FinTech Weekly | Issue 76

Canada's "Credit Card As a Service" platform Brim receives 85 million Series C financing

Recently, Canadian "credit card as a service" fintech company Brim Financial announced that it has received $85 million in Series C financing. Brim Financial, headquartered in Toronto, was founded in 2015 and provides embedded banking and financial solutions, personal and commercial credit cards, payment solutions, as well as customer engagement and analysis tools. The company plans to use this financing to drive its US expansion plan and expand its market coverage. Since the B-round financing in 2021, the company has successfully launched credit card as a service products to numerous banks, credit cooperatives, and multinational corporations.

 

Information link:

FinTech Maga zinehttps://fintechmagazine.com/articles/brim

Comment: In 2024, an increasing number of global fintech companies announced Series C financing, including Brim Financial, Colombian payment technology company Bold, which raised $50 million, and US investment management company FundGuard, which received $100 million in funding.

 

Robovision, a Belgian AI computer vision platform, received $42 million in financing

Recently, Belgian artificial intelligence startup Robovision announced a Series A financing of $42 million, led by Target Global and Astanor Ventures. Robovision was founded in 2012 and headquartered in Ghent, Belgium. It develops an artificial intelligence driven computer vision platform that enables machines to have visual capabilities and helps customers achieve process automation.

 

Information link:

Robovi sionhttps://robovision.ai/news/robovision-secures-42-million-funding

Comment: Robovision has been integrated into fruit and vegetable scales at the Belgian chain supermarket Colruyt.

 

Yahoo acquires AI driven personalized news platform Artifact

On April 2, 2024, Yahoo announced the acquisition of Artifact, a personalized news platform driven by artificial intelligence. Artifact was co founded by Instagram co-founders Kevin Systrom and Mike Krieger. Through complex artificial intelligence algorithms, it provides customized news feeds to users based on their reading habits.

 

Information link:

https://www.yahooinc.com/press/yahoo-announces-the-acquisition-of...

Comment: Yahoo stated that this acquisition is a key investment in the regulation and dissemination of artificial intelligence content, which will promote the overall growth of Yahoo's artificial intelligence content. Currently, Yahoo also owns news brands TechCrunch, Engage, and Yahoo Finance.

 

Former AIG executives establish new earnings insurance company Dellwood

Dellwood Insurance Group, an American surplus insurance company, announced a $250 million financing. The founders of the company are former AIG executives Michael Price and Ken Driscoll. The company's vision is to serve wholesale insurance brokers and provide insurance protection for small and medium-sized enterprises.

 

Information link:

https://www.insurancejournal.com/news/national/2024/04/03/767694.htm

Comment: They have also received support from multiple reinsurance companies, including PartnerRe, RenaissanceRe, Starr Insurance, and Central Insurance. The establishment of Dellwood coincides with a period of rapid development in the surplus insurance market, and the market size has doubled since 2018.

Automated Vehicle Inspection Platform UVeyee and Acadia Insurance Collaborate

The artificial intelligence driven automated vehicle detection platform UVeye has announced a strategic partnership with Acadia Insurance, a subsidiary of Berkley. According to the cooperation between both parties, Acadia will use UVeyee's vehicle damage reporting function for insurance estimation. UVeye was founded in 2016, and their driving through system utilizes computer vision technology to conduct vehicle loss assessment and claims processing with high precision and granularity.

 

Information link:

https://www.acadiainsurance.com/uveye-collaborates-with-acadia...

Comment: Currently, they have raised nearly 200 million US dollars, W R. Berkley is also one of the investors. UVeyee has established partnerships with General Motors, Volvo, and CarMax, and has sales in over 200 dealerships in the United States. Acadia will be the first to deploy UVeye's solutions in Connecticut and New York.

 

Artificial intelligence insurance technology company Concirrus launches an advanced market model for marine insurance

Artificial intelligence insurance technology company Concirrus announced the launch of an upgraded market model that gathers the world's most comprehensive marine hull insurance claims data. In order to keep up with advanced industry practical experience, Concirrus has established close cooperation with top actuaries and maritime companies during model development.

 

Information link:

https://www.concirrus.ai

Comment: This model can integrate multiple models to assist underwriting companies in model comparison. This model not only has a broad data base, but also can compete with other well-known industry datasets, indicating its high accuracy in predicting the frequency and severity of losses, which helps improve the underwriting process.

 

Ansheng Hong Kong and Macau launch new products to enhance retirement protection

Ansheng Hong Kong and Macau have launched their latest financial product, the Yingying Delayed Pension Plan, aimed at supporting individual retirement plans. This product allows policyholders to choose policies priced in Hong Kong dollars or US dollars, and offers flexible premium payment and annuity receipt options. The structure of this plan allows for the selection of premium payment periods of five and ten years, allowing for early receipt of guaranteed monthly annuity income starting from the age of 50, with a term of 10 or 20 years.

 

Information link:

https://www.axa.com.hk/zh/article/axa-joyahead-immediate-annuity-plan

Comment: It aims to provide policyholders with the potential to increase returns by offering monthly non guaranteed annuity payments. This arrangement provides flexibility to receive compensation in cash or accumulate compensation in the form of interest based on the preferences of policyholders.

 

Munich Reinsurance explores the impact of network risks and trends on 2024

The online insurance market is undergoing significant evolution. Munich Reinsurance emphasized this progress in its latest report in the face of increasingly serious digital threats. The CEO of the company's reinsurance, Thomas Brunk, emphasized the significant gap in network risk coverage, mentioning a global network survey that found that 87% of managers believed their companies were not adequately protected from cyber threats.

 

Information link:

https://www.munichre.com/landingpage/zh

Comment: In his report, Brunk stated, "Against the backdrop of rapidly growing threats posed by aggressive cybercriminals, new technologies and dependencies, and geopolitical crises, risk awareness and demand will continue to rise."

SWIFT's new goal: to launch a global central bank digital currency interconnection platform in the next 1-2 years

On Monday local time, the World Bank Financial Telecommunication Association (SWIFT) announced the results of the second phase sandbox testing of the central bank's digital currency interconnection solution. In addition to the testing itself, the capital market is also excited about its vision of launching the "Central Bank Digital Currency Interconnection Platform" in the near future. SWIFT is considering launching this interconnected platform as a product in the next 12-24 months, as the platform is transitioning from an experimental phase to a gradually becoming a reality.

 

Information link:

https://cn.investing.com/news/stock-market-news/article-2329959

 

The Bank for International Settlements and seven central banks will test the use of tokenization to improve cross-border payments

According to Bloomberg, the Bank for International Settlements and seven central banks, including the Federal Reserve Bank of New York, will test the use of tokenization to improve the speed and integrity of international payments. They will collaborate with a large number of private financial companies to explore wholesale versions that combine tokenized central bank currency and commercial bank deposits on a unified and programmable platform. In addition to the Federal Reserve Bank of New York, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Bank of France are also involved, with the Bank of France representing the Eurozone central bank network.

 

Information link:

https://www.panewslab.com/zh/articledetails/rdcb3xoz.html

 

Hana Finance launches the Code of Ethics for Artificial Intelligence

Hana Financial Group has announced a set of ethical guidelines aimed at utilizing rapidly developing artificial intelligence (AI) technology to provide safer, customer-oriented financial services. This set of AI ethical guidelines prioritizes five sets of values, including inclusivity and fairness, security and accountability, transparency, data management, and privacy protection. At the same time, the banking group has also launched the Hana Artificial Intelligence Leaders Forum to facilitate discussions among executives of its subsidiaries on AI related issues.

 

Information link:

https://www.weiyangx.com/433816.html

 

The European Central Bank plans to settle large central bank funds through distributed ledger technology

Recently, the European Central Bank (ECB) convened a group of institutions to explore the use of Distributed Ledger Technology (DLT) for central bank currency wholesale transaction settlement. The first wave of experiments will involve 10 market participants, 6 DLT market operators, and 5 central banks. The relevant use cases mainly explore the securities settlement cycle, such as payment and delivery, secondary market trading, and securities lifecycle management. In addition, cross-border payment related fields are also under consideration in the future.

 

Information link:

https://foresightnews.pro/news/detail/22144

The US Securities and Exchange Commission has temporarily suspended the implementation of climate information systems

On April 5th, the US Securities and Exchange Commission (SEC) announced a suspension of the recently released climate disclosure rules that require companies to report climate related risks and greenhouse gas (GHG) emissions, awaiting court review of the new rules. However, despite the SEC's decision to suspend these rules, the SEC stated in a statement that it will continue to vigorously defend the new climate information disclosure requirements, describing them as complying with applicable laws and within the committee's long-term authority.

 

Information link:

https://www.pwccn.com/zh/services/issues-based/esg/sec-announces-the...

 

GRI releases policy formulation related guidance documents

The Global Reporting Initiative (GRI) has released the first batch of three policy development related guidance documents: firstly, "Dual Importance: Sustainable Reporting Guidelines", covering the interrelationships between a company's impact on society and the environment and its financial performance; The second is "Due Diligence: Can Negative Impact Management be Simplified?", which explores how enterprises can prevent, mitigate, and explain their impacts; The third is the Enterprise Sustainable Development Report Directive: Impact on Non EU Enterprises, which elaborates on the benefits of policymakers aligning their policies related to sustainable disclosure with the EU.

 

Information link:

https://www.casc.org.cn/2024/0408/254327.shtml

 

Thailand plans to submit its first climate change bill in June

Recently, the Thai government announced plans to submit its first climate change bill to the cabinet for review in June this year. The bill aims to address the damage caused by global warming to natural ecosystems, people's well-being, and the economy, while enhancing the country's ability to adapt and recover from climate crises.

 

Information link:

https://www.zaobao.com.sg/news/sea/story20240324-3204117

 

The Brazilian government has launched a "Green Travel and Innovation Plan"

Recently, Brazilian President Lula, Vice President and Minister of Industry and Trade Alkmin, Finance Minister Ada, and others attended the launch ceremony of the "Green Mobility and Innovation Plan" (Mover). The plan aims to provide credit and tax support of R $19.3 billion to eligible enterprises, encourage green technology research and development, and help promote decarbonization in the transportation industry. Alkmin stated that the plan will not only promote the development of technology routes such as hybrid cars, encourage innovation, boost the manufacturing industry, benefit the automotive parts production chain and exports, but also help cultivate high-quality labor, create employment opportunities, and increase income. Ada stated that the plan is a model for the government's future planning, and relevant measures can be replicated in other economic sectors.

 

Information link:

http://br.mofcom.gov.cn/article/jmxw/202404/20240403487705.shtml

Singapore Expands Regulatory Scope of Digital Payment Services

On April 2, 2024, the Monetary Authority of Singapore (MAS) announced revisions to the Payment Services Act and its subsidiary regulations to expand the regulatory scope of payment services and strengthen requirements for digital payment token (DPT) service providers. The newly regulated activities include: DPT custody services; Promote DPT transmission and exchange activities between accounts, even if the service provider does not hold funds or DPT; Promote cross-border remittance activities between countries, even if Singapore does not have inflows or outflows of funds. These amendments will come into effect in stages from April 4, 2024.

 

Information link:

https://www.mpaypass.com.cn/news/202404/03093206.html

 

The South Korean Financial Supervisory Authority uses artificial intelligence technology for financial regulation

On April 3, 2024, South Korean Internet giant Naver and the South Korean Financial Supervision Institute (FSS) announced the establishment of a strategic partnership to apply Naver's artificial intelligence technology (such as the deep learning language model HyperCLOVA X) to FSS's financial supervision tasks. HyperCLOVA X was launched by Naver in August last year and has been widely used in various fields such as public services, finance, gaming, and mobile. In addition, both sides will also carry out education and research cooperation. For example, Naver will hold generative artificial intelligence technology education courses for FSS employees and conduct joint research programs related to the application of artificial intelligence technology in the financial field and financial digitization.

 

Information link:

https://meetings.imf.org/zh/IMF/Home/Publications/fandd/issues/2023/12/AI...

 

Singapore takes multiple measures to promote financial education for the younger generation

On April 2, 2024, Singapore's Deputy Prime Minister and Minister of Finance and Chairman of the Monetary Authority, Huang Xuncai, answered questions in parliament regarding financial education for the younger generation. He stated that financial knowledge education has been incorporated into Singapore's primary to university education, including financial education courses, related campus activities, seminars, and lectures in various forms. In addition, the Singapore Ministry of Education will regularly review its financial literacy program to keep up with the constantly changing financial situation. In addition to basic schools and higher education institutions, the MoneySense program also provides necessary support for the younger generation to acquire financial knowledge.

 

Information link:

https://www.cebnet.com.cn/20230711/102893223.html

 

Spain announces the establishment of state-owned enterprises to support investment in the field of digital transformation

On the occasion of the Mobile World Exhibition in Barcelona, Spanish Minister of Digital Transformation, Escriva, announced the establishment of a state-owned enterprise, the Spanish Technology Transformation Company, to further strengthen Spain's strength in the field of digital transformation technology and better respond to many strategic challenges. The company will lead and support project investments in related fields such as telecommunications and artificial intelligence, with a total operating capital of around 20 billion euros. The establishment of the company will be discussed at the government cabinet meeting the week the news is announced, and it is expected to complete the relevant procedures within two to three months.

 

Information link:

http://es.mofcom.gov.cn/article/jmxw/202403/20240303482421.shtml

Top public offering testing Bitcoin ETF spot business is expected to land as quickly as the second quarter

Several top fund companies are leveraging the curve of their Hong Kong subsidiaries to layout Bitcoin ETFs. Multiple institutions, including the Hong Kong subsidiary of Harvest Fund and the Hong Kong subsidiary of Southern Fund, are applying for and laying out Bitcoin ETFs. Among them, Harvest Fund's product applied to the Hong Kong Securities and Futures Commission is a Bitcoin spot ETF. In addition, Huaxia Fund's Hong Kong subsidiary has recently reached a cooperation agreement with the Hong Kong Bitcoin ETF custodian. Industry insiders predict that the relevant Bitcoin ETF applications may land as soon as the second quarter of this year.

 

Information link:

https://epaper.stcn.com/att/202404/08/4d20050e-5b1d-4715-a PDF file

 

International Hedge Fund Manager: Bitcoin may soar to $150000 this year and rise tenfold in the next decade

International hedge fund manager Mark Yusko predicts that the price of Bitcoin will more than double this year, reaching $150000 per coin. Morgan Creek Capital Management CEO and Chief Investment Officer Yusko said in an interview this week, "It's just beginning." He believes that investors should allocate at least 1% to 3% of their investment portfolio to Bitcoin. "Bitcoin is the king. It is the dominant token. It is a better form of gold," said Yusco.

 

Information link:

https://cn.investing.com/news/stock-market-news/article-2335051

 

Hong Kong's first quarter IPO global ranking dropped to 10th place

Deloitte China Capital Markets Services stated that the fundraising amount in the Hong Kong new stock market in the first quarter of this year was only HKD 4.7 billion, a decrease of over 30% year-on-year and a new low since the same period in 2009; During the same period, the number of new shares in Hong Kong also decreased by 33% to 12 on an annual basis. During the quarter, only small new shares were listed, and neither Chinese concept stocks returned to Hong Kong nor new shares went public on the GEM board. Based on the amount of new stock financing, Hong Kong's first quarter IPO fell to 10th place globally.

 

Information link:

https://www.fortunechina.com/jingxuan/38241.htm

 

Forbes 2024 Global Billionaires List Released

Recently, Forbes released the 2024 Global Billionaires List. The number of mainland Chinese billionaires on the list has declined for the third consecutive year, with a total of 406 people, less than last year's 495 and the record breaking 626 in 2021. Compared to last year, 125 Chinese billionaires have fallen from the list this year, but at the same time, 31 billionaires have made their debut on the list and 11 have returned, bringing their total wealth to $1 billion. This year's richest man in China is still the king of bottled water and tea drinks, and the founder of Hong Kong listed company Nongfu Spring (09633. HK), Zhong Gui. This is also his fourth consecutive year receiving this honor.

 

Information link:

https://www.forbeschina.com/business/67517

LG Group will invest approximately KRW 100 trillion in South Korea over the next five years, for artificial intelligence, batteries, automotive components, and more

On March 27th, LG Group of South Korea held a shareholder meeting and released a medium - and long-term investment plan, stating that it will invest approximately KRW 100 trillion in South Korea's domestic market over the five years ending in 2028. Half of the investment will be used for future technologies such as artificial intelligence, biology, and clean technology, as well as in areas such as batteries, automotive components, and next-generation displays, committed to shaping competitiveness. LG Group stated that it will allocate 55% of its investment to scientific research and experimental development, and build core manufacturing bases such as key material research and development centers and intelligent factories in South Korea.

 

Information link:

https://cn.yna.co.kr/view/ACK20240327003300881

 

Microsoft Quantum Computer ran 14000 experiments without errors

The engineering team of quantum computer manufacturer Quantum collaborated with computer scientists from Microsoft to find a method that greatly reduces errors when running experiments on quantum computers. In this new study, Quantinum provides H2 computers (based on ion trap qubits), while Microsoft is responsible for providing logical qubit software. They jointly created 4 logical qubits using 30 physical qubits. This software can diagnose and correct errors during computation without disrupting logical qubits through its active adjoint extraction technique.

 

Information link:

https://news.sciencenet.cn/htmlnews/2024/4/520459.shtm

 

Musk: Chinese car companies are "the most competitive in the world" and pose the "most severe challenge" to Tesla

Musk predicted in an interview that by 2025 or 2026, artificial intelligence (AI) may be even smarter than the smartest humans. He also reiterated in the interview that Chinese car manufacturers are "the most competitive in the world" and pose "the most severe competitive challenge" to Tesla. Previously, Musk had also warned that without trade barriers, Chinese companies would defeat global competitors.

 

Information link:

http://m.ce.cn/gj/itw/202404/09/t20240409_38963750.shtml

 

Nvidia plans to invest $200 million to establish an artificial intelligence center in Indonesia

According to foreign media reports, Nvidia is planning to collaborate with telecommunications giant Indosat Ooredoo Hutchison to establish a $200 million artificial intelligence center in Indonesia. Indonesian Minister of Communications and Information Technology Budi Arie Setiadi stated that the new project, located in Surakarta City, Central Java Province, will effectively promote the development of local telecommunications infrastructure, human resources, and digital talent. After the merger of Ooredoo in Qatar and CK Hutchison in Hong Kong in 2022, Indosat Ooredoo Hutchison became the second largest mobile telecommunications company in Indonesia.

 

Information link:

https://www.zaobao.com.sg/news/sea/story20240405-3290613

 

 

 

Disclaimer: The content is from the Internet, WeChat official account and other public channels. We are neutral about the points in the article. This article is only for reference and exchange.