractors engaged in ship construction, maintenance, and repair. Ansheng stated that the coverage of this product is extensive, covering inland sea freight, ocean cargo transportation, protection and compensation, as well as basic and surplus marine liability insurance.

 

Information link:

https://axaxl.com

Comment: In addition, policyholders can also view electronic insurance policies on their mobile phones, providing ship service companies with convenient, personalized, and comprehensive digital insurance products.

Spanish banks and partners jointly promote central bank digital currency (CBDC) testing

One year after calling for cooperation in testing Central Bank Digital Currency (CBDC), Spain's Banco de Espa ñ a has now selected its partner. In the announcement on January 3rd, Cecabank, Abanca, and Adhara Blockchain were selected as partners among the 24 applicants. In the next six months, a pilot project will focus on simulating the use of tokenized wholesale CBDC for interbank payments. This will include processing and settlement activities, as well as the exchange of various wholesale CBDCs issued by different central banks.

 

Information link:

https://cointelegraph.com/news/bank-of-spain...

 

The European Central Bank's Digital Euro Plan: An Opportunity of 1.1 billion euros for Suppliers

The European Central Bank (ECB) recently announced a solicitation from suppliers for services and components for the proposed digital euro, with a potential total contract amount exceeding 1 billion euros. This plan is an initiative taken by the European Central Bank after transitioning from the investigation phase to the preparation phase of the Digital Euro project, which began in October. However, the final decision on whether to launch the digital euro has not yet been made.

 

Information link:

https://www.ecb.europa.eu

 

UAE Banking Federation and Hong Kong Banking Association Sign Memorandum of Understanding

On December 29, 2023, the Hong Kong Association of Banks (HKA) and the United Arab Emirates Federation of Banks (UBF) announced the signing of a Memorandum of Understanding (MoU) to further strengthen the connection between the two banking industries and promote cooperation between the two regions. Areas of common interest. According to the Memorandum of Understanding, HKAB and UBF agree to jointly promote cooperation in mutual banking activities, including exploring RMB business opportunities and establishing communication channels to support the business development of their member banks within each other's jurisdiction.

 

Information link:

https://www.hkab.org.hk/en/news/press-release/286

 

The Financial Technology Board of the United States responds to the Consumer Financial Protection Agency's proposal to open banks

The Financial Technology Commission (AFC) in the United States has submitted a response to its proposal to open up banks to the Consumer Financial Protection Agency (CFPB). The CFPB proposes modifications to personal financial data rights to implement Section 1033 of the Dodd Frank Act. It stated that the goal is to finalize the rule by 2024, formally establishing the right of consumers to control and securely share their financial data, and accelerating the opening of banking services in the United States.

 

Information link:

https://0xzx.com/2024010401523991960.html

New solar energy systems installed in Germany hit a new high in 2023

The latest report released by the German Federal Solar Industry Federation shows that Germany will install over one million new solar systems for power generation or heating in 2023, setting a historic high. The report points out that Germany currently has about 3.7 million solar energy systems, with a total power generation of 62 billion kilowatt hours last year, covering 12% of Germany's total electricity consumption.

 

Information link:

http://www.xinhuanet.com/world/20240104/aeef90b8baa54bb18...

 

Brazil actively promotes the implementation of the sustainable development agenda

The Brazilian National Bank for Economic and Social Development recently signed a loan financing agreement with the New Development Bank to raise $1.7 billion to implement the sustainable development agenda, of which $500 million will be used to support reducing greenhouse gas emissions and adapting to climate change, and $1.2 billion will be used for projects such as urban transportation, renewable energy, and conservation of pristine forests.

 

Information link:

http://paper.people.com.cn/rmrb/html/2024-01/09/nw.D...

 

EU approves German subsidy companies to build electric vehicle battery factories

On January 8th, the European Commission approved a national aid plan for Germany worth 902 million euros to support Sweden's Nord Volt company in establishing an electric vehicle battery factory in Germany to address the challenges posed by the US Inflation Reduction Act to European industry.

 

Information link:

http://www.news.cn/world/20240109/4a6d2018aa2d4b28a...

 

India's Adani Group is building the world's largest green energy park

On January 10th, Gautam Adani, Chairman of India's Adani Group, announced at the "Gujarat Vitality Global Summit" that the group is building the "world's largest green energy park" in the Kachi region of Gujarat, covering an area of 25 square kilometers and generating up to 30 gigawatts of electricity.

 

Information link:

Www.in en. com/article/HTML/energy 2330206.shtml

The US Financial Industry Regulatory Authority lists artificial intelligence as an "emerging risk"

On January 9th, the Financial Industry Regulatory Agency (FINRA) listed artificial intelligence (AI) as an "emerging risk" in its annual regulatory report, stating that deploying this technology in the financial industry may affect all aspects of company operations. Finra stated that the financial industry can improve work efficiency and better serve customers by using artificial intelligence internally or through third parties, but the use of artificial intelligence also comes with risks such as accuracy, cybersecurity, privacy, and bias.

 

Information link:

https://www.thepaper.cn/newsDetail_forwa

 

Bahrain Fintech Bay announces its innovation and growth strategy for 2024

On January 3rd, Bahrain's Fintech Bay (BFB), the builder of the Fintech ecosystem in Bahrain, announced its 2024 strategy aimed at promoting the fintech industry in Bahrain to new heights. After being acquired by BENEFIT Company in September, the organization will further change the fintech landscape in Bahrain and the wider region.

 

Information link:

https://www.bahrainfintechbay.com/single-post/bahrain-fintech-bay-reveals-2024-strategy-for-innovation-and-growth

 

The Hong Kong Monetary Authority consulted on legislative proposals for implementing a regulatory system for stablecoin issuers and announced the launch of a "sandbox" arrangement

On December 27, 2023, the Financial Services and Treasury Bureau of the Hong Kong Special Administrative Region and the Hong Kong Monetary Authority jointly released a public consultation paper to gather opinions on legislative proposals for regulating stablecoin issuers. By introducing new legislation to implement a licensing system, all eligible issuers of fiat stablecoins are required to obtain a license issued by the Monetary Authority.

 

Information link:

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

Fran ç ois Betancourt Meyer became the first woman in history to have a net worth of over $100 billion

According to the latest Bloomberg Billionaires Index, Fran ç oise Bettencourt Meyers has become the first woman in history to earn over $100 billion and the wealthiest woman in the world. The personal wealth of this L'Oreal heir is attributed to the best stock market performance of the French Empire founded by his grandfather in decades, thanks to the recovery of the cosmetics market after the pandemic. As the largest single shareholder of L'Oreal, Betancourt Meyers holds approximately 35% of the shares and has now become the 12th wealthiest person in the world.

 

Information link:

https://m.21jingji.com/article/20240101/herald/56...

 

In 2023, the cumulative dividend payout of listed companies on the Shenzhen Stock Exchange was 418.3 billion yuan

On January 7th, with the continuous improvement of the cash dividend mechanism, the willingness and ability of listed companies to distribute cash dividends are also constantly increasing. According to Wind statistics, in 2023, 1782 listed companies in Shenzhen implemented cash dividends (including annual dividends in 2022 and mid-term dividends in 2023), with a total of 418.346 billion yuan distributed in cash. Among them, the total cash dividends of Shenzhen's main board companies (327.306 billion yuan) exceeded the equity financing amount (263.015 billion yuan).

 

Information link:

Finance. eastmoney. com/a/202401072953911146.HTML

 

Mixuebingcheng's IPO Rushes Again, and the New Tea Beverage Industry Goes Public in 2024

On January 2nd, "New Tea Beverage" company Mixue Bingcheng submitted its listing application to the Hong Kong Stock Exchange. As early as September 2022, Honey Snow Ice City had applied for an A-share listing and planned to land on the main board of the Shenzhen Stock Exchange to raise 6.496 billion yuan, but ultimately failed; This time, Honey Snow Ice City is launching another IPO, but the industry has undergone changes. Nowadays, industry competition has entered a development window period, and multiple enterprises are starting to compete in the Wandian and sinking markets, making the industry landscape increasingly clear.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_25932407

 

The total scale of charitable trusts in 2023 is 6.538 billion yuan

Recently, according to data from the National Charity Information Disclosure Platform (Charity China), as of December 19, 2023, 1602 charitable trust projects have been filed, 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.

 

Information link:

Www.jiemian. com/article/10583884.0l

Nvidia will collaborate with companies such as miHoYo, Tencent, and NetEase to develop AI digital human services

On January 9th, it was learned from NVIDIA that at the CES 2024 exhibition in the United States, NVIDIA released a series of new products, among which NVIDIA ACE microservices made its debut. This is a technology platform that uses generative AI to create virtual digital humans. Currently, its partners with ACE include companies such as miHoYo, NetEase Games, Zhangqu Technology, Tencent Games, and Ubisoft.

 

Information link:

https://www.msn.cn

 

Apple Siri's Progress in Integrating Generative AI

On January 4th, Apple made significant progress in applying its self-developed Ajax generative AI model to Siri, which is expected to be showcased at this year's WWDC. The new version of Siri is said to have a more natural conversational ability and provide a more personalized user experience. It is worth noting that the new feature is expected to support cross device use, which means that the new version of Siri may be able to transmit dialogue information across devices. In addition, the new version of Siri will also introduce a new "Apple exclusive creative service", perhaps related to the previously rumored shortcut command function based on Siri in iOS 18.

 

Information link:

Www.i4.cn/news_ Detail_ 53642. HTML

 

Deng Bai's Climate Engine launches solutions that enable businesses to assess and mitigate climate risks

On January 3rd, business data and analysis provider Dun&Bradstreet and climate data and analysis company Climate Engine announced the launch of D&B Climate Risk Insights. This is a new solution aimed at helping businesses understand, prepare, and mitigate climate related risks. The two companies stated that the new solution is being launched at a time when global businesses are facing increasingly severe challenges. The frequency and severity of climate related events affect the supply chain, financial landscape, and insurance industry. The new solution combines Dun and Bradstreet's data cloud (used to identify 500 million public and private enterprises worldwide) with Climate Engine's climate risk data based on geospatial satellite imagery to reveal the link between climate change and economic impacts.

 

Information link:

0xzx.com/2023121900113957932. HTML

 

Gartner predicts that by 2026, 80% of global companies will use generative AI in their businesses

On January 5th, American research firm Gartner predicted that by 2026, 80% of companies worldwide will use generative AI in their businesses, while this proportion is less than 5% by 2023.

 

Information link:

https://www.gartner.com/cn/insights/generative-ai-for-business

 

 

 

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