FinTech Weekly | Issue 68

Network security company Torq raises $42 million in financing

Torq, a cybersecurity company, raised an additional $42 million in Series B financing, which was initially launched in 2021. This latest investment involves investors such as Insight Partners and GGV Capital. With the inflow of new capital, the total amount of funds raised by the company has reached 120 million US dollars.

 

Information link:

TechCr unchhttps://techcrunch.com/2024/01/23/cybersecurity...

Comment: Torq was founded in 2020 and integrates an artificial intelligence based super automation platform with an organization's comprehensive security infrastructure, enabling the company to quickly and accurately resolve security incidents and manage complex security operations on a large scale.

 

Logistics startup Flexport raised $260 million in financing

Logistics startup Flexport announced a $260 million financing from e-commerce platform Shopify. In 2023, Flexport acquired Shopify's logistics company, and Shopify acquired a 13% stake in Flexport. In October last year, Flexport announced a 20% layoff.

 

Information link:

https://www.freightwaves.com/news/flexport-raises-260m-from-shopify

Comment: In addition, they also provide cargo transportation insurance and recently developed trade credit insurance.

 

Rice and vegetable roll Announces Acquisition of Chowbus Takeout Business

Rice and vegetable roll, the take away life service platform, announced the acquisition of Chowbus' take away business, and Chowbus will spare no effort to develop its POS and restaurant SaaS business.

 

Information link:

https://www.foodtalks.cn/news/51296

Comment: Rice and vegetable roll and Chowbus will reach a strategic cooperation to further coordinate their advantages, integrate catering resources, provide users with better takeout choices and experiences, and provide all-round high-quality services for catering merchants.

 

Data sharing technology service provider Lina receives $1.62 million

Lina, a data sharing technology service provider, successfully received an investment of 1.62 million US dollars. They mainly empower customers both inside and outside the financial market to become data-driven enterprises by overcoming technological challenges, addressing infrastructure, data connectivity, and data intelligence issues. Their proprietary technology can accelerate regulatory compliance processes, facilitate data security and intelligent sharing.

 

Information link:

https://www.msn.com/en-us/money/companies/judge...

Comment: Lina is currently entering the open insurance ecosystem in Brazil and collaborating with open banking partners to join an extensive data sharing open financial ecosystem, covering information on banks, businesses, businesses, and finance, as well as historical insurance data for Brazilian individuals and corporate consumers.

LexisNexis launches an AI based real estate measurement solution

LexisNexis, a data analysis company, has launched Flyreel, an artificial intelligence based real estate measurement solution for American commercial insurance companies. This tool can help insurance companies reduce costs, improve profitability, and improve user experience. Flyreel's data insights assist insurance companies in effectively assessing property risks in new and renewal businesses.

 

Information link:

https://www.lexisnexis.com

Comment: They use advanced computer vision technology to automatically capture and record property details, and then generate reports based on underwriting requirements.

 

Libao Mutual Insurance Company launches a management liability insurance package

Libo Mutual Insurance has launched a comprehensive insurance product targeting private enterprises and non-profit organizations, including director's liability insurance, employment liability insurance, trust and crime insurance. Brent Tan serves as the senior director and focuses on the development of insurance products in the financial industry to ensure Libo Mutual Insurance's leading position in the industry.

 

Information link:

https://www.libertymutual.com.cn

Comment: He will also work closely with underwriting companies to jointly develop development strategies, develop internal and external training, and implement service optimization measures for trading partners.

 

Petco collaborates with Nationwide to launch a joint pet insurance product

After announcing the establishment of a multi-year partnership to jointly develop a comprehensive and affordable pet health plan, Nationwide and Petco are launching a new pet insurance product, which is now available on petco.com. The two companies announced the establishment of an exclusive partnership in October 2022 and plan to launch products in 2023. The co branding experience on petco.com allows visitors to develop policies that include accident or accident and illness insurance, as well as the option to add health benefits.

 

Information link:

https://news.nationwide.com/petco-and-nation

Comment: Once registered, members will receive exclusive discounts on veterinary services through Petco's network, which consists of over 280 Vetco Total Care hospitals in the United States and approximately 1450 weekly mobile Vetco vaccination clinics.

 

Spanish insurance company MAPFRE establishes cooperation with Akur8

Spanish insurance company MAPFRE collaborates with insurance technology Akur8 to improve pricing capabilities. The MAPFRE actuarial team will be able to leverage Akur8's RISK and ATE modules to create a more transparent pricing model. Akur8's technology is specifically designed for insurance companies. Based on machine learning techniques, it helps the pricing team of insurance companies improve decision-making, enhance predictive ability, improve the relationship between speed and accuracy, enhance market responsiveness, and ensure complete control over developed models.

 

Information link:

https://www.akur8.com

Comment: This collaboration with NAPFRE has enhanced Akur8's influence in the Spanish market. Akur8 raised $25 million in September 2023.

UK Challenger Bank Tandem appoints former JPMorgan Chase executive Maria Khan as Product and Digital Director

Tandem, a UK digital bank, has appointed J.P. Morgan alumni Maria Khan as its new Director of Products and Digital. The bank stated that in line with her appointment, Khan will be committed to developing and nurturing "green digital banking solutions". As one of the first challenger banks in the UK, Tandem was founded in 2014 to offer loan and savings products that combine climate focused initiatives, as the bank puts it, "making it easier for more people to choose green lifestyles.".

 

Information link:

https://www.fintechfutures.com/2024/01/uk...

 

The Power of Simplicity: SurePay Wins Bank Technology Award

SurePay won the Best Payment Technology Solution Provider category at the recent Bank Technology Awards. This honor recognizes the success of this fintech company in providing a secure and reliable payee confirmation (CoP) platform for financial institutions and organizations that make payments and receive payments in the UK and Europe. The user-friendly interface of this portal reflects the urgent need for a good user experience in the B2B field, and business users can benefit from a simple yet powerful payee confirmation tool.

 

Information link:

lhttps://www.surepayroll.com

 

Dutch Challenger Bank Bunq is preparing to restart in the UK while reporting its first full fiscal year profit

On January 30, 2024, Dutch digital challenger bank Bunq applied for an Electronic Currency Institution (EMI) license in the UK after reporting a net profit of 53.1 million euros in 2023- its first full fiscal year profit. Bunq achieved breakeven for the first time at the end of 2021, and in the fourth quarter of 2022, after ten years of operation, became the first new bank in the European Union to record quarterly profits. The company claims to have become the "second most profitable new bank in Europe" and has now turned its attention back to the UK, planning to challenge companies such as Monzo and Revolut as part of its global expansion plan.

 

Information link:

https://www.bunq.com

 

Missouri Bank seeks to provide digital native financial services to its fintech clients through a five-year partnership with Bank of America and payment technology company i2c

I2c, headquartered in Silicon Valley, California, offers credit card, debit card, prepaid card, and core banking solutions through its SaaS platform. The company states that this enables financial institutions and other service providers to create and deliver financial services that are applicable to almost all use cases. As part of the partnership, TBOM stated that it will utilize its new partner's platform to attract fintech companies and enable industry participants to build a unique configuration of digital priority financial services, such as virtual card and reward programs, loan and account services.

 

Information link:

https://www.i2cinc.com

European Futures Exchange launches SRI index derivatives

On January 18th, the European Futures Exchange (Eurex) launched social responsibility investment index futures, adding new members to its stock index linked products. The new derivative contracts will use STOXX Europe 600 SRI Index and MSCI's SRI Index suite, covering Europe, the United States, the world, and emerging markets.

 

Information link:

https://xueqiu.com/6427461966/194509358

 

The US government has invested over $100 million in federal building carbon reduction projects

The US Department of Energy has announced a $104 million investment in 31 federal facilities to promote energy conservation and clean energy projects with a focus on net zero energy, including measures to promote building electrification, increase on-site solar energy, and install heat pumps. These new investments are the first disbursement of a $250 million funding plan launched by the Biden administration last year, aimed at assisting federal agencies in implementing and advancing net zero building projects through the "Assisting Federal Facilities in Implementing Energy Conservation Technologies" (AFFECT) program.

 

Information link:

https://www.uschinapress.com/static/content/SZ/...

 

Ontario Teachers Pension Fund sets requirements for the climate capability of the company's board of directors

One of Canada's largest investors, the Ontario Teachers Pension Plan (OTPP), announced the release of its 2024 proxy voting guidelines, raising stronger expectations for the company's board of directors in climate monitoring. One of the key changes in this year's OTPP proxy voting guidelines includes expectations for the board's audit committee, particularly in areas related to climate change. According to OTPP, the audit committee is receiving increasing attention on climate issues, and shareholders expect the company to clearly communicate and measure its climate commitments.

 

Information link:

https://zhuanlan.zhihu.com/p/602679959

 

Capgemini survey: Most business leaders plan to increase sustainability investments this year

More than half of global business leaders plan to increase investment in sustainability in 2024, a significant increase from only one-third of last year's plans. This is a new survey released by global professional services company Capgemini, which shows that as business optimism rises, executives are increasingly aware of the potential impact of climate change on their businesses, and new government incentives are also helping to drive investment in climate technology.

 

Information link:

https://www.capgemini.com

In 2023, global technology industry investment and financing will recover, and climate technology and AI are worth paying attention to

Recently, London&Partners and Dealroom released the 2023 Global Technology Industry Financing Report, which showed that although the global economy is experiencing a downturn, after the global financing decline in 2021 and 2022, many regions' technology industries have shown signs of recovery in the past year. The report shows that in 2023, technology startups raised nearly $320 billion globally, almost the same as in 2019 ($335.5 billion).

 

Information link:

https://www.yicai.com/news/101977914.html

 

World Gold Council: It is expected that gold demand will reach a new high this year, and gold prices are expected to be boosted

According to the annual report of the World Gold Council, total gold demand set a record last year, and with the Federal Reserve moving towards interest rate cuts, it is expected that gold demand will increase again in 2024, and gold prices are expected to be boosted. Gold prices rose 13% last year and reached a record high in early December, mainly due to economic and political uncertainty, geopolitical tensions, and market expectations that the Federal Reserve will cut interest rates.

 

Information link:

https://www.36kr.com/newsflashes/2628289647541384

 

Federal Reserve Brown Book: Economic activity remains almost unchanged, with strong consumer spending

The Federal Reserve's Brown Book released on Wednesday showed that in recent weeks, there has been almost no change in US economic activity, with strong consumer spending supporting the US economy, offsetting weakness in other industries such as manufacturing, and a cooling in the job market. The Federal Reserve's Brown Book summarizes the results of 12 regional Federal Reserve surveys of the US economic situation, and this report is an important reference material for the Federal Reserve's monetary policy meeting.

 

Information link:

https://wallstreetcn.com/articles/3706625

Singapore Exchange and Indonesian Stock Exchange to Expand Interconnection

According to the Singapore Business Times, Michael Syn, President of the Singapore Exchange Group, stated that in the coming years, there may be a depositary receipt linkage program and ETF cross listing between Singapore and Indonesia's stock exchanges. According to the recent memorandum of understanding signed by the two exchanges, steps to expand market connectivity will become possible, and both sides will also explore promoting dual listings and creating indices.

 

Information link:

https://finance.eastmoney.com/a/202401292974986326.html

 

Hong Kong court issues a liquidation order against China Evergrande

After seven postponements, the hearing of China Evergrande's bankruptcy liquidation was still passed. According to the CCTV News client, on January 29th, China Evergrande was interrogated again in the Hong Kong High Court. The judge officially issued an order demanding that China Evergrande be liquidated. From past judicial practice experience, there are still some obstacles that need to be clarified whether the Hong Kong High Court can achieve mutual recognition in the mainland judicial system. Today, the "Arrangement of the Supreme People's Court on Mutual Recognition and Enforcement of Judgments in Civil and Commercial Cases between Mainland and Hong Kong Special Administrative Region Courts" has officially come into effect, which mentions that this arrangement is temporarily not applicable to bankruptcy liquidation judgments.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_26184649

 

Musk seeks Hong Kong tycoons to invest in xAI, aiming to raise over 46 billion yuan globally

On January 27th, Musk stated on social media platform X that his artificial intelligence company xAI has not raised funds and "I have not had any conversation with anyone about it.". Previously, there were media reports that xAI was discussing raising up to $6 billion in funds from investors. It is reported that in recent weeks, xAI has approached wealthy individuals and investors, including family offices in Hong Kong, Middle Eastern sovereign wealth funds, and investors from Japan and South Korea. According to insiders, Morgan Stanley is coordinating fundraising matters.

 

Information link:

https://www.tkww.hk/a/202401/28/AP65b58d3be4b0868a7af7bf3c.html

 

The Gates Foundation promises to invest $8.6 billion to fund social innovation

On January 25th, US time, the Bill and Melinda Gates Foundation released an open letter for the year 2024. Mark Sussman, CEO of the Foundation, called on philanthropists to take immediate action and increase donations in an annual letter to address the unprecedented challenges faced by multiple countries around the world in fighting poverty, eradicating diseases, and eliminating inequality.

 

Information link:

https://www.gatesfoundation.org/zh-cn/ideas/...

Samsung Electronics has established a new laboratory in Silicon Valley, focusing on the research and development of next-generation 3D DRAM

According to foreign media reports, Samsung Electronics has established a new research and development laboratory in Silicon Valley, focusing on the development of the next generation 3D DRAM. The new laboratory operates under the Silicon Valley headquarters of the Equipment Solutions Division in the United States, led by Song Jae hyeok, Chief Technology Officer of Samsung Electronics Equipment Solutions and Head of Semiconductor Research and Development.

 

Information link:

https://www.ithome.com/0/747/680.htm

 

White House experts: The United States will collaborate with China in the coming months on AI system security issues

Faced with the risks and challenges brought about by the rapid development of artificial intelligence (AI) technology, the industry has always looked forward to the cooperation between China and the United States, two leading countries. Alati Prabakar, Director of the White House Office of Technology Policy and Chief Scientific Advisor, recently revealed in an interview with the Financial Times that the United States will collaborate with China in the coming months on AI system security issues.

 

Information link:

https://www.guancha.cn/internation/2024_01_26_723589.shtml?s=zwyxgtjbt

 

The Japanese government announced that it will provide up to 45.2 billion yen in subsidies for the new generation of "optoelectronic fusion" semiconductor projects

The Japanese Ministry of Economy, Trade and Industry announced on January 30th that it will provide up to 45.2 billion yen in subsidies for next-generation semiconductor development projects using "optoelectronic fusion" technology for Japanese telecommunications giants NTT and others, valid until 2029. The related project aims to reduce chip energy consumption and improve processing speed. In addition to NTT, semiconductor substrate company New Optoelectronics and semiconductor memory company Armor will also initiate research on similar technologies.

 

Information link:

https://www.163.com/dy/article/IPMQHBMK0534A4SC.html

 

It is reported that most of TSMC's first batch of 2-nanometer chips will be supplied to Apple

According to Apple Insider, Apple has booked the initial majority of TSMC's production of 2-nanometer chips. The report states that the production of TSMC's 2-nanometer chips is expected to begin in 2025. People generally speculate that these chips will be used by Apple for its iPhone 17 Pro series, which is scheduled to be released by the end of 2025. As 2025 approaches, more details about the Apple 2 nanotechnology plan are expected to surface.

 

Information link:

https://www.xinwulian.net/news/2024/0126/2413.shtml

 

 

 

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