FinTech Weekly | Issue 67

Norwegian robot company 1X receives 91 million euros in B-round financing to produce robots to meet global labor demand

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.

 

Information link:

https://siliconcanals.com/crowdfunding/1x-raises-91-1m

Comment: This funding will also provide support to 1X's existing logistics and security enterprise customers. With 1X providing robots that can work safely between people and new methods of embodied learning for data collection, the company is at the forefront of artificial intelligence robot technology.

 

DigitalOwl financing $12 million

Israeli medical record analysis solution provider DigitalOwl announced a $12 million investment from RGA, with a total financing amount of $38 million. Last year, they collaborated with RGA to improve and simplify the underwriting process. Based on the cooperation between both parties, RGA is developing a digital solution for insurance companies to automate the processing of large amounts of structured and unstructured data and generate a comprehensive digital underwriting decision.

 

Information link:

https://www.digitalowl.com

Comment: Last year, DigitalOwl's life insurance sector saw a growth rate of 500%. Their technology has solved the inefficiency pain points in the life insurance industry over the past few decades, driving necessary digital transformation in the industry.

 

Robin AI raises $260 million to drive globalization of AI legal contract solutions

The core product of Robin AI is an AI assistant called Robin Copilot, which is based on the Claude 2.1 large-scale language modeling technology of Antiopic. This technology enables Robin Copilot to train on the basis of over 2 million contracts in the past and use specific algorithms to understand contract content. Interestingly, Robin Copilot is a Microsoft Word plugin that can be used to create contracts, review existing contracts, and provide modification suggestions.

 

Information link:

https://www.mckinsey.com/mgi/overview/in-the-news/...

Comment: It is said that this technology can reduce contract review time by 80% and contract costs by 75%. The company is committed to developing artificial intelligence based legal contract solutions and has successfully attracted this round of financing led by Temasek Holdings Limited in Singapore through its unique technology.

 

Divergent Technologies, a US 3D printing car manufacturer, completed a $230 million financing

Divergent Technologies, an American 3D printing car manufacturer, announced the successful completion of a $230 million Series D equity financing. This financing is led by a massive investment of $100 million provided by Hexagon AB, with participation from new and old institutions and family office investors.

 

Information link:

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

Comment: Divergent's Adaptive Production System (DAPS) integrates a complete set of tools, which combines and fully utilizes supercomputing, artificial intelligence, robotics, and additive manufacturing in a novel way.

Commercial real estate trading platform Janover establishes an insurance technology company

Janover Inc., a commercial real estate trading platform, has established a new insurance technology subsidiary, Janover Insurance Group. It is reported that this new insurance technology company will directly integrate Janover's generative artificial intelligence technology into its marketing funnel.

 

Information link:

https://www.hanover.com

Comment: Janover Insurance Group's vision is to transform the layout of commercial property insurance through GenAI and unique data acquisition methods. They will initially focus on multi family and commercial property insurance, and will launch small and medium-sized enterprise insurance in the future.

 

Aptia, a service provider for pension insurance and employee welfare insurance, has officially launched

Aptia, a management service provider for pension insurance and employee welfare insurance, has announced its official launch, providing health and wealth management services to over 7 million people with over 1100 global clients. Aptia's background was formed by the merger of Bain Capital Insurance's acquisition of Mercer, the largest pension insurance management company in the UK, and US health and welfare insurance management services.

 

Information link:

https://aptia-group.com/en-us?language=en

Comment: The transaction involved over 3500 employees in the UK, US, India, and Portugal, and was announced in June 2023.

 

Liberty Mutual launches a management responsibility packaging solution

Liberty Mutual announced the launch of ProShield, a comprehensive solution that provides simplified directors and executives, employment practice responsibilities, trust and crime insurance coverage for private companies and non-profit organizations, and appointed Brent Tan as Senior Superintendent of Financial Lines Underwriting.

Tan will focus on the development of financial product lines to ensure that Liberty Mutual becomes a market leader in this field. He will also work closely with underwriters to develop strategies, conduct internal and external training, and enhance services for trading partners.

 

Information link:

https://www.libertymutual.com

Comment: Prior to this appointment, Tan was the Senior Vice President of CNA Specialty's Product and Underwriting Services organization. Before joining CNA, Tan worked for 15 years at Chubb Specialty's Financial Lines organization, holding various underwriting positions.

 

Duck Creek collaborates with CamCom on AI visual detection capabilities in the Asia Pacific region

Property insurance core system service provider Duck Creek announced a new partnership with AI driven visual inspection platform CamCom. According to this collaboration, the vehicle inspection process in Duck Creek's claims process will be simplified and optimized, optimizing the insurance process management process. CamCom's AI technology can help customers in the Asia Pacific region identify and evaluate the degree of damage to different automotive parts.

 

Information link:

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

Comment: They accurately evaluate the degree of damage by identifying the brand and model of the vehicle, analyzing individual identifiable parts, and generating preliminary repair recommendations and detailed cost estimates.

Visa selects fintech startups to participate in the accelerator program

According to the press release, this card network giant and Plug and Play have selected participating startups based on criteria such as technological innovation, market potential, and impact on the fintech world. The two companies collaborated last year to launch this accelerator to support founders with less representative backgrounds in the financial field. In addition to supporting startups in the United States, Visa has also selected some African companies to participate in this year's accelerator program, which is a continuation of its previous efforts to attract companies in Africa. Last June, Visa announced plans to create a three-month accelerator program in Africa to provide guidance and training for fintech startups.

 

Information link:

https://usa.visa.com/audiences/fintech.html

 

The CEO of Bank of America talks about digital transformation: "There's always more work to do."

For Bank of America's technology suite, AI driven chatbots and digital assistants are not new. This lending institution based in Charlotte, North Carolina launched the virtual customer service tool Erica in 2018, and added its features to the CashPro commercial banking platform last year, assisting 18 million unique users in the fourth quarter, Moynihan said.

 

Information link:

https://finance.sina.com.cn/roll/2023-12-04/doc-imzwuzcy5741789.shtml

 

Citigroup invested $12 billion in technology last year, phasing out nearly 400 legacy applications

Citigroup's investment of billions of dollars in technology is part of a broad business transformation aimed at adjusting the scale of its banking business, rebuilding data infrastructure, and enhancing automation. As the restructuring progresses, the company plans to cut 20000 positions by 2026, including 5000 management positions by the end of March, Fraser said. Last November, the bank eliminated 300 senior management positions and rearranged its technical leadership team just three months after Stuart Riley left, appointing Jonathan Lofthouse as the co Chief Information Officer. Earlier this year, Citigroup strengthened its workforce for transformation by adding 8000 technical personnel.

 

Information link:

https://finance.sina.com.cn/money/bank/gsdt/2022...

 

MAS: Singapore is not allowed to list spot Bitcoin ETFs

Recently, spot Bitcoin exchange listed funds (ETFs) have been officially listed in the United States, and the market has expressed great concern about this. However, the Monetary Authority of Singapore does not allow such financial products to be listed in Singapore and targeted at retail investors, as cryptocurrencies such as Bitcoin are not listed as eligible ETF assets. However, capital market intermediaries licensed by the Hong Kong Monetary Authority must ensure sufficient risk disclosure and appropriate customer suitability assessment when providing investments related to overseas markets. This means retail investors can still trade spot Bitcoin ETFs listed overseas through local brokers.

 

Information link:

https://www.163.com/dy/article/IOO3QUQ105198CJN.html

The European Central Bank's Banking Regulatory Authority: Eurozone banks face many risks in transitioning to a green economy

The European Central Bank's banking regulatory agency stated that in many cases, the transition to a green economy has not yet been reflected in the loan books of large banks in the eurozone. In addition, about 70% of these banks may face higher legal dispute risks. "Because they publicly promise to comply with the Paris Agreement, but their loan portfolio has not yet been largely consistent with the Paris Agreement," said Elderson. According to the European Central Bank, financial institutions surveyed account for three-quarters of Eurozone loans.

 

Information link:

Wap.eastmoney.com/a/202401232970216878.HTML

 

BP plans to acquire Germany's largest independent energy company

On January 17th, BP announced that it would acquire German energy company GETEC ENERGIE GmbH (hereinafter referred to as GETEC). After the acquisition, BP's electricity and natural gas supply business in Germany and Europe will be expanded. Carol Howle, Executive Vice President of Trade and Shipping at BP, stated that the acquisition will help the company provide customers with safe, affordable, and increasingly low-carbon energy solutions. GETEC, headquartered in Hanover, Germany, is a private enterprise and one of the largest independent energy companies in Germany.

 

Information link:

https://www.jiemian.com/article/10690337.html

 

Volvo Cars secured a € 420 million loan from the European Investment Bank for the development of electric vehicles

On January 4, 2024, Volvo Cars signed a € 420 million loan agreement with the European Investment Bank (EIB) to develop a new all electric vehicle platform. These funds will cover the research and development of all electric vehicles, software development, and the implementation of next-generation manufacturing technologies. This financing supports the Volvo brand's strategy to become an all electric vehicle manufacturer by 2030, while also aiming to lower the application threshold for electric vehicles.

 

Information link:

i. Gasgoo. com/news/70377430. HTML

 

Egypt: Promoting Sustainable Development of the Construction Industry

Recently, Egyptian Minister of Housing Asim Ghazar stated during his inspection of local green building projects, "Egypt attaches great importance to the sustainable development of the construction industry, and regards green, low-carbon, energy-saving and emission reduction as the basic concepts of industry development, continuously promoting the popularization and application of green buildings in Egypt." The Egyptian green building project was launched at the end of 2022, with plans to build about 25000 housing units within three years and use environmentally friendly materials uniformly, Implementing green building standards aims to lead the green and sustainable transformation of Egypt's construction industry.

 

Information link:

Www.yidaiyilu. gov.cn/p/0NR7BP6.HTML

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.finra.org/rules-guidance/guidance/reports/2024-finra-annual-regulatory-oversight-report

 

The Financial Supervisory Authority of Singapore responds to parliamentary concerns about implementing "fund locks" and preventing fraud in local banks

On January 10th, the Monetary Authority of Singapore (MAS) issued a response to a parliamentary inquiry regarding whether the government has data on the usage rate of local bank "Money Lock" functions; Is MAS collaborating with financial institutions (FIs) to explore new technologies and measures to better protect local banking consumers from digital banking fraud.

 

Information link:

https://www.mas.gov.sg/news/parliamentary-replies/2024/written-reply-to-parliamentary-question-on-take-up-rate-of-money-lock-feature-in-local-banks

 

The South Korean Financial Authority has formulated regulatory rules for cryptocurrency asset "mixers" to combat money laundering activities

On January 15th, the Financial Information Analysis Unit (FIU) of the Financial Commission of South Korea began to develop regulatory rules for cryptocurrency "mixers" to address their misuse as a means of money laundering by illegal organizations. According to FIU sources, mixers make it extremely difficult to track funds and monitor crimes, and are therefore considered to have a high risk of money laundering. A mixer is a tool for handling encrypted assets, whose main function is to mix multiple sources of encrypted assets together, making it difficult to track the source and destination of each transaction.

 

Information link:

https://www.bsc.news/post/south-korea-plans-regulatory-crackdown-on-crypto-mixers-amidst-rising-money-laundering-concerns

 

US antitrust action is about to reach its climax: Apple is expected to be sued as early as March

According to insiders, the US Department of Justice reportedly plans to file an antitrust lawsuit against Apple as early as March. This is the fourth antitrust lawsuit filed by the Biden administration against American tech giants, following Meta, Amazon, and Google. As the company with the highest market value in the world, Apple's lawsuit filed by the US Department of Justice is expected to be seen by the outside world as the climax of years of antitrust work in the United States. US antitrust enforcement officials have stated that Apple has imposed software and hardware restrictions on iPhones and iPads to hinder effective competition from competitors, in line with concerns raised by Spotify Technology SA, Bluetooth tracking software Life360 Inc.'s Tile, and instant messaging service Beeper.

 

Information link:

https://usstock.jrj.com.cn/2024/01/18085739150978.shtml

Consultation with the public on the implementation of the global minimum tax and Hong Kong minimum supplementary tax in the Hong Kong region

On December 21, 2023, the Hong Kong SAR government released a highly anticipated consultation document on the implementation of the global minimum tax and Hong Kong minimum supplementary tax in the Hong Kong region (hereinafter referred to as the "Consultation Document"). The deadline for feedback is March 20, 2024, and it is expected that the legislative draft will be released in the second half of 2024. According to the 2023-24 fiscal budget released in February 2023, the Hong Kong region will implement a 15% global minimum tax and a Hong Kong minimum supplementary tax on covered multinational enterprise groups starting from 2025.

 

Information link:

https://www2.deloitte.com/cn/zh/pages/tax/articles/...

 

The OECD report shows that the global minimum tax will reshape the layout of cross-border capital

According to a report released by the Organization for Economic Cooperation and Development on January 9, 2024, the implementation of the global minimum tax will reshape the capital layout of multinational corporations and reduce the attractiveness of a "tax haven.". The global minimum tax will narrow the average tax rate gap between tax havens and other countries by half, from 14 percentage points to 7 percentage points. The report indicates that the locations where multinational corporations invest overseas may be increasingly driven by factors such as labor, education, and infrastructure, rather than which location can reduce their overall taxes.

 

Information link:

https://kpmg.com/cn/zh/home/insights/2023/02/china-tax-alert-06.html

 

2023 Asia Pacific Family Office Report Released

Recently, according to the Asia Pacific Family Office Report 2023 released by Campden Wealth and Raffles Family Office, family offices in the Asia Pacific region exceeded investment expectations in 2022. Despite the severe economic situation, 58% of family offices have seen an increase in asset management, with 22% of the increase exceeding 10%. Meanwhile, the report points out that about 15% of Asia Pacific family offices are controlled by the next generation. It is expected that this number will increase to 47% in the next five years; Within ten years, it is expected that 71% of family offices will experience intergenerational inheritance.

 

Information link:

https://www.media-outreach.com/news/hong-kong/2023/12/13/267389

 

In 2023, 454 new charitable trusts were registered, with a new scale of 1.277 billion yuan

Several insiders have stated that OpenAI CEO Sam Altman's goal is to raise funds to establish a factory network to produce semiconductors. Altman has been committed to raising billions of dollars from global investors to establish chip joint ventures. Altman has discussed with several large potential investors. Some insiders say that Altman's fundraising actions reflect his concern that with the popularization of artificial intelligence (AI), there will be a lack of sufficient chips for large-scale deployment. At present, some predictions for AI related chip production cannot keep up with expected demand.

 

Information link:

https://finance.caixin.com/m/2024-01-16/102156994.html

OpenAI CEO plans to raise billions of dollars to establish an AI chip factory network to meet demand

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.thepaper.cn/newsDetail_forward_26122888

 

Google's AI system's level of solving geometric problems is close to the champion of Olympiad mathematics

Google's artificial intelligence company, Deep Thinking, recently released a statement stating that the company has collaborated with researchers from New York University to develop an artificial intelligence (AI) system called AlphaGeometry, which can solve complex geometric problems. Its level is close to that of a gold medalist in the International Mathematical Olympiad, marking a breakthrough in AI performance. The test results show that out of the 30 geometric problems compiled in the International Mathematical Olympiad from 2000 to 2022, AlphaGeometry solved 25 problems during the competition time, while the typical human gold medalist was able to solve 25.9 problems. In contrast, the most advanced AI systems previously only solved 10 of them.

 

Information link:

Www.msn. com/zhcn/news/other/% E8% B0% B7% E6% AD% 8Cai% E7% B3% BB% E7% BB% 9F% E5

 

BMW invests 650 million euros to renovate Munich factory and produce pure electric vehicles in 2027

On January 10th, BMW announced that it will invest 650 million euros (approximately 711 million US dollars) to renovate its century old main factory in Munich, and plans to specialize in producing pure electric vehicles at the factory starting from the end of 2027. It is reported that BMW will build four buildings, including a new car assembly line and a body workshop, and transfer its traditional engine manufacturing business to the UK and Austria.

 

Information link:

https://www.163.com/dy/article/IO97L2FU051480KF.html

 

Amazon will launch the 2024 European Spring Promotion

On January 22nd, it was announced that Amazon's 9 major European sites will launch the Spring 2024 promotion. Spring is one of the most important shopping seasons in Europe, and the upcoming festivals will also stimulate the shopping enthusiasm of European consumers. The Amazon Europe Spring Promotion is taking place at this time, helping European sellers experience the first wave of business growth this year, as well as previewing future Prime Member Day, autumn promotions, and Black Friday Week promotions.

 

Information link:

https://www.dsb.cn/237637.html

 

 

 

 

 

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