FinTech Weekly | Issue 74

Arrow Risk Management financing £ 2 million

MGA platform Arrow Risk Management, headquartered in London, raised £ 2 million in a round of financing led by ACF Investors. The technology platform of this startup company was established in 2021, named Quiver, to provide real-time data for insurance brokers and carriers to simplify underwriting and claims evaluation processes. Arrow Risk Management has been granted the status of Lloyd's Insurance.

 

Information link:

https://www.arrowrm.co.uk

Comment: Traditionally, underwriting has posed significant challenges to insurance companies and customers due to inefficient processes. Arrow Risk Management is addressing this critical gap in the insurance market. Its technology driven approach may significantly improve the underwriting process and related transaction processing.

 

Greek insurance company Hellas Direct financing 30 million euros

Hellas Direct, a Greek digital car and housing insurance company, announced a € 30 million financing led by ETF Partners, with participants including the company's founder and current investors. Hellas Direct was founded in 2011, with a underwriting premium of 155 million euros in 2023, and over 900000 customers in Greece, Cyprus, and Romania. The financing funds will be used to consolidate Hellas' development trajectory, improve its solvency, and promote its expansion into existing and new markets in Central and Southern Europe.

 

Information link:

https://www.insurtechinsights.com/hellas-direct...

Comment: Hellas Direct embodies the pursuit of sustainable development, achieving rapid growth through the deployment of advanced technology platforms. Developing and deploying insurance products to help people adapt to the impacts of climate change will become even more important in the future.

Formula Wellness, an American health and beauty service provider, received private equity investment

On March 21st, Formula Wellness, an American health and beauty service provider, announced its acquisition of investment from private equity fund Trive Capital in the United States. Formula Wellness was founded in 2016 and is a provider of health, healthcare, and beauty services focused on longevity science.

 

Information link:

https://formulawellnesscenter.com

Comment: Adopting personalized healthcare methods to provide key services such as nutrition, hormone balance, and beauty, improving patients' longevity from the inside out. Formula Wellness currently has five branches in the Washington metropolitan area.

 

Automotive financial service provider Moove raises $100 million in financing

Moove announced that it raised $100 million in Series B financing, with a company valuation of $750 million. Uber and Mubadala jointly invested in this round of financing. Moove was founded in 2020 with the aim of providing fair, convenient, and affordable income based vehicle financing solutions for entrepreneurs in the transportation sector in Africa. Now, Moove's new headquarters is located in the United Arab Emirates.

 

Information link:

https://ventureburn.com/2023/08/moove-secures-76m...

Comment: The UAE is an important market for Moove, and it was the first market for Moove to launch a fully integrated charging solution. Moove has invested in the construction of a charging station network specifically for Moove customers in the United Arab Emirates.

Clearcover launches generative artificial intelligence tools

Automotive insurance startup Clearcover has launched a generative artificial intelligence solution to further digitize report collection, significantly simplifying the insurance claims process and customer experience. Artificial intelligence driven solutions utilize large language models to guide conversation experiences immediately after the first notification is lost. The claim acceptance tool collects the necessary information about the event (usually collected during subsequent phone calls by the adjuster) to process and pay the claim.

 

Information link:

https://clearcover.com/ai 

Comment: Clearcover's FNOL and adjuster solutions are model independent and currently use OpenAI Azure and Amazon Bedlock, respectively. The customer-oriented chat feature planned by Clearcover will be supported by the supplier and will be customized using its API prioritized custom policy management system for development.

 

Anda launches a global trading risk platform

Chubb announced the launch of a global trading risk platform, providing cross international market trading risk liability insurance products. Chubb has appointed Josh Cowen as Senior Vice President of International Trading Risk, leading this business in London. With the addition of Cowen from London, Chubb's existing North American business will be strengthened. The Global Transaction Risk Platform will focus on meeting the needs of brokerage partners and customers who require a global business and operational footprint to support their global M&A transactions.

 

Information link:

https://www.chubb.com.cn/cn-cn 

Comment: The platform will be operated globally by a leadership team led by Edward Markovich, Executive Vice President of Chubb Trading Risk, and will adopt a coordinated underwriting strategy and approach.

Sapiens collaborates with DataCrest to improve property insurance underwriting decisions

Israeli insurance software service provider Sapiens International and property insurance solution service provider DataCrest have announced a strategic partnership to increase premium income and optimize underwriting processes for property insurance companies. DataCrest's flagship product, AppEase, is a management platform that does not require software installation and can dynamically customize applications, application processes, and policy status functions.

 

Information link:

https://sapiens.com/newsroom/sapiens-and-datacrest...

Comment: This collaboration aims to improve the operational efficiency of property insurance companies, help DataCrest better meet customer needs, help develop more cutting-edge digital features, improve efficiency and revenue, and improve loss rates.

  

Desjardins Group adopts Majesco's intelligent sales and underwriting products

Desjardins Group, Canada's largest financial partner, has chosen to adopt Majesco's intelligent sales and underwriting system to automate new and renewal services for group welfare businesses, aiming to improve operational efficiency and enhance user experience.

 

Information link:

https://www.majesco.com/press/majesco-intelligent...

Comment: Desjardins' main business lines include personal and corporate services, wealth management, and various financial services such as life and health insurance to meet the needs of individual and corporate clients. At present, the group has over 50000 employees and serves over 7.5 million customers.

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." Stournaras said that although there has been great pessimism since the Russia-Ukraine conflict, inflation is falling back. He said that in Europe, we don't have significant growth, but we don't have a recession.

 

Information link:

https://finance.sina.com.cn/tob/2023-07-31/doc-imzeraui8626703.shtml

 

SWIFT plans to launch a new central bank digital currency platform within 12-24 months

The Society for Worldwide Banking and Telecommunications (SWIFT) is planning to establish a new platform within the next one to two years to connect the currently developing Central Bank Digital Currency (CBDC) with the existing financial system. Given the crucial role of SWIFT in the global banking industry, this will be one of the most important initiatives in the emerging CBDC ecosystem to date, and may be fine-tuning when the first batch of major CBDCs are launched. Nick Kerigan, the innovation director of SWIFT, said that the latest experiment lasted for six months and involved 38 central banks, commercial banks, and settlement platforms. Its focus is to ensure that CBDCs from different countries can be used together, even if they are based on different underlying technologies or protocols, thereby reducing the risk of differentiation in payment systems.

 

Information link:

https://finance.eastmoney.com/a/202403263023721928.html

Paytm obtains the necessary licenses for survival

Paytm in India has obtained an important license to survive and maintain the continuity of several core functions of its eponymous payment application, the day before the company's banking department planned to cease operations due to regulatory crackdowns. The National Payments Corporation of India is the builder of the UPI railway of the same name in India, which has approved Paytm's application as a third-party application provider to participate in the payment ecosystem. This license will not restore several benefits that Paytm previously enjoyed, but will allow this Noida based company to be similar to Wal Mart's PhonePe and Alphabet's Google Pay.

 

Information link:

https://paytm.com

Nala has started providing remittance services and established a B2B payment platform

Payment company Nala shifted its focus to providing remittance services in 2021 to leverage Africa's growing remittance market and demand for reliable and affordable services. Nala founder Benjamin Fernandes stated that they plan to build their own product from the very beginning under this premise. In the past two years, Tanzanian fintech companies have enabled dispersed overseas users, including the European Union, the United Kingdom, and the United States, to make remittances to their loved ones through 249 banks in 11 African markets and 26 mobile currency services through their consumer fintech applications. For markets like Kenya, they have integrated with mobile currency service M-Pesa, allowing users residing among expatriates to directly pay local bills.

 

Information link:

https://www.nala.com/business

SBTi milestone: helping automakers achieve the goal of controlling vehicle emissions at 1.5 ° C

Image SBTi releases a new method to help car manufacturers set a 1.5 ° C emission reduction target. When adjusting emissions under the Paris Agreement, car and truck manufacturers must commit to gradually phasing out gasoline and diesel vehicles. The revision of the SBTi Transportation Guidelines is the cornerstone for developing new automotive standards. This updated guideline aligns for the first time the largest emission source for automobile manufacturers (Scope 3, Class 11, "usage stage", i.e. the emission source for driving vehicles) with 1.5 ° C, and promises to gradually phase out gasoline and diesel vehicles and trucks in major markets such as Europe, Asia Pacific, the United States, Canada, the United Kingdom, South Korea, and Japan by 2035.

 

Information link:

https://esgnews.com/zh-CN/amp/sbtis-milestone...

  

The Dutch court ruled that KLM's sustainable development advertising violated EU consumer law

The Amsterdam District Court ruled that KLM's "green cleaning" behavior in its advertisements was illegal, setting a significant legal precedent that had an impact on the entire international aviation industry and all companies promoting their commitment to the Paris Agreement. The judge ruled that KLM's claims that flights can or are becoming sustainable, as well as its advertisements implying that its "offsetting" products reduce or compensate for the climate impact of flights, are misleading and therefore illegal.

 

Information link:

https://esgnews.com/zh-CN/dutch-court-rules-klms...

 

Deutsche Bank links executive compensation to decarbonization targets

Deutsche Bank announced an update to its management committee's long-term incentive plan, which includes the highest ranking executives in the company. The plan, for the first time, links a portion of compensation to the decarbonization of the bank's corporate loan portfolio, starting in 2024. Deutsche Bank's incentive plan changes will be announced simultaneously with the bank's annual report and non-financial report, which provide detailed information on the bank's progress in the sustainable development agenda and goals.

 

Information link:

https://esgnews.com/zh-CN/ 

 

Oracle launches a new sustainability data tracking and reporting solution

Oracle, a provider of cloud computing infrastructure and software, has announced the launch of Oracle Cloud EPM for Sustainability, a new solution aimed at helping organizations measure, manage, and track sustainability initiatives and comply with new reporting standards related to sustainability. According to Oracle, the launch of new solutions aims to help organizations address the need for managing environmental data, which typically comes from multiple locations and business departments, as well as suppliers and business partners. Many companies still manually aggregate this information in spreadsheets, resulting in slow, inefficient, and error prone analysis.

 

Information link:

https://www.oracle.com/cn/news/announcement/blog/...

The European Parliament Passes New Consumer Compensation Rules

The European Parliament (EP) has adopted a first reading position on the Alternative Dispute Resolution (ADR) proposal, which allows consumers to submit complaints against traders to entities that provide independent, fast, and affordable consumer remedies. The updated rules aim to enhance overall consumer awareness and encourage more businesses to participate in out of court dispute resolution. In order to avoid disrupting consumer services after the gradual phasing out of online consumer dispute resolution (ODR) platforms, interactive digital tools will continue to provide information on non litigation dispute resolution (ADR) procedures.

 

Information link:

https://www.europarl.europa.eu/news/en/press-room/20240308IPR19019/modernised-out-of-court-consumer-redress-rules-adopted-by-parliament

  

South Korea and the European Union hold the third round of talks on a digital trade agreement

South Korea stated on Monday that it and the European Union have initiated the third round of bilateral digital agreement talks, and both sides are seeking broader partnerships in the digital field. According to the South Korean Ministry of Trade, Industry, and Energy, following the two rounds of talks held in December and February last year, the talks began in Seoul on Monday and will last for three days in Brussels.

 

Information link:

24h.jj.com. cn/2024/03/25102739973083. shtml

 

The UK Competition and Market Authority releases its annual plan for 2024

The UK Competition and Market Authority (CMA) has released the final annual plan for 2024. The annual plan updates the key areas of CMA for the next 12 months in the near future. From 2024 to 2025, CMA's key areas include: 1) helping innovative enterprises enter digital markets such as cloud services, e-commerce, and digital advertising; 2) Encourage effective competition and consumer protection in emerging markets, including the development and deployment of artificial intelligence (AI) foundational models; 3) Take action in existing and emerging markets for sustainable products and services, including expanding their green declaration work, encouraging competitive markets for climate technology, and implementing their green agreement guidelines; 4) Identify and take action in areas that can impact the market, promote competitive development, and have the most positive impact on innovation, growth, and productivity, and enhance resilience through competition.

 

Related information link:

https://home.treasury.gov/news/press-releases/jy2167

 

Indonesian OJK introduces new regulations to strengthen reporting obligations for P2P operators

In recent years, Indonesia's P2P lending industry has developed rapidly, and many P2P lending institutions (hereinafter referred to as "institutions") have emerged, such as Akulaku, Modalku, Investree, etc. However, compared to traditional lending, P2P lending relying on online platforms is more covert and less easily regulated. In practice, there are also many incidents where P2P network operation platforms are suspected of misappropriating funds and causing companies to stop operating. For example, according to media reports, previously Investree faced financial difficulties due to directors suspected of misappropriating company funds, resulting in a large number of employee resignations. Currently, the platform company is facing operational difficulties.

 

Information link:

https://www.ashurst.com/en/insights/new-ojk...

Hurun Research Institute releases the 2023 Hurun Wealth Report

On March 19, 2024, Hurun Research Institute, a globally authoritative research institution on high net worth individuals, released the Hurun Wealth Report 2023. The report reveals the current number of wealthy households, regional distribution, and population profile in China. This is the 15th consecutive year that Hurun Research Institute has released the Hurun Wealth Report. The report shows that in the past 15 years, the number of high net worth households in mainland China has doubled, from 825000 to 1.69 million now. The total wealth of wealthy households in China with 6 million assets is 158 trillion yuan, of which the total wealth of ultra-high net worth households with assets of 100 million yuan reaches 89 trillion yuan, accounting for 56%.

 

Information link:

https://www.hurun.net/zh-CN/Info/Detail?num=64KVOT8NCTNB

  

Hong Kong's construction of a thriving innovation and technology ecosystem has promoted 158 family offices to come to Hong Kong for business expansion

The Financial Secretary of the Hong Kong Special Administrative Region Government, Chan Mo po, announced on the 24th that over a hundred family offices will be established in Hong Kong one after another. The SAR government will continue to actively "go global", build a more vibrant innovation and technology ecosystem, and actively engage with more cutting-edge science and technology enterprises from different regions. It is expected that the number of introduced enterprises will continue to increase. On the same day, Chen Maobo posted a blog post stating that as of February 2024, the dedicated team of the Investment Promotion Department has assisted 58 family offices in establishing or expanding their businesses in Hong Kong, and more than 100 have stated that they have decided or are preparing to establish or expand their businesses in Hong Kong, reflecting Hong Kong's significant attraction as an international financial center to wealth management businesses, including family offices.

 

Information link:

http://www.news.cn/20240324/825ad27243104c37a1b53d7415058...

 

The Chinese Testament Library Releases the White Paper on the Chinese Testament Library

On March 21, 2024, the Chinese Testament Library released the 2023 White Paper on the Chinese Testament Library. According to the white paper, as of December 31, 2023, the number of inquiries on wills in the Chinese Wills Library has reached 478850, and the number of registered and stored wills has reached 311868. The demand for making wills among the public is becoming increasingly strong. The white paper conducted a special study on key issues such as virtual property wills, unmarried person wills, and per capita assets in wills. According to the white paper statistics, since 2017, the number of unmarried and unmarried individuals who register and store wills in the Chinese Wills Library has shown a significant growth trend every year.

 

Information link:

http://www.bj.xinhuanet.com/20240323/67 

  

Boao Forum: Asia's economic growth rate is expected to reach around 45% by 2024

The Boao Forum for Asia 2024 Annual Conference welcomes its first press conference and flagship report conference. The 2024 Annual Report on Asian Economic Outlook and Integration Process released on site shows that the Asian economy will continue to maintain a high growth rate, and the proportion of Asia's GDP to the global GDP is expected to be 49% in 2024. In terms of economic growth, despite facing various external economic challenges, the Asian economy will still maintain a relatively high growth rate. Supported by relatively strong consumption and proactive fiscal policies, the growth rate of the Asian economy is expected to be higher than in 2023 and reach around 45%. Asia will still be the region that contributes the most to global economic growth.

 

Information link:

http://www.news.cn/world/20240326/de887e6f0816462986131fa...

UK AI startup Stability AI faces management changes and CEO resigns

Emad Mostaque, CEO of Stability AI, announced his resignation to employees on Friday evening with a very optimistic tone. Mostak wrote that he will resign as CEO, but his two deputies, his temporary successors, will find a new leader to lead the UK unicorn startup to grow and strengthen. "All of you, as owners of the company, will play an important role," he said.

 

Information link:

https://stability.ai/news/stabilityai-announcement

 

TSMC 3nm wins frequent orders from Apple, Intel, and AMD

According to Taiwan Economic Daily, TSMC has benefited from the frequent pursuit of orders from its three major customers, Apple, Intel, and AMD, resulting in strong momentum for 3nm orders, which are expected to increase quarter by quarter this year. TSMC has never commented on customer order dynamics. It is understood that in the fourth quarter of last year, TSMC contributed about 15% of its revenue to 3nm. This year, driven by the adoption of 3nm mass production by major customers, the revenue share of 3nm is expected to exceed 20%, becoming the second largest source of revenue contribution, second only to 5nm.

 

Information link:

I ntelhttps://www.intel.com

 

Musk: Starting this week, all applicable vehicles in the United States will have a free trial of FSD for one month

Tesla has updated its official website to offer a one month free FSD experience to new car buyers in the United States and Canada. In response to a post from Whole Mars Catalog, Musk clarified, "Starting this week, all applicable vehicles in the United States will be able to try FSD for free for a month.". This will include almost all delivered vehicles (requiring HW3 hardware).

 

Information link:

https://www.msn.com/zh-cn/news/other/ 

 

Apple will announce its artificial intelligence strategy at the developer conference on June 10th

Apple plans to hold its annual Global Developers Conference on June 10th, which will continue until June 14th. Although Apple has not disclosed its plans to launch any products as usual, insiders say that this press conference will focus on artificial intelligence. It is expected that Apple will announce the next major software update for iPhone, iPad, Mac, Vision Pro, and smartwatch, and its new artificial intelligence strategy will be at the forefront and center of iOS 18 upgrades.

 

Information link:

https://www.yicai.com/brief/102042832.html

 

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