FinTech Weekly | Issue 73

Inteseeye, a workshop safety solution service provider, raised $64 million in financing

Intenseye, a US workshop safety production solution service provider, has successfully completed a Series B financing of $64 million, led by Lightspeed Venture Partners, with participants including Insight Partners, Point Nine, and Air Street Capital. Intenseye was founded in 2018 and specializes in utilizing existing camera equipment in the workshop to proactively identify potential safety hazards that may cause harm and illness.

 

Information link:

Gpte.ai/inseye-raises-64 million in series b-investment round/

Comment: Its cutting-edge technology has been deployed in 25 countries, protecting the safety of over 100000 workers at work.

 

Healthcare, a medical service navigation startup, raised $32 million in financing

Israel's healthcare navigation platform Healhee has completed a Series A financing of $32 million, led by Fin Capital, Glilot Capital Partners, and Group11, with strategic partner TriNet participating in the investment.

 

Information link:

https://healthee.com/press_release/healthee... 

Comment: Healthiee was founded in 2019 and utilizes artificial intelligence technology to help users understand their current medical insurance policies by answering questions about coverage, treatment options, and benefits.

 

Dutch cybersecurity startup Eye Security raised $39 million in funding

Dutch cybersecurity startup Eye Security raised $39 million in a round of financing led by JPMorgan Chase's growth equity investment division, with Bessemer Venture Partners and TIN Capital participating.

 

Information link:

https://www.pymnts.com/cybersecurity/2024/eye...

Comment: Eye Security was founded in 2020 and provides enterprise level network security, event response, and network insurance for medium-sized enterprises. Its insurance partners include Chubb, Hiscox, and Lloyd's. The startup company operates in the Netherlands, Germany, and Belgium, and plans to enter other European countries.

Nordic Capital will invest in One Inc

Private equity firm Nordic Capital will join Great Hill Partners as an investor in One Inc, a North American provider of digital payment solutions for the insurance industry. Great Hill Partners invested in One Inc in 2020 and will retain the same equity as Nordic Capital, while the company's current management team will continue to provide significant investments.

Information link:

https://www.nordiccapital.com 

Comment: One Inc was founded in 2012 to provide a platform for handling premium and claim digital payments, which can be integrated with modern and traditional insurance core systems. The company has nearly 500 employees and an annual processing volume of $70 billion, serving over 40 clients in the insurance industry, including Amica Insurance, MAPFRE, SageSare, Tower Hill Insurance, Wawanesa Insurance, and more.

Bolttech enters the Middle East market

Insurance technology company Bolttech has made its debut in the Middle East, partnering with STC Group, a leading telecommunications entity in the region. This collaboration marks an important step for Bolttech, enabling STC Group's customers to access integrated device protection services through a technologically advanced platform. This collaboration is in line with STC Group's "DARE 2.0" strategy, which aims to position the company as a leading digital innovator on a global scale.

 

Information link:

https://www.insurancejournal.com/news/... 

Comment: Both companies will explore further avenues for collaboration and plan to introduce solutions supported by the Internet of Things (IoT), rather than just mobile device protection. These measures may include protection measures for household electronic products, healthcare devices, and digital security solutions.

UK launches new products targeting large-scale network risks

Brit, a global professional insurance company, has launched a new online product. Brit's CyberFirst50 is tailored specifically for large institutions with annual revenue exceeding $10 billion. This product has introduced a major insurance limit of $50 million under the UK led Lloyd's consortium. The clients of the consortium led by Brit will also receive Brit's claims services.

 

Information link:

Www.britnsurance. com/news/brit launches cyber first50 to expedited placement of large cy

Comment: Adam Taylor, a network insurance underwriter at Brit, emphasizes that cybersecurity remains a continuous and constantly changing threat for large corporations.

  

DigsFact and Verisk collaborate on claims assessment software

DigsFact Inc's SaaS product accelerates the loss assessment process for claims, repairs, and renovations of homes, announcing a partnership with global data analytics and technology service provider Verisk. It is said that claims personnel at DigsFact can use Verisk's XactAnalysis and Xactimate products to quickly launch projects, improve the collaboration process between loss consolidation personnel and contractors, shorten claims cycles, and optimize the user experience of policyholders.

 

Information link:

https://www.verisk.com/newsroom/digsfact-selects-v...

Comment: This collaboration with Verisk can improve efficiency and provide more quotes every day. Contractors can remotely estimate losses within minutes based on real-time photos taken by policyholders.

  

Insurance Technology Steel Empowers AutoPylot to Launch Embedded Drone Insurance

Insurance technology Steel has helped AutoPylot launch a groundbreaking embedded drone insurance product, which will be launched on the latter's one-stop flight planning platform. The product will be underwritten by Allianz Commercial Insurance, demonstrating Steel's vision of embedding comprehensive insurance products into any workflow process. This cooperation has greatly improved the safety and efficiency of drones, and drone operators can now enjoy a more convenient insurance purchase process, thereby expanding the popularity of drones.

 

Information link:

https://www.stere.io/post/stere-powers-autopylot...

Comment: This product not only simplifies insurance purchase and management methods, but also has a wide coverage, including liability insurance and comprehensive protection for drones and related equipment.

European Central Bank Regulatory Commission: The Eurozone economy has achieved a soft landing

European Central Bank Managing Director Yannis Stournaras stated that the ECB has successfully curbed inflation without causing an economic downturn. "Despite criticism, monetary policy has been successful," Stournaras said at an event in London. "We have achieved a soft landing."

 

Information link:

https://finance.sina.com.cn/7x24/2024-03-15/doc-inanisif5056825.shtml

 

Mastercard pilot new smart subscription function in the United States

Global payment giant Mastercard is currently piloting a new subscription management solution in the United States, aimed at enabling financial institutions to provide more transparency about their subscription based payments to their customers. Utilizing its subsidiary Finicity's open banking technology and subscription control features launched last year, the company's new intelligent subscription product enables consumers to cancel, pause, and resume subscriptions from a center.

  

Information link:

Cj.sina.com. cn/articles/view/2853016445/aa0d937d02000ynu5

"Bank as a Service" startup Griffin obtains complete banking license

Griffin Bank, headquartered in the UK, is an API driven banking as a service (BaaS) platform founded by a former Silicon Valley engineer. It has just obtained a banking license approximately a year after starting the application process. This means that it has obtained approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the UK financial services regulatory authorities, to withdraw from the "mobilization" and launch as a fully operational bank. Griffin obtained a license approximately a year after starting the application process, which is in stark contrast to Revolut, the most valuable fintech company in the UK. Despite repeatedly expressing its intentions over the past three years, the company has not yet obtained a banking license. Undoubtedly, Revolut can be comforted that according to data from PRA and FCA, only 28% of companies entered the application submission stage from 2013 to 2019.

 

Information link:

Better rain cnhttps://www.betterrain.cn/2024/03/12

  

The Thai government has announced the license application process and conditions for operating virtual banking business

The Thai Ministry of Finance has issued a notice on the rules, procedures, and conditions for applying and issuing virtual banking licenses, allowing application institutions with professional knowledge in technology, digital services, and data applications to provide new value propositions for financial services through digital channels, better meeting the needs of various customer groups (especially those who have not received services and are underserved in retail and small and medium-sized enterprise customers). In order to ensure the sustainable operation of future virtual banks and bring benefits to the Thai economy and financial system that meet the above goals, the Bank of Thailand will strictly examine the qualifications, potential, and capabilities of the applying institutions.

 

Information link:

https://www.bnm.gov.my/-/mou-nbc-en

The Biden administration announces the launch of the National Zero Emission Freight Corridor Strategy

On March 13th, the Biden administration announced the launch of the National Zero Emission Freight Corridor Strategy, aimed at guiding the deployment of zero emission medium to heavy vehicle (ZE-MHDV) charging and hydrogen fuel infrastructure by 2040. The decarbonization of the transportation sector will play a central role in achieving the United States' climate goals, including the Biden administration's goal of achieving net zero emissions by 2050 and reducing greenhouse gas (GHG) emissions for the entire economy by 50-52% by 2030.

 

Information link:

https://esgnews.com/zh-CN/amp/biden...

 

Apple: TSMC invests $50 million to support carbon removal

On March 13th, Apple announced that TSMC and Murata Productions had joined the Restore Fund as new investors. The mission of Restore Fund is to increase global investment in nature based high-quality carbon removal projects to protect important ecosystems. TSMC will invest up to $50 million, and Japanese iPhone supplier Murata Productions will also invest $30 million in the fund. Apple has previously promised to invest $200 million in the second phase of the Restore Fund, and with the support of new investments, the current committed capital of the Restore Fund has reached $280 million.

 

Information link:

https://www.apple.com.cn/newsroom/2024/03/apple...

 

Italy: Planned subsidy plan of 1.1 billion euros, including renewable hydrogen electrolysis cell manufacturers

Recently, Italy announced a subsidy plan that includes manufacturers of renewable hydrogen electrolysis cells. The subsidy program in Italy is worth 1.1 billion euros (approximately 1.2 billion US dollars), which will be used to support the development of the country's green manufacturing industry and promote the establishment of new manufacturing factories for renewable hydrogen electrolysis cell manufacturers. According to the National Energy and Climate Integrated Plan (PNIEC) released by the Italian Ministry of Economic Development, Ministry of Environment, and Ministry of Infrastructure and Transport in December 2019, one of Italy's main goals by 2030 is to reduce national greenhouse gas emissions by approximately 30%.

 

Information link:

https://h2.in-en.com/html/h2-2433793.shtml

IBM invests $45 million in social impact plans with a focus on climate adaptation

On March 12th, IBM announced a new commitment to invest $45 million in its social impact program, IBM Sustainability Accelerator, which is part of a new initiative aimed at improving urban resilience through technology focused climate adaptation solutions. IBM has announced a new Request for Proposal (RFP) to solicit opinions on solutions to enhance urban resilience in accordance with United Nations Sustainable Development Goal 11, Sustainable Cities and Communities.

 

Information link:

https://www.51cto.com/article/783641.html

The US Commodity Futures Trading Commission voted to advance the digital asset classification system

The Market Advisory Committee of the U.S. Commodity Futures Trading Commission (CFTC) has voted to advance the digital asset classification system. The CFTC stated that this classification system is "unprecedented" in providing regulatory clarity, aimed at helping draft future legislation and regulations, with the aim of establishing standardized terminology to improve regulatory clarity, covering digital assets, central bank digital currencies, stablecoins, and more. According to the group's introduction, the new classification system aims to provide a consistent language for participants in the digital asset ecosystem to promote innovation, identify and address risk factors, and achieve effective regulatory understanding. They stated that the method will be based on the work of global standard setters such as the Financial Stability Board.

 

Information link:

https://www.cftc.gov/PressRoom/PressReleases/8873-24

The Financial Conduct Authority of the UK has released a report from the Synthetic Data Expert Group on the use of synthetic data in financial services

The Financial Conduct Authority (FCA) in the UK has released a report from the Synthetic Data Expert Group (SDEG). This report explores how to use synthetic data to overcome data challenges and reveals the practical applications of financial services. This report focuses on three key themes throughout the entire data lifecycle: 1) data augmentation and bias mitigation systems; 2) Testing and model validation; 3) Internal and external data sharing for fraud control. SDEG was established by FCA in March 2023, bringing together 21 experts from financial services, public sector, data and technology providers, and consumer groups to further explore the use of synthetic data in financial markets.

 

Information link:

https://www.fca.org.uk/publication/corporate/report-using-synthetic-data-in-financial-services.pdf

 

The Italian government claims that Intel has abandoned or postponed its investment plans in France and Italy

Adolf Urso, Minister of Italian Enterprises and Manufacturing, stated that Intel has abandoned or postponed its investment plans in France and Italy, and that "if Intel changes its mind and fulfills its previous European investment plans, Italy still welcomes it very much.". Speaking of Singaporean semiconductor startup Silicon Box's investment of 3.2 billion euros in building a chip factory in Italy, Urso said that this transaction is the first major foreign investment in the Italian chip industry, and "there will be more investment in the coming months.".

 

Information link:

https://www.tmtpost.com/nictation/6988527.html

Experts from multiple countries jointly discuss scientific response plans for AI security exploration

Recently, Turing Award winners and other cutting-edge experts in artificial intelligence, as well as internationally renowned artificial intelligence companies, conducted a special seminar on AI security in Beijing to promote international exchanges and in-depth cooperation in the field of artificial intelligence security. The seminar has formed preliminary consensus on research on artificial intelligence security technology, industrial practice, government governance, and other aspects. It is expected to establish an international dialogue and exchange mechanism in the field of AI security in China, and promote the healthy and sustainable development of global artificial intelligence.

 

Information link:

https://news.sciencenet.cn/htmlnews/2024/3/519093.shtm

Morgan Stanley analyst: Bitcoin's allocation in investment portfolios has surpassed gold

3.15 Nikolaos Panigirtzoglou, Managing Director of JPMorgan Chase, stated that after adjusting for volatility, Bitcoin's allocation in investor portfolios has surpassed that of gold. Specifically, the configuration of Bitcoin is 3.7 times higher than that of gold. He emphasized that since the launch of the Bitcoin ETF, the net inflow of funds into the Bitcoin ETF has reached $9 billion, which is equivalent to the outflow of funds from the cryptocurrency trust company GrayScale. He believes that if gold is used as a benchmark, the market size of Bitcoin ETFs is expected to reach $62 billion. February is one of the most optimistic periods in the cryptocurrency market, with a month on month increase of nearly 40% in total market value, reaching $2.2 trillion.

 

Information link:

https://www.iyiou.com/briefing/202403151566583v

 

Bank of America: Reiterating its "buy" rating on Nvidia and raising its target price to $1100

Bank of America stated in a report on Wednesday that although Nvidia's market value has reached $2.2 trillion, its stock price is still not considered expensive. The bank reiterated its "buy" rating for Nvidia and raised its target price from $925 to $1100, indicating a 21% increase from Wednesday's closing price of $908.88. An analyst at Bank of America said, "Despite performing well so far this year, Nvidia's valuation and ownership remain attractive compared to its semiconductor/IT peers."

 

Information link:

https://usstock.jrj.com.cn/2024/03/14203139856440.shtml

The US government intends to compare taxes on Bitcoin

According to the website of New Scientist on March 12th, the US government has proposed taxing cryptocurrency miners to reduce the industry's significant impact on the environment. But experts warn that this move may only shift the problem to other places. In the United States, the government estimates that up to 2.3% of the country's electricity in 2023 will be consumed by 137 cryptocurrency mines. At the same time, the electricity bills of residents in Texas increased by 5%, which is believed to be directly related to the increase in electricity demand caused by cryptocurrency miners. 

 

Information link:

http://www.ctaxnews.com.cn/2024-03/18/content_1035500.html

 

The China Securities Regulatory Commission has released four policy documents on "two strong and two strict" policies to improve market supervision and enhance investment confidence

The China Securities Regulatory Commission (CSRC) has released four policy documents on "two strong and two strict" policies, covering issues such as issuance and listing access, supervision of listed companies, and institutional supervision. One is to improve the quality of listed companies from the source, strengthen the main responsibilities of issuers, intermediaries, exchanges, and other entities, and once again release the signal of strict entry barriers for IPOs; The second is to promote listed companies to enhance their investment value and strengthen investor protection, especially by proposing the development of market value management guidelines for listed companies. It is expected that market value management measures such as shareholder increase, share repurchase, equity incentives, and increased dividends will be further promoted; The third is to accelerate the construction of first-class investment banks and institutions, and mergers and acquisitions are expected to become an important lever for optimizing resource allocation and helping to improve quality and efficiency.

 

Information link:

http://www.xinhuanet.com/politics/20240315/96b0c7bba...

Apple releases new API to obtain transactions from Apple Card and Apple Cash

The iOS 17.4 update from Apple is mainly aimed at adapting iOS to the EU's Digital Markets Act regulations. But the company has also released a new API called FinanceKit, which allows developers to obtain transaction and balancing information from Apple Card, Apple Cash, and Savings with Apple. At the time of launch, the company had already partnered with YNAB, Monarch, and Copilot. Copilot stated in an article on X that users will be able to track all Apple financial accounts in real-time.

 

Information link:

https://robots.net/news/apple-introduces-finance...

  

Significant progress made in SpaceX's third test flight

The SpaceX starship lost its signal upon returning to Earth, but the third test flight of the starship is the longest flight time to date. The previous two test flights both exploded a few minutes later. About an hour after the rocket took off, SpaceX CEO Musk announced that he had lost the signal for the Starship. On Thursday evening, shortly after the ignition and launch of the Starship, the first and second stage rockets successfully separated and reached orbital speed, making significant progress compared to the previous two test flights. The live broadcast footage shows that the "Starship" lost its signal shortly after re-entering the atmosphere.

 

Information link:

https://www.ithome.com/0/756/243.htm

 

India launches service portal websites to improve communication efficiency in intellectual property

The Office of the Chief Auditor General of Patents, Designs and Trademarks in India launched an open portal service website at the end of February 2024, allowing applicants and stakeholders to use a single platform for trademark inquiries and expression of opinions. Through a simplified system, matters related to patents, copyrights, designs, trademarks, geographical indications, and semiconductor integrated circuit layout design will be quickly and effectively resolved. One of the new system features is for tracking and communication, allowing users to promptly understand the resolution of issues they have reported. Currently, intellectual property bureaus in various parts of India provide staff support for emergency affairs or publish designated official email addresses responsible for related issues to further improve efficiency.

 

Data source:

https://www.asiaiplaw.com/section/cover-story/helpdesk-portal-launched-in-india-to-streamline-communications-on-ip-concerns Last accessed date: March 17, 2024

The emergence of new high-speed microscale 3D printing technology is expected to promote the development of biomedical and other fields

Scientists at Stanford University in the United States have developed a new high-speed microscale 3D printing technology - roll to roll continuous liquid interface production (r2rCLIP), which can print 1 million extremely fine and customizable microparticles per day. This achievement is expected to promote the development of biomedical and other fields, and the related paper was published in the latest issue of Nature on the 13th.

 

Information link:

https://tech.chinadaily.com.cn/a/202403/15/WS65f7e...

 

 

 

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