FinTech Weekly | Issue 66

Bumper co receives $48 million in strategic investment

Bumper is a fintech service provider in the UK that provides flexible payment methods for car repairs, helping drivers allocate repair costs into interest free payments so they can continue driving their cars. It ensures that car owners can pay for repairs or maintenance in a simpler, more efficient, and flexible way, while enabling dealers and garages to provide customers with digital payment methods.

 

Information link:

https://www.bumper.co

Comment: It collaborates with over 5000 dealers and garages in the UK, Spain, Germany, the Netherlands, and the Republic of Ireland to help over 500000 drivers pay for services and repairs.

 

Komunal receives $5.5 million in Series A+financing

Komunal is a fintech service provider in Indonesia, with two business lines: DepositoBPR by Komunal and Komunal P2P Lending. DepositoBPR by Komunal aims to assist Indonesian residents in conducting digital deposit activities in rural banks in the country at government guaranteed deposit rates without the need to personally visit the bank. Komunal P2P Lending is a P2P lending platform dedicated to connecting local small and medium-sized enterprises with lenders who can provide corresponding loans.

 

Information link:

https://www.crowdfundinsider.com/2024/01/219945...

Comment: In terms of market performance, it is understood that Komunal has successfully delivered a total of $600 million in loans and deposits in the past year, nearly three times the size of the previous year.

 

Norwegian robot company 1X received 91 million euros in Series B financing

1X Company, headquartered in Moss, is an artificial intelligence and robotics company dedicated to producing robots to benefit society and meet global labor demands. The company announced that it has secured a Series B financing of 91 million euros, with EQT Ventures and other well-known global investors participating in the financing. The company plans to use this new funding to push its second-generation robot NEO to the market.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_25991548

Comment: NEO is designed as a bipedal humanoid robot, tailored for daily household assistance and providing multifunctional support for various household chores in the consumer market.

 

AI Doctor Assistance Platform Nabla Obtains $24 million Series B Financing

On January 5th, the AI doctor assistance platform Nabla received a Series B financing of $24 million, led by Cathay Innovation and participated by ZEBOX Ventures. In addition to expanding nationwide, a new round of financing will further promote the construction of its artificial intelligence platform and provide support for clinical doctors. In addition, Nabla Copilot will introduce additional language options to help it expand to more regions. Nabla was founded in 2018 and is headquartered in Paris, France and Boston, USA.

 

Information link

https://www.meracalculator.com/math/gradient-calculator.php

Comment: The company has developed Nabla Copilot, an AI driven environment intelligent assistant that can generate clinical records in seconds, reducing the stress and fatigue of healthcare professionals, allowing more time to be spent on patient care, and thus improving the quality of care. The functionality of Nabla Copilot also includes AI driven medical code recognition and seamless integration with electronic health record systems.

WTW launches CyProtect network insurance product in Bermuda

Insurance brokerage giant WTW has announced the launch of a comprehensive online insurance product in the Bermuda market, covering financial, professional liability, and operational risks, particularly suitable for large enterprises in the Bermuda region. The policy for this product has been simplified, making it easier to understand and manage.

 

Information link:

https://www.wtwco.com/en-us/news/2023/12/wtw...

Comment: In addition, the internal management services provided by WTW not only efficiently manage policies, but also save costs. In addition, policyholders can also choose additional potential regulatory penalty protection.

 

Amazon launches a new health plan

Amazon announced the launch of the Health Plan, a new product that makes it easier for customers to find and join digital health benefits for diseases such as diabetes and hypertension provided through their employers or insurance plans. The company stated that according to data from the US Bureau of Labor Statistics, employees leave nearly 30% of their total salary in unused benefits, and nearly a quarter of adults say they are unaware of all the benefits they can receive through their health plans.

 

Information link:

https://www.forbes.com/sites/saibala/2024/01/08/amazon-health-launches-new-initiative-to-address-chronic-conditions/

Comment: The new plan will allow customers to check their coverage, apply for plans, and start managing their medical conditions. Omada Health, a digital health company, is a founding partner of Amazon's new program.

 

PhotoCert becomes the ecological partner of Duck Creek

PhotoCert, an AI based visual data validation service provider in the UK, has become one of the partners in the Duck Creek solution ecosystem. Their technology will help insurance companies improve their claims and underwriting processes, while more effectively preventing insurance fraud. In the era of advanced image processing technologies such as PS and GenAI, PhotoCert will ensure the reliability of visual data, including photos, PDFs, and scanned files, and achieve automated fraud detection in underwriting and claims processes.

 

Information link:

https://www.duckcreek.com/partner/photocert

Comment: The insurance company will benefit from this cooperation between the two parties, which not only achieves workflow automation but also automates the prevention of insurance fraud.

 

Neptune Flood Insurance Technology Enters Kentucky

Neptune Flood, an American flood insurance technology, announced its entry into Kentucky and currently has insurance operations in 49 states and Washington D.C. Neptune currently offers residential insurance, commercial insurance, and apartment building association insurance products. Their flood insurance coverage and coverage are more extensive and extensive than national flood insurance programs. At the same time, homeowners can add flood protection to a comprehensive housing insurance policy, as well as value-added products such as temporary living costs and business interruption protection.

 

Information link:

https://neptuneflood.com

Comment: Currently, Neptune has accumulated a customer base of 175000 through both online and offline channels.

The latest update on the RDG work of the European Central Bank's Digital Euro Plan

On January 3rd, the European Central Bank released a report summarizing the progress of the Digital Euro Plan Rulebook Development Group (RDG). Since the last update in June 2023, RDG has drafted the first chapter of the Digital Euro Rules Handbook based on legislative proposals and the decision to design the Digital Euro approved by the European Central Bank Management Committee.

 

Information link:

https://www.ecb.europa.eu/paym/intro/news/html/ecb.mipnews240103_2.en.html

 

Dansk Bank adopts Broadridge's Tbricks to enhance multi asset trading and market making capabilities

Dansk Bank in Denmark has chosen Broadridge's Tbricks solution to enhance its multi asset trading, pricing, and position management processes. This transaction and market making solution was obtained by Broadridge during its acquisition of Swedish technology supplier Itiviti in May 2021. Dansk Bank is currently integrating Tbricks into its existing trading system, hoping to further simplify its operations and enhance its capabilities. Previously, the bank also deployed Netdania, a trading technology from United Financial Technologies, in December 2020 for chart and data visualization.

 

Information link:

https://www.broadridge.com/financial-services/...

 

Elevations Credit Cooperatives Collaborate with Alkami to Launch Digital Banking Platform

Elevations Credit Union in Colorado has activated Alkami's digital commerce, retail, and mobile banking platforms. The credit union is located in Colorado and has deployed the platform with the aim of growing its retail and commercial portfolio while improving its digital banking capabilities and enhancing its position in the online market. Alkami's technology will enable Elevations to introduce self-service digital banking, enhanced account opening capabilities, data analysis to improve customer engagement, and anti fraud tools to its 176000 members.

 

Information link

https://www.alkami.com/elevations-credit-union...

 

Bank of Indonesia maintains key interest rates at 6%

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://www.medcom.id/cn/business/read/2023/10/23/33872

 

European Central Bank: Latest Situation on RDG Work of Digital Euro Plan

On January 3rd, the European Central Bank released a report summarizing the progress of the Digital Euro Plan Rulebook Development Group (RDG). Since the last update in June 2023, RDG has drafted the first chapter of the Digital Euro Rules Handbook based on legislative proposals and the decision to design the Digital Euro approved by the European Central Bank Management Committee.

 

Information link:

https://www.ecb.europa.eu/paym/intro/news/html/ecb.mipnews240103_2.en.html

 

Dansk Bank adopts Broadridge's Tbricks to enhance multi asset trading and market making capabilities

Dansk Bank in Denmark has chosen Broadridge's Tbricks solution to enhance its multi asset trading, pricing, and position management processes. This transaction and market making solution was obtained by Broadridge during its acquisition of Swedish technology supplier Itiviti in May 2021. Dansk Bank is currently integrating Tbricks into its existing trading system, hoping to further simplify its operations and enhance its capabilities. Previously, the bank also deployed Netdania, a trading technology from United Financial Technologies, in December 2020 for chart and data visualization.

 

Information link:

https://www.broadridge.com/financial-services/...

 

Elevations Credit Cooperatives Collaborate with Alkami to Launch Digital Banking Platform

Elevations Credit Union in Colorado has enabled Alkami's digital commerce, retail, and mobile banking platforms. The credit union is located in Colorado and has deployed the platform with the aim of growing its retail and commercial portfolio while improving its digital banking capabilities and enhancing its position in the online market. Alkami's technology will enable Elevations to introduce self-service digital banking, enhanced account opening capabilities, data analysis to improve customer engagement, and anti fraud tools to its 176000 members.

 

Information link:

https://www.alkami.com/elevations-credit-union...

 

Bank of Indonesia maintains key interest rates at 6%

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://www.medcom.id/cn/business/read/2023/10/23/33872

Starting from 2024, the coverage of EU ETS will extend to the maritime industry

On January 1, 2024, the European Union expanded its ETS coverage to include the maritime sector. This is one of the broader EU ETS reforms that came into effect in June 2023. After this expansion, the EU ETS covers the emissions of all large ships departing and arriving from EU ports. Currently, ships with a total tonnage of 5000 or more transporting goods and passengers are included in EU ETS management. Starting from 2027, the coverage will expand to ships engaged in offshore activities such as oil and gas exploration or offshore construction, with a total tonnage of 5000 tons or more.

 

Information link:

https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets_en

 

Europe's largest green loan of 36 billion was given to Northvolt

On January 16th, Northvolt announced to the public that it had received a total of $5 billion (approximately RMB 36 billion) in debt financing and called it the largest green loan in European history. Green loans refer to loans provided by banks or other financial institutions to projects or enterprises that meet environmentally friendly standards.

 

Information link:

https://cleantechnica.com/2024/01/18/northvolt...

 

US President's climate envoy Kerry to step down

White House press secretary Karina Jean Pierre confirmed that the US President's climate envoy, Kerry, will step down. It is reported that Kerry has been serving as the US President's special envoy on climate issues since 2021. During his tenure, Kerry urged governments around the world to reduce greenhouse gas emissions and led the United States to participate in three United Nations climate summits.

 

Information link:

http://www.xinhuanet.com/world/20240114/4f38c228a0f7434fa...

 

Davos Report: Extreme weather will become the world's largest crisis, causing $12.5 trillion in losses by 2050

The Global Risk Report released before the World Economic Forum pointed out that extreme weather will develop into the greatest global risk. On the 16th local time in Switzerland, the World Economic Forum released a new report titled "Quantifying the Impact of Climate Change on Human Health", emphasizing that extreme weather as a risk factor will seriously affect human health. The latest report, jointly written by the World Economic Forum and international management consulting firm Aowei Consulting, predicts that by 2050, the global climate crisis may cause 14.5 million deaths, resulting in economic losses of $12.5 trillion and healthcare system losses of $1.1 trillion.

 

Information link:

Finance. eastmoney. com/a/202401172964690240.com

 

IMF: AI will affect nearly 40% of global employment, and developed economies will be more affected

"Artificial intelligence (AI) will affect nearly 40% of global employment, some jobs will be replaced, and some jobs will be enhanced." International Monetary Fund (IMF) President Georgieva wrote in an article on the 14th, "We need cautious and balanced policies to tap into the potential of AI.". Georgieva stated that the world is on the brink of a technological revolution. On the one hand, this revolution can increase productivity, promote global economic growth, and increase overall income. On the other hand, it may also replace employment opportunities and exacerbate inequality.

 

Information link:

IMF https://www.imf.org/en/Blogs/Articles/2024/01/14/...

 

The Computer Industry Association of America comments on the proposed digital payment application proposal by the Consumer Financial Protection Agency of the United States

On January 8th, the Computer and Communications Industry Association (CCIA) in the United States responded to a proposal by the Consumer Financial Protection Agency (CFPB) to define and regulate the "larger participants" in the general digital consumer payment market. The opinion is that the smartphone payment and wallet services of technology giants can be comparable to traditional payment methods, but lack the same consumer protection measures.

 

Information link:

https://ccianet.org/library/ccia-comments-on-cfpb-proposed-larger-participant-rulemaking-for-digital-payment-apps/

 

The South Korean Customs Agency establishes an agreement to prevent illegal foreign exchange transactions of virtual assets

On January 8th, according to the South Korean Customs Agency, the agency jointly established the "Prevention of Illegal Foreign Exchange Trading of Virtual Assets" with five major domestic virtual asset management enterprises and the "Digital Asset Exchange Joint Agreement Body". By strengthening cooperation with relevant departments and virtual asset management enterprises, the agency actively responded to the crime of illegal foreign exchange trading of virtual assets. According to statistics, the Customs Department discovered 15 cases of illegal foreign exchange transactions related to virtual assets in 2022, with a value of 5671.7 billion Korean won. In 2023, 21 cases were discovered, with a value of 1456.8 billion Korean won.

 

Information link:

http://kr.mofcom.gov.cn/article/jmxw/202401/20240103465926.shtml

 

German Financial Supervisory Authority: The banking crisis is not over yet

According to Agence France Presse, in the eurozone, banks are benefiting from higher interest rates as interest rates continue to rise. On the other hand, when interest rates rise, the bond value on the bank's balance sheet will rapidly decline, leading to a "thunderstorm" for Silicon Valley banks. Branson said, "Therefore, we need to be vigilant," because "the current bank panic and liquidity crisis are happening faster than in the past." However, Branson is very confident.

 

Information link:

https://www.udfspace.com/article/5342391100085842

BNP Paribas Expands Asian Wealth Management Business

On January 11th, sources reported that BNP Paribas has recruited about 20 bankers to expand its wealth management business in Asia. It is reported that the recruitment activities of BNP Paribas in the past six months involved Hong Kong, Singapore and Taiwan, China, including Martin Loh, who changed jobs from Credit Suisse and became the head of China's wealth management business last November. According to insiders, other newly recruited senior bankers include Tiffeny Situ from Morgan Stanley and Wendy Chan, who previously worked at Citigroup. Both are Managing Directors and are resident in Hong Kong, China, responsible for the Greater China market.

 

Information link:

https://www.163.com/dy/article/IO3SAQ1905198CJN.html

 

The Davos Forum 2024 Annual Meeting kicked off today, focusing on "rebuilding trust"

The 2024 annual meeting of the World Economic Forum will be held from January 15th to January 19th in Davos Klosters, Switzerland. It is reported that more than 300 political figures will attend this year's annual meeting, including more than 60 heads of state and government. At the invitation of Schwab, the founder and executive chairman of the World Economic Forum, Chinese Premier Li Qiang will attend this annual meeting. During an interview with reporters, Chen Liming, President of the Greater China region of the World Economic Forum, stated that China is increasingly playing a role as one of the definers in the global governance system. Participants are looking forward to the message and attitude conveyed by Premier Li Qiang. Looking ahead to 2024, the fundamentals of China's economy's long-term improvement have not changed.

 

Information link:

https://www.chinanews.com.cn/gj/2024/01-16/10146707.shtml

 

Musk's X company will launch P2P payment services this year

On January 10th, Elon Musk's social media platform X announced in a blog post on Tuesday that it will launch peer-to-peer (P2P) payment services this year. X stated that as the platform is committed to the "2024 revolution," these payments will unleash "more user utility and business opportunities.". This blog post does not provide specific details on how the payment service operates or when it will be officially launched. According to the multi state licensing system website in the United States, X's payment subsidiary X Payments LLC has only obtained remittance licenses in 14 states so far.

 

Information link:

https://cloud.tencent.com/developer/news/1289471

 

The People's Bank of China: The cumulative increase in social financing scale for the whole year of 2023 is 35.59 trillion yuan

The People's Bank of China announced that preliminary statistics show that the cumulative increase in social financing scale for the whole year of 2023 is 35.59 trillion yuan, 3.41 trillion yuan more than the previous year. Among them, RMB loans issued to the real economy increased by 22.22 trillion yuan, an increase of 1.18 trillion yuan year-on-year; The foreign currency loans issued to the real economy decreased by RMB 220.6 billion, a year-on-year decrease of RMB 304.8 billion

 

Information link:

https://www.gov.cn/lianbo/bumen/202401/content_6925681.htm

Sam Altman and Speaker of the United States House of Representatives discuss the legislative process for artificial intelligence

On January 12th, OpenAI CEO Sam Altman discussed legislative procedures related to artificial intelligence with US House Speaker Mike Johnson on Thursday. At the meeting, both sides emphasized the increasingly important relevance of artificial intelligence in political and legislative discussions, especially with technologies such as ChatGPT receiving increasing attention in various fields. Previously, Axios reported that discussions would focus on how future legislation can shape artificial intelligence.

 

Information link:

https://www.msn.com/en-us/money/other/sam-altman-seeks-to-raise-billions-for-network-of-ai-chip-factories-bloomberg-news/ar-BB1gXpXa

 

KPMG releases a research report on financial services in the interconnected ecosystem

In 2023, KPMG released the "Financial Services in the Connected Ecosystem" report (hereinafter referred to as the "Report"). The report studies key signals of market changes and possible types of business models, and believes that there is a huge demand for digital financial services in the market, which drives the integration of technology enterprises and traditional financial service companies. Fintech companies are more likely to choose to label themselves as organizations that provide payment and other financial service data.

 

Information link:

https://kpmg.com/cn/zh/home/industries/banking.html

 

The United States and India seek to strengthen trade relations

Recently, the Indian Minister of Trade and the US Trade Representative held an annual trade policy meeting in New Delhi, India. The US Trade Representative stated that India and the US have agreed to strengthen trade relations and deepen cooperation in key mineral and other areas. According to data from the Indian Ministry of Commerce, the United States became India's largest trading partner in the fiscal year 2022-2023, with bilateral trade reaching $128.55 billion.

 

Information link: https://www.163.com/dy/article/IOEQRMG00519DG4H.html

 

Bank of America: Upgrades Apple's rating to "buy" AI and Vision Pro will become growth drivers

Bank of America Securities has raised Apple's rating from "neutral" to "buy", with a target price raised from $208 to $225. Artificial intelligence (AI) and Vision Pro headsets will become the driving forces for growth. Bank of America Securities analysts have raised Apple's rating due to the demand for the latest hardware driving a stronger upgrade cycle for the iPhone over the years, in order to use generative artificial intelligence features in 2024/2025. Analysts added that Apple's weight relative to the S&P 500 index is still relatively low, and expectations for artificial intelligence capabilities may encourage institutional investors to increase their positions; The risks surrounding legal issues are controllable; The recent relatively poor stock price performance indicates that expectations contain many risks.

 

Information link:

https://wallstreetcn.com/articles/3706704

 

 

 

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.