FinTech Weekly | Issue 75

Mobile financial technology company Moove receives $100 million in Series B financing

Moove, a global mobile financial technology company headquartered in the United Arab Emirates, has completed a Series B financing of $100 million, with a total valuation of $750 million. The participants in this round of financing include travel giants Uber and Mubadala. The huge amount of financing will be used to help global mobile travel startups achieve democratization of car ownership, especially in areas where financing for car purchases is difficult.

 

Information link:

https://techcrunch.com/2023/08/10/moove-takes-in...

Comment: Moove will continue to expand its revenue based vehicle financing products in 16 global markets. The main focus of this business expansion is on new energy vehicles, with the aim of promoting a more sustainable travel ecosystem and achieving a zero emission future. Currently, their annual recurring income exceeds 115 million US dollars.

 

InStride Health received $30 million in Series B financing to provide remote diagnosis and treatment services for children

InStride Health is a medical service provider located in Massachusetts, USA, dedicated to providing professional outpatient treatment for pediatric anxiety and obsessive-compulsive disorder (OCD) and related symptoms. On March 27th, InStride Health announced the completion of a Series B financing of $30 million. This round of financing is led by General Catalyst, and existing investors 406 Ventures, Valtruis, Mass General Brigham Venture, and Hopelab Foundation have also participated in this round of financing.

 

Information link:

https://www.builtinboston.com/articles/instride...

Comment: The injection of financing funds in this round will enable InStride Health to continue improving the quality of clinical services. As of now, the total financing amount of the company has reached 56 million US dollars.

 

NewRetirement financing of $20 million

NewRetirement is a digital priority financial planning platform for consumers and business partners, raising $20 million in Series A financing led by Allegis Capital. The company stated that its digital tools allow anyone to create and manage their own financial plans, which go beyond savings and investment, including human capital, benefits, pensions, medical insurance, social security, home equity, taxation, accumulation, heritage planning, and more. The planning and modeling engine considers "thousands of scenarios", enabling individuals to accumulate and decompose overall planning under digital guidance.

 

Information link:

https://riabiz.com/a/2024/4/3/stephen-chen...

Comment: NewRetirement's direct consumer product currently provides financial planning to 70000 active users who manage their financial plans for nearly $100 billion.

 

$6.4 million in Preemptive AI financing

Preemptive AI, a health insurance technology company, received $6.4 million in financing primarily by extracting and analyzing data from smartphones and wearable devices to predict health levels. Preemptive AI is launching an innovative basic model, a large-scale machine learning model trained on a large dataset, aimed at revolutionizing health prediction and monitoring processes.

 

Information link:

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

Comment: This model utilizes advanced signal processing techniques to decipher biochemical signals transmitted from smartphones and wearable devices and generate insights into health information.

Inigo Insurance collaborates with Samsara to provide insurance solutions for large US fleets

Inigo Insurance, a British insurance technology company, has partnered with Samsa in the United States to launch a new car insurance product aimed primarily at large fleets. This product uses Samsara's data to determine premium pricing based on the vehicle's driving behavior and other safety measures. Samsara's smart devices include smart cameras that can collect real-time driving and vehicle safety data, simplifying risk monitoring methods. This new product from Inigo is sold by insurance brokerage giant Marsh and is currently available for purchase in the United States.

 

Information link:

https://inigoinsurance.com/inigo-partners-with-samsara

Comment: This product was launched in early 2024 and has quickly attracted several large transportation companies. The purpose of this cooperation is to use data to understand the operation mode of the fleet, improve road safety, and reduce accidents and losses.

 

Driver Technologies launches a commercial fleet recommendation project

Driver Technologies, an artificial intelligence based road safety and mobile travel technology service provider, has announced the launch of a commercial fleet recommendation project aimed at empowering fleet managers, insurance brokers, and existing commercial fleet users to use artificial intelligence driving technology, in vehicle remote communication systems, high-definition video, and cloud storage functions in real-time, while adding new sources of revenue and potential discounts for customers. Members participating in this project can recommend Driver's artificial intelligence co driving mobile application platform and cloud platform to commercial fleet users.

 

Information link:

https://drivertechnologies.com

Comment: Users and fleet managers can choose to share cloud data with insurance companies, companies, or family members to improve driving behavior, share driving information, and optimize insurance claims processes through video evidence.

 

There is an insurance company listed in the United States

On March 28th, Youjia Insurance from Beijing successfully went public on NASDAQ in the United States, with the stock code "UBXG". It was secretly filed with the SEC on October 29, 2021, and publicly disclosed its prospectus on January 28, 2022. There is an insurance company from Beijing that focuses on using artificial intelligence driven technology to provide value-added services to enterprises in the insurance industry, including insurance companies and brokers. The business of Youjia Insurance mainly includes providing the following three services/products: digital promotion services, risk assessment services, and value-added bundled income.

 

Information link:

https://finance.sina.com.cn/stock/stockzmt/2023-09...

Comment: Currently, there are over 300 city level property and automotive insurance companies in the customer base of an insurance company, with approximately 200000 insurance brokers using the company's products and services to conduct business every day.

Etiqua Singapore Insurance Company launches critical illness insurance product for the first time

Etiqua Insurance Singapore has announced the launch of a new critical illness insurance product called Basic Critical Illness Insurance. This product aims to provide various preferential insurance coverage for patients with critical illness stage III and various mental problems.

 

Information link:

https://www.etiqa.com.sg

Comment: This product aims to fill the gap in the Singapore insurance version, as most people do not have sufficient critical illness insurance products, with an average coverage gap of 74%.

Daoming Bank and Google Cloud have established a long-term strategic partnership

TD Bank has signed a multi-year agreement with Google Cloud to simplify the development and deployment of new products and services. This transaction will enable the Canadian banking group to integrate its supplier's cloud services into a broader part of its technology solution portfolio, and TD expects this to enable it to quickly respond to changing customer expectations by accelerating the launch of new features, updates, or new financial products. This marks an expansion of the relationship that has already been established between Dao Ming Bank and Google Cloud. Previously, the group used the supplier's Google Kubernetes engine (GKE) for TD Securities, the Chicago subsidiary of TD Securities, the investment banking division of Dao Ming Securities.

 

Information link:

https://stories.td.com/ca/en/news/2024-0 

 

Nubank, a digital lending institution, is looking for partners in Mexico

Nubank has completely transformed its digital banking business, attracting millions of online customers and expanding its financial services in Latin America through virtual platforms. However, in Mexico's vast economy worth 1.3 trillion yuan, it faces its biggest competitor: cash. Compared to other Latin American countries, the Mexican economy is characterized by a severe lack of banking services, heavy reliance on physical currency, and a large number of informal sectors preferring traditional channels over online platforms and formal payment systems. This is a challenge for fintech companies like Nubank, which recently launched virtual accounts in Mexico.

 

Information link:

N uhttps://nu.com.mx

 

The Bank for International Settlements launches the Agor á project to explore the tokenization of cross-border payments

The Bank for International Settlements (BIS) has announced several public-private partnership plans between central banks and private financial sectors to explore the potential benefits of tokenizing cross-border payments, known as Project Agor á. The Agor á project will see seven central banks from around the world - the Bank of England, the Bank of France, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Federal Reserve Bank of New York, and the Swiss National Bank - collaborating with several private sector participants, with the International Finance Association (IIF) serving as the convener and intermediary for these enterprises.

 

Information link:

https://www.nttpc.co.jp/service/product/bi 

 

Abu Dhabi's first Microsoft collaboration to develop new artificial intelligence banking business

Abu Dhabi First Bank (FAB) has established a partnership with US technology giant Microsoft to develop a range of new banking features driven by artificial intelligence. The bank is utilizing Microsoft's cloud based Azure AI services to build and operate the so-called "AI Innovation Center", with the aim of further integrating this technology into its product suite and backend operations. Microsoft had previously established a similar partnership with CaixaBank in Spain and demonstrated the crucial development of its AI innovation laboratory before joining its GenAI working group in December last year.

 

Information link:

https://www.msn.com/en-ae/news/other/fab-microsoft...

Microsoft signs a 400 million megawatt renewable energy purchase agreement

Leeward Renewable Energy (LRE) announced that it has signed two new Power Purchase Agreements (PPAs) with Microsoft, obtaining a total of 400 megawatts of renewable energy from two ongoing solar projects in Texas. These two new solar projects, each with a capacity of 200 megawatts, include the Moro Lake solar project located in Frio County, Texas, expected to be completed in the fourth quarter of 2024, and the Cradle solar project located in Brazoria County, Texas, expected to be completed in the fourth quarter of 2025.

 

Information link:

https://www.36kr.com/p/1721247547393

 

Persefoni launches a free emission measurement and reporting solution

Persefoni, a provider of the Climate Management and Accounting Platform (CMAP), announced today the launch of Persefoni Pro, a new free tool aimed at helping businesses measure and disclose their greenhouse gas (GHG) emissions. Persefoni's SaaS platform was launched in 2020, allowing companies and institutional investors to measure, analyze, plan, predict, and report their carbon footprint. The company stated that the new free solution can help meet the increasing regulatory requirements around the world, including Canada's CSSB, Europe's CSRD, and California's Climate Enterprise Data Accountability Act, where large companies need to collect and disclose their value chain or Scope 3 emissions.

 

Information link:

https://esgnews.com/zh-CN/persefoni

 

SLB38 billion US dollars acquisition of Aker Carbon Capture

Energy services and technology company SLB announced today that it has reached an agreement with carbon capture technology company Aker Carbon Capture to acquire a majority stake in Aker Carbon Capture for $380 million and form a new carbon capture joint venture in a transaction aimed at supporting large-scale industrial decarbonization. Aker Carbon Capture (ACC), headquartered in Norway, was spun off by energy services company Aker Solutions in 2020 to provide proprietary carbon capture technology for reducing and removing carbon dioxide emissions from industrial plants, which can be applied to existing or new facilities. The company's solution uses a mixture of water and organic amine solvents to absorb CO2, which can be applied to a wide range of industries including natural gas, coal, cement, refineries, bio and waste energy, and hydrogen.

 

Information link:

https://investorcenter.slb.com/news-releases/news..

 

Over 6000 Starbucks stores certified as green stores

Starbucks announced that over 6000 of its stores worldwide have obtained "green store" certification, meeting a range of environmental impact standards and sustainability characteristics, including energy conservation, water conservation, and waste sorting. Starbucks launched the "Green Store" initiative in the United States and Canada in 2018, with a goal of reaching 10000 green stores worldwide by 2025.

 

Information link:

https://www.starbucks.com.cn/about/news/starbucks-new-shop-shanghai

The White House requires federal agencies to set up chief artificial intelligence officers and publicly disclose the use of AI

On March 28th, the Federal Office of Management and Budget issued a directive requiring federal agencies to monitor, evaluate, and test the impact of artificial intelligence on the public, reduce the risk of algorithmic discrimination, and provide transparency to the public on how the government uses AI. Each institution must also establish an AI governance committee, establish the position of Chief Artificial Intelligence Officer, conduct risk assessments, and set operational and governance indicators. The White House stated that "agencies will be required to implement specific safeguard measures before December 1st when using AI in ways that may affect the rights or security of Americans," including detailed public disclosures, so that the public knows how and when the government will use AI.

 

Information link:

https://www.whitehouse.gov/briefing-room/statements-releases/2024/03/28/fact-sheet-vice-president-harris-announces-omb-policy-to-advance-governance-innovation-and-risk-management-in-federal-agencies-use-of-artificial-intelligence/

 

Dubai International Financial Center announces new digital asset laws

In March 2024, Dubai International Financial Center (DIFC) announced the launch of the world's first Digital Asset Act and updated the existing Securities Act and related amendments. This legislation aims to ensure that the rapid growth of international trade and financial markets brought about by the legal and technological development of the Dubai International Financial Center is synchronized, and to provide legal certainty for investors and users of digital assets.

 

Information link:

https://wam.ae/zh/article/b24gtxy-

 

The Japanese government will provide cumulative support of nearly 1 trillion yen to semiconductor company Rapidus

At a press conference after the cabinet meeting, Japanese Minister of Economy and Industry, Kenzo Saito, announced that he will provide up to 590 billion yen (approximately 28.1 billion yuan) in additional support to Rapidus, which is striving to achieve the localization of next-generation semiconductors. Previously, the Japanese government had decided to invest a total of 330 billion yen in Rapidus, with a total support amount of nearly 1 trillion yen. Rapidus plans to develop cutting-edge semiconductor production technology with a process of 2 nanometers. At present, the company is constructing a factory in Chitose City, Hokkaido, Japan, striving to achieve mass production by 2027.

 

Information link:

https://www.163.com/dy/article/IUPI2EC40534A4SC.html

 

The United States and the United Kingdom announce the establishment of a partnership in artificial intelligence security and testing

The United States and the United Kingdom have announced the establishment of a new partnership in artificial intelligence security science. US Commerce Secretary Gina Raymond and UK Technology Secretary Michelle Doneland signed a memorandum of understanding in Washington to jointly develop advanced artificial intelligence model testing. According to the formal partnership, the UK and the US plan to conduct at least one joint test of the open mode and are considering exploring personnel exchanges between the two research institutes. Both countries are striving to establish similar partnerships with other countries to promote the security of artificial intelligence.

 

Information link:

https://www.yicai.com/news/102052756.html

The surge in US stocks has brought the richest 1% of the country's total wealth to a new high

The latest data from the Federal Reserve shows that as of the end of the fourth quarter of last year, the wealth of the wealthiest 1% of the population in the United States reached a record high of $44.6 trillion, due to the appreciation of their investment portfolios due to the rise in the stock market at the end of the year. According to the definition of the Federal Reserve, people with wealth exceeding $11 million are the wealthiest 1% of the population, and their total net assets increased by $2 trillion in the fourth quarter of last year. All the profits come from the stocks they hold. Since 2020, the wealth of the wealthiest 1% of the population has increased by nearly $15 trillion, a growth rate of 49%. The wealth of the American middle class is also on the rise, with a 50% to 90% increase in wealth.

 

Information link:

https://www.yicai.com/brief/102046661.html

 

Bank of America Strategist: The reverse indicators of the US stock market show that market sentiment is far from reaching the level of fanaticism

A strategist at Bank of America said that the rise in the US stock market last quarter boosted investor confidence to its highest level in nearly two years, but sentiment is still far from reaching the usual peak of "Euphoria". According to a report from a team led by Savita Subramanian, the head of US stocks and quantitative strategy at the bank, Bank of America's Seller's Index (SSI) rose 22 basis points to 55% in March, the highest since May 2022.

 

Information link:

https://www.36kr.com/newsflashes/2715578652227456

 

Ultraman's "World Currency" has been ordered by Portuguese regulatory authorities to stop collecting data

OpenAI CEO Sam Altman's digital cryptocurrency project WorldCoin has suffered another setback and has been ordered by Portuguese data regulators to stop collecting data. The Portuguese National Information Protection Council (CNPD) stated in a statement that it has ordered Ultraman's iris scanning project WorldCoin to stop collecting biometric data in Portugal for 90 days.

 

Information link:

https://www.cnbeta.com.tw/articles/tech/1425123.htm

 

Asset management companies VSFG and Hui Li Fund apply to the Hong Kong Securities Regulatory Commission for Bitcoin spot ETF

Hong Kong asset management companies VSFG and Value Partners have submitted spot Bitcoin ETF applications to the Securities and Futures Commission (SFC) in Hong Kong.

 

Information link:

https://www.valuepartners-group.com/wp-content/uploads/2024/01/..

Google launches AI tools that can create travel guides

On Wednesday local time, Google announced a pre disclosure of an AI feature that can help users generate travel itineraries and travel suggestions through natural language dialogue. Google revealed that behind this AI travel function, it covers more than 200 million global locations, brings together various ideas of the entire Internet, as well as comments, photos, business information details and other data submitted to Google by users. Currently, this feature is only available for beta testing users in the United States.

 

Information link:

https://www.travelandleisure.com/google-bard-ai..

 

IDC: China's generative AI investment growth is accelerating, with a five-year compound growth rate of 86.2%

3.28 IDC recently released the 2024 V1 version of the IDC Global AI and Generative AI Spending Guide. According to IDC data, the total global investment in artificial intelligence (AI) IT in 2022 was $132.49 billion, and it is expected to increase to $512.42 billion in 2027, with a compound annual growth rate of 31.1%. Among them, generative AI in China accounted for 4.6% of the total investment scale in the AI market in 2022.

 

Information link:

https://www.idc.com/getdoc.jsp?containerId=prCHC51997124

 

The commercial process of hydrogen powered vehicles has accelerated. In the first three months, the bidding volume has exceeded that of last year's entire year

According to Securities Daily, incomplete public information shows that in just three months since 2024, the bidding volume for hydrogen powered vehicles has reached 2744, covering various models such as hydrogen fuel cell buses and heavy-duty trucks. According to the hydrogen cloud chain database, the bidding volume for hydrogen fuel cell vehicles in 2023 is 2040 vehicles. This means that the bidding volume in the first three months of this year alone has exceeded that of the entire year last year. Qu Fang, an investment advisor at Wanlian Securities, said. "Previously, due to cost constraints, the process of large-scale implementation of hydrogen powered vehicles was slow. However, in the past two years, with the support of policy promotion and technological breakthroughs, the commercial process of hydrogen powered vehicles has been accelerating."

 

Information link:

https://energy.cctv.cn/2024/03/28/ARTI9V9wkKChXlj...

 

Samsung's lead in entering 3D DRAM in 2025

Samsung Electronics stated that it will enter the era of 3D DRAM after 2025. Samsung showcased two 3D DRAM technologies, including vertical channel transistors and stacked DRAM. Compared to traditional transistor structures, vertical channel transistors transform channels from horizontal to vertical, significantly reducing component area but requiring improved etching accuracy. It is reported that with the development of the 3D DRAM market, it is expected to reach a scale of 100 billion US dollars by 2028.

 

Information link:

https://www.extremetech.com/computing/samsung...

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