FinTech Weekly | Issue 69

Getaround, a shared car platform, raised $20 million in financing

P2P car rental platform Getaround announced a loan of $20 million from Mudrick Capital Management for daily operations in 2024. Getaround was founded in 2014, allowing people to rent their private vehicles for vehicle sharing and transportation. The Q3 operating results previously released by Getaround showed strong revenue growth, with an annual growth rate of 42% and a mileage growth rate of 52%. In addition, Getaroudn launched a global app and website on January 17th to optimize travel booking experiences in the United States and Europe.

 

Information link:

https://coverager.com/getaround-raises-20-million

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.

 

Ezra financing of $21 million

This startup was founded in 2018 and is headquartered in New York. It utilizes medical imaging and artificial intelligence to provide individuals with "fast, accurate, and affordable" whole-body cancer screening services. Ezra claims to stand out by utilizing proprietary artificial intelligence in all three key components of the cancer screening process - imaging, analysis, and reporting.

 

Information link:

https://ezra.com/press-releases/ezra-raises-21-million-dollars

Comment: The startup is partnering with imaging equipment to offer three types of scans, with the most comprehensive one costing $2500. Within two to three years, Ezra will launch the world's first 15 minute full body MRI, priced at approximately $500.

 

 

Micro insurance service provider MIC Global raised $6 million in financing

Micro insurance service provider MIC Global has reached a seed round of $6 million, led by Launchpad Capital, with participants including Greenlight Re, Ironside Partners, and existing investors. MIC Global provides embedded micro insurance products for small and medium-sized enterprises and individuals. At present, they have entered markets in 17 countries, covering income losses, daily risks, and identity theft.

Information link:

https://www.micglobal.com/mic-global-funding-round-launchpad-capital

Comment: The financing funds will be used to support future globalization development strategies, with a focus on expanding insurance technology platforms and collaborating with banks, mobile phones, insurance, and insurance technology partners to provide insurance products and services.

 

Artistic Labs financing £ 8 million

Underwriting software company Artistic Labs announced the completion of a £ 8 million Series A+financing led by Augmentum Fintech, with existing investors MS&AD Ventures and FOMCAP IV. The new funds will help Artificial further consolidate its position as a leader in algorithmic underwriting, and achieve its vision for the digital insurance market through product development and continuous expansion.

 

Information link:

https://www.msn.com/en-us/money/companies/insurtech-company-artificial...

Comment: It will also accelerate the development and deployment of artificial intelligence tools, and Artistic is providing artificial intelligence tools to its brokers and underwriter partners.

Vueling and Cover Genius collaborate to customize travel insurance

Vueling, a Spanish low-cost airline, and Cover Genius, an embedded insurance technology company, have expanded their cooperation scope, and their customized travel insurance products will be sold to 30 million passengers worldwide. It is expected that 89% of the revenue in the Spanish tourism market will come from online channels by 2027. Therefore, Vueling has planned to expand its digital sales scale in website and mobile application channels.

Information link:

https://covergenius.com/vueling-and-cover-genius-lean-on-technology-to...

Comment: This comprehensive travel insurance product protects tourists from various unexpected events during their travels, including emergency medical accidents, shortened journeys, and lost luggage.

 

Venture Insurance Service Provider and Brokerage Company Collaborate

Venture Insurance, a startup insurance service provider, is collaborating with brokers on product distribution. Now they have announced cooperation with over 2000 brokers from IMA Financial Group. According to the cooperation content, IMA will launch IMA Next The Gen project provides customized insurance products specifically for startups in the fields of technology, life sciences, and web3, including Voice's ten exclusive insurance products.

Information link:

https://www.vouch.us/about

Comment: Collaboration between both parties can greatly improve the distribution of Vouch's products, providing the best insurance solutions for both startups and those preparing to go public

 

Insurance launches an artificial intelligence solution for property insurance

Insurance Technology has launched an artificial intelligence data analysis solution for property insurance, which is said to revolutionize the underwriting decision-making process. Insurance's data analysis solutions can improve the accuracy of data insights and help insurance companies improve their loss rates. This flagship product utilizes artificial intelligence technology to improve predictive analysis and modeling capabilities, greatly optimizing the reliability of decision-making.

Information link:

https://insurity.com

Comment: In addition to improving the preparedness of risk assessment, it also simplifies the underwriting process.

 

BOXX Insurance and Ansheng Collaborate on Network Risk Solutions for Small and Micro Enterprises

BOXX Insurance, a network insurance technology company, has partnered with Ansheng Insurance to launch leading network risk solutions for small and micro enterprises. This solution aims to optimize the network defense mechanism of enterprises, emphasizing the importance and urgency of network security. In addition to user-friendly interfaces, it also provides some tools and data insights to proactively identify and mitigate network risks, strengthening the technical capabilities of small and micro enterprises in proactively predicting and preventing network risks.

 

Information link:

https://boxxinsurance.com

Comment: For example, companies will receive corresponding network risk scores after external attack surface scanning, access 24/7 dark network monitoring services, and receive expert advice after data leaks.

Bandhan Bank in India enables Oracle's Flexcube core banking technology

This private bank has enabled Oracle's Flexcube and Banking Digital Experience solutions to enhance its digital products. In addition, Bandhan Bank also implemented Oracle Payments, retail loan origination, retail Internet and mobile banking services. "Our rapid expansion requires us to rethink the structure of our core banking business," explained Ratan Kumar Kesh, Executive Director and Chief Operating Officer of Bandhan Bank. Bandhan stated that Oracle was chosen to update its legacy system because its technical solution ensures comprehensive compliance in all aspects of core and digital aspects.

Information link:

https://www.oracle.com/in/news/announcement/bandhan-bank-transforms...

 

SBS appoints Andrew Steadman as its new Chief Product Officer (CPO)

This French fintech company stated that its latest executives will be responsible for its Software as a Service (SaaS) product strategy and "all business functions that contribute to product management and innovation.". It is expected that this responsibility will enable Steadman to transform the company's internal architecture, including developing new product methodologies and tools to better align its cloud based product supply with market demand. Currently, this Paris based fintech company offers two unique cloud based platforms, the Sopra Banking platform and the Sopra Financing platform, which together enable the over 1500 financial institutions it claims to serve to digitize and automate banking, lending, compliance, payments, consumer and asset financing, among other areas.

Information link:

https://www.soprabanking.com/news/former-temenos-fiserv-executive...

 

British lending institution Bevan Money has announced that its new CEO will guide the final regulatory authorization phase, and Bevan, established specifically to support public sector workers, is eager to become a "bank that funds its highly focused mortgage standards by raising retail deposits.". To achieve this goal, Lane stated that the startup now needs an experienced and knowledgeable CEO to lead us into full authorization, start-up, and profitability. Since submitting its banking license application in May last year, Brodie is expected to utilize all of his C-level experience to guide Bevan through the final stage of its regulatory authorization.

 

Information link:

https://www.finextra.com/.../bevan-money-appoints-brian-brodie-as-ceo

 

Bank of America collaborates with Pagaya Technologies to achieve inclusive loans through AI

Bank of America, a lending institution based in Minneapolis, has chosen Pagaya Technologies, a US Israel fintech company, to optimize the credit decision-making process of its personal loan applications using artificial intelligence (AI). This collaboration will enable banks to adopt their partner's embedded loan technology and credit intelligence network to conduct a "second review" of loan applications when applicants fail to meet their traditional loan requirements for the first time. Loan institutions usually consider a series of factors when approving loans, including the applicant's credit score, credit history, and debt to income ratio.

 

Information link:

Pa gayahttps://pagaya.com

Tesla's carbon credits sales reached a historic high of $1.79 billion in 2023

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:

Auto.gasgoo. com/news/202402/19I70382749C501. shtml

 

Saudi Energy Minister: Due to energy transition, Saudi Aramco has suspended its capacity expansion plan

Saudi Arabia's Energy Minister stated on Monday that due to the energy transition, Saudi Arabia has decided to halt its oil capacity expansion plan and added that the country has a large amount of idle capacity to buffer the oil market. On January 30th, the Saudi government ordered state-owned oil company Aramco to halt its oil expansion plan and set a maximum sustained production capacity target of 12 million barrels per day, which is 1 million barrels per day lower than the target announced in 2020.

 

Information link:

Www.msn. cn/zhcn/news/other/% E6% B2% 99% E7% 89% B9% E8% 83% BD% E6% BA% 90% E9% 8

 

The increasing impact of ESG indicators on executive compensation in North American companies

According to a new global study by WTW (NASDAQ code: WTW), a leading global consulting, brokerage, and solution company, the practice of incorporating environmental, social, and governance (ESG) measures into executive incentive plans continues to increase in various markets, including North America. Research has found that the number of US listed companies adopting such measures continues to grow, and companies in Canada, Europe, and the Asia Pacific region have also shown similar trends.

 

Information link:

Www.viensolar.com/Article? Article_id=4300

 

France abandons renewable energy targets

Recently, France supported the EU's new regulations on renewable energy, but demanded recognition of the role of nuclear energy. The EU has reached a compromise and agreed to include the "low-carbon" hydrogen generated by nuclear power plants in the independent goal of renewable hydrogen. The development of onshore wind power in France is insufficient, making it impossible to achieve the original plan of reaching 24.1GW of installed capacity by the end of 2023. The reasons are complex administrative procedures, limited space, and insufficient project acceptability. The photovoltaic industry in France is developing rapidly, with an installed capacity of 18988MW as of the end of September 2023.

 

Information link:

Www.tanpaifang. com/tanguwen/2024/0218/104385.HTML

Another strong proof of the soft landing: a significant surge in consumer confidence in the United States

On Friday (January 19th) local time, the latest data released by the University of Michigan in the United States showed that consumers had been worried about a slowdown in the economy and even a more severe recession, but now they are becoming increasingly confident in the economic and inflation process in 2024. Specific data shows that the initial value of the University of Michigan Consumer Confidence Index in January in the United States was 78.8, reaching the highest level since July 2021, indicating that the significant increase in December was not accidental.

 

Information link:

Finance.jj.com. cn/2024/01/20013839192409. shtml

 

European regulatory authorities suggest taking measures to strengthen monitoring of financial service activities of large technology companies

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On February 1st, European regulatory agencies (ESA), including the European Banking Authority (EBA), the European Insurance and Occupational Pension Authority (EIOPA), and the European Securities and Markets Authority (ESMA), released a report listing the results of the inventory of direct financial services supply by EU large technology companies (BigTech). The report identifies the types of financial services currently provided by large technology companies in the EU under EU licenses, and emphasizes the inherent opportunities, risks, regulatory and regulatory challenges.

 

Information link:

https://assets.ey.com/content/dam/ey-sites/ey-com/zh_cn/topics/banki PDF file

 

The Bank of England releases a working paper titled "Customer Data Access and Financial Technology Input: Early Evidence from Open Banks"

On February 2nd, the Bank of England (BoE) released a working paper titled "Customer Data Access and Financial Technology Input: Early Evidence from Open Banks.". According to the report analysis, Open Banking (OB) enables bank customers to share transaction data with fintech companies and other banks. Currently, 49 countries have adopted obstetric policies. Consumer trust prediction in fintech. The adoption of OB policies has stimulated investment in financial technology. Micro data from the UK shows that OB can enable: 1) consumers to access financial advice and credit; 2) Establishing new fintech loan relationships for small and medium-sized enterprises. In a calibrated model, OB generally improves welfare through entry and product improvement when used for consultation; When used for credit, OB promotes entry and competition by reducing adverse selection, but for consumers with higher costs or privacy concerns, higher prices offset some of the benefits.

 

Information link:

https://www.bankofengland.co.uk/-/media/boe/files/working-paper/2024/customer-data-access-and-fintech-entry-early-evidence-from-open-banking.pdf

2023 Family Office Investigation Report Released

Recently, Citibank Private Bank released the Chinese version of the Global Family Office Survey Insights 2023. The report shows that the focus of family offices has shifted towards wealth management (74%) and investment management (55%), with a relative neglect of promoting family unity and long-term security (21%); Cultivating the next generation and ensuring a shared vision for the family remains the top priority for many families; The professionalization process in the family office industry is not balanced.

 

Information link:

https://www.privatebank.citibank.com/sc/press-releases/family-office...

 

Determination of bankruptcy administrator of Zhongzhi Group

On January 26th, the First Intermediate People's Court of Beijing announced the appointment of Beijing Dacheng Law Firm as the manager of Zhongzhi Enterprise Group Co., Ltd. Previously, on January 5th, the Beijing No.1 Intermediate People's Court issued a civil ruling on the bankruptcy liquidation of Zhongzhi Enterprise Group Co., Ltd., ruling to accept the case. Creditors of Zhongzhi Enterprise Group should declare their claims to the manager in an off-site manner before April 5, 2024.

 

Information link:

https://news.sina.com.cn/s/2024-01-27/doc-inaeytfv6074393.shtml

 

Singapore extends the tax benefits for fund managers in the wealth management sector, including family offices, by an additional five years. At the same time, the Singapore government will adjust the conditions of the tax benefits plan to make the local investment environment more attractive. Under the 13D, 13O, and 13U plans of the Income Tax Act, eligible funds are eligible for tax benefits, including tax-free income from specific investments and the ability to recover consumption tax on related expenses. The Singapore government announced in this year's budget that the deadline for these tax plans will be extended from December 31 this year to December 31, 2029.

 

Information link:

https://www.sohu.com/a/759030230_121824876

 

This year it has risen by 50%, and some hedge funds have earned $1 billion at Nvidia

Nvidia's market value has surpassed Amazon and Google, becoming the third largest company in the US stock market. Increasing bets on NVIDIA's hedge funds yields substantial returns. Position information shows that many well-known hedge funds increased their bets on Nvidia in the fourth quarter of last year, and are expected to reap high profits from this year's gains. It is reported that hedge fund Arrowstree Capital increased its holdings of nearly 4 million shares of Nvidia stock in the fourth quarter of last year, and by the end of last year, its holdings had reached $2.1 billion. If the company continued to hold, it would have earned at least $1 billion so far this year; Bridgewater Associates, the world's largest hedge fund, also increased its holdings by at least 220000 shares in the fourth quarter, four times its original size. If it continues to hold, the company will profit over $65 million.

 

Information link:

http://finance.sina.com.cn/stock/usstock/c/2024-02-19/doc-inaiprfn8261310.shtml

New Year Rocket! OpenAI brings video generation model Sora

On February 16, OpenAI threw a Rocket, the first large-scale model of Wensheng video Sora. It can generate high-definition videos up to one minute long based on user input prompts, although it has not yet been publicly used, it has attracted huge attention and discussion. With the emergence of the new OpenAI video generation model Sora, the cultural industry and multiple related fields are standing at the threshold of a new round of digital transformation. From video production to literary creation, and then to cultural and tourism experience, Sora is expected to lead an unprecedented wave of innovation, painting a new blueprint for the future development of various industries.

 

Information link:

https://www.aihub.cn/news/video-generation-models-as-world-simulators

 

Fined $350 million Trump: the largest election intervention plan in the United States

On Friday (February 16), New York Judge Arthur Engoron sentenced former President Trump and his business group $350 million, and ordered Trump to be prohibited from serving as a senior executive or director of New York enterprises for three years. Trump said: "An unscrupulous New York judge, cooperating with the very corrupt New York State Attorney General... ruled that I must pay a fine of $355 million, which was totally groundless."

Information link:

https://www.ettoday.net/news/20231229/2653126.htm

 

UK launches beef carbon reduction plan

The website of the UK Department of Agriculture, Environment and Rural Affairs has reported that it will launch a new beef carbon reduction plan on January 1, 2024. During the next four years of implementation, the beef carbon reduction plan will gradually reduce the maximum slaughter age of beef cattle. The maximum allowed slaughter age in the first year is 30 months, in the second year it is 28 months, in the third year it is 27 months, and in the fourth year it is 26 months.

Information link:

https://www.theccc.org.uk/wp-content/uploads/2020/10/CCC-Insights... ·PDF file

 

The new official fee for UAE patent application has come into effect

The Cabinet of the United Arab Emirates (UAE) issued Ministerial Decision No. 112 of 2023 in November 2023, which adjusted the official fees for UAE patent applications, utility models, and industrial design applications, and modified the official fees related to Federal Law No. 11 of 2021. The decision was published in the UAE Official Gazette on November 15, 2023, and these changes officially took effect on January 15, 2024.

 

Information link:

Bbs.mysipo.com thread-1145340-1-1. HTML

 

 

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