FinTech Weekly | Issue 77

Financial technology platform Goalsetter financing $9.6 million

Goalsetter, a fintech platform that provides financial, savings, investment, and financial education tools for families and K12 teenagers, announced that it has just completed a Series A financing of $9.6 million. Goalsetter was founded in 2016 and provides banking and investment products, primarily focusing on financial education. Their product features include "learning to make money", allowing children to earn money every time they answer the financial test correctly.

 

Information link:

https://www.prnewswire.com/news-releases/goalsetter-secures-9-6...

Comment: Their banking services are provided by Webster Bank. Goalsetter has established partnerships with multiple financial service and financial institutions.

 

Sertis financing $3.2 million

Sertis, a management based general agent specializing in homeowner insurance, announced a $3.2 million financing led by JLL Spark Global Ventures, with participants including BrokerTech Ventures and InsurTech NY. Sertise was founded in 2022 and specializes in its proprietary risk assessment technology, which can collect millions of data points from digital property management platforms.

 

Information link:

https://www.sertiscorp.com

Comment: This technology can achieve accurate risk assessment and help customers accurately price. Sertis currently covers 34 states and offers a wide range of products, including multi family property insurance, general liability insurance, and equipment failure insurance. All products are insured by Accelerant.

 

AI document processing company Staple receives $4 million in financing

This week, Singaporean artificial intelligence startup Staple announced a $4 million financing, led by Wavemaker Partners. Staple was founded in 2018 and is committed to using artificial intelligence technology to assist user enterprises in completing multiple document tasks such as bill scanning, bill analysis, and form checking, and improving the automation level of financial processes.

 

Information link:

https://www.stockade.com/wp-content

Comment: Currently, Staple services cover over 56 countries and over 200 language types. In the future, the company will use this financing to improve artificial intelligence technology and continue to increase global expansion.

 

Lawlive, an online legal platform, received $11.8 million in financing, led by Google Ventures

On April 15, 2024, the online legal platform Lawlive announced that it had received £ 9.5 million (approximately $11.8 million) in financing from GV (Google Ventures) and epset 1 Ventures. Lawlive is composed of an online technology platform and a regulated law firm. The platform customizes personalized legal service plans and fee quotes for potential clients based on their basic communication information, and transfers cases to professional lawyers at the law firm after the client pays the fees.

 

Information link:

https://techcrunch.com/2024/04/15/lawhive-raises-12m-to-expand-its...

Comment: Through its artificial intelligence lawyer assistant Lawrence, Lawlive effectively reduces the burden on lawyers when dealing with monotonous and repetitive tasks, and reduces service costs while ensuring security. In the future, Lawlive will use this financing to increase recruitment efforts in the fields of engineering, artificial intelligence, products, and operations, and actively promote its AI driven platform services.

Verisk Pushes Next Generation Models to Market

Verisk, a global data analysis and technology provider, has made significant progress in the field of global disaster modeling and risk analysis, launching the Next Generation Model (NGM). NGM consists of over 100 models with a new financial modeling framework aimed at more accurately predicting insurance losses caused by extreme events. These models can now be accessed through Verisk's Touchstone platform.

 

Information link:

https://www.verisk.com

Comment: NGM brings multiple benefits, including a comprehensive risk assessment process, broader ability to handle complex policy structures, deeper understanding of uncertainty, more comprehensive natural disaster risk management methods, improvements to financial models, and enhanced workflows.

 

Core Specialty adopts the Duck Creek OnDemand system

Duck Creek is a core system and solution service provider in the property insurance industry, announcing that Core Specialty has become the first customer of the Duck Creek OnDemand service, subscribed through the Microsoft Azure platform. Duck Creek states that through its partnership with Microsoft, it is improving customer experience and simplifying transaction processes for technology centric insurance companies such as Core Specialty

 

Information link:

https://www.duckcreek.com/blog/core-specialty-partners-with-duck-creek...

Comment: The relationship between the two parties has brought meaningful results to insurance companies in terms of scalability, safety, and sustainability, and has quickly entered the market through innovation and technology.

 

Property insurance giant Chubb and digital financial service provider Atome have reached a partnership

Property insurance giant Chubb has partnered with digital financial service provider Atome to develop innovative insurance products for Southeast Asian consumers, especially those in Singapore, Malaysia, the Philippines, and Indonesia. At present, the first product Bill Secure has been launched in the Singapore market and will soon be launched in Malaysia, mainly to protect consumers who use it first and pay later.

 

Information link:

https://markets.ft.com/data/announce/full?dockey=600 -202403192215DGAP

Comment: In the event of permanent disability or accidental injury, the maximum coverage can be five times the transaction amount. In the second quarter, they will also launch their second product, Shopping Secure, to ensure the shopping process.

 

Yian launches climate risk detection tool

Yian has launched its own Climate Risk Monitor climate risk monitoring tool, aimed at assisting customers in understanding their own climate risk levels. This tool was developed by Aon's climate laboratory in Singapore and global reinsurance analysis experts, aiming to optimize business decision analysis capabilities. Yian stated that the property insurance market will be greatly affected by climate risks in 2023, with losses caused by climate related disasters reaching $112 billion.

 

Information link:

https://aon.mediaroom.com/news-releases?item=138298

Comment: This tool will evaluate the current and future risk situations of enterprises related to chronic climate issues, such as drought, extreme rainfall, and wildfires. At the same time, generate diagnostic reports and geographic images for the impact on personal assets and property.

Revolut will conduct business in Mexico with a new banking license

The British challenger Revolut has obtained a banking license from the National Bank and Securities Commission (CNBV) of Mexico to operate a new banking subsidiary in the country. Its efforts paid off in December 2022 when regulatory authorities granted it a remittance license, which will expire at the end of next year. However, according to CNBV's authorization, to upgrade to a banking license, Revolut needs to obtain a start-up capital of 1.44 billion Mexican pesos (88 million US dollars), which will increase to 1.81 billion Mexican pesos (110 million US dollars) before starting operations.

 

Information link:

Www.revolut.com

 

Naval Federal Credit Union Agrees to Establish a New Seven Year Partnership with Backbase

The United States Navy Federal Credit Union (NFCU) has extended its digital transformation partnership with Backbase for seven years. This credit union with $171 billion in assets is using Dutch fintech's participating banking platform to "continue standardizing" applications for members and employees. By utilizing this technology, NFCU aims to enhance the banking experience for its employees and 13 million members by integrating data, business logic, and workflows.

 

Information link:

https://www.fintechfutures.com/2024/04/navy-federal-credit-union...

 

Alabama Union Bank utilizes financial technology company Jack Henry for digital upgrades

United Bank provides commercial and retail banking services to communities in southwestern Alabama and Florida, and has partnered with Jack Henry to drive their latest digital innovation efforts. The bank will utilize approximately $1.2 billion in assets and adopt its core processing solutions from its new technology provider and commercial loan disbursement platform, LoanVantage. This platform will enable the bank to provide a wider range of loans to its customers, including commercial and industrial loans, asset loans, as well as secured and unsecured loans, and will be equipped with automated decision-making tools.

 

Information link:

https://ir.jackhenry.com/news-releases/news-release-details/united...

 

The Monetary Authority of Singapore and Mastercard sign a Memorandum of Understanding on Cybersecurity Cooperation

The Monetary Authority of Singapore (MAS) and Mastercard have jointly signed a Memorandum of Understanding (MoU) to enhance cybersecurity cooperation, aimed at enhancing the network resilience of Singapore's financial services sector. This strategic partnership will further consolidate the cooperation between MAS and Mastercard in the following areas, including: 1) bilateral information sharing of cyber threat intelligence to enhance the network situational awareness capabilities of the financial services sector; 2) Conduct a joint analysis of the latest cyber threats affecting the financial services sector to propose feasible insights and recommendations for possible countermeasures; 3) Capacity building activities, such as joint cybersecurity exercises, employee training, and inspection visits

 

Information link:

https://www.mpaypass.com.cn/news/202404/15144845.html

SSAB's $5 billion construction of a new energy steel plant will eliminate 7% of Sweden's carbon dioxide emissions

SSAB, a global steel company headquartered in Sweden, announced its decision to build a fossil free micro steel plant in L ü lleau, Sweden, with an annual production capacity of 2.5 million tons of zero carbon emission steel. The total investment for the new factory is estimated to be 4.5 billion euros (4.9 billion US dollars), and it is expected that the project will reduce Sweden's carbon dioxide emissions by 7%. Steel production is one of the industries with the largest global carbon dioxide emissions, accounting for 7% to 9% of the total greenhouse gas emissions (GHG) from fossil fuel use worldwide.

 

Information link:

Www.tanjiaoyi. com/article 67043-1. HTML

 

European Parliament legislates to establish a carbon removal certification system

Members of the European Parliament voted on Wednesday to pass a new law aimed at establishing a certification system to quantify, monitor, and verify carbon removal, and to combat green washing. This passage received 441 votes in favor and 139 votes against from members of the European Parliament, marking a step towards the introduction of a comprehensive framework for carbon removal and soil emission reduction in EU legislation aimed at increasing the use of carbon removal, addressing green washing issues, building trust, and encouraging the development of carbon removal technologies, creating income opportunities for industries and land managers applying carbon removal solutions and engaging in innovative carbon agriculture practices.

 

Information link:

Esgnews. com/zh CN/% E6% AC% A7% E7% 9B% 9F% E9% 80% 9A% E8% BF% 87% E7% A2% B3% E6%

 

Preqin launches a new benchmark to evaluate ESG funds in the private equity market

Alternative investment data and insights provider Preqin announced today the launch of a new ESG performance benchmark aimed at enabling users to evaluate the performance of private market ESG funds as well as SFDR, influence, and climate funds. According to Preqin, the new benchmark addresses the issue of lack of standardized and comparable ESG fund performance data, which has led to increasing anti ESG sentiment and criticism in recent years. The new tool enables investors, fund managers, and advisors to make wise decisions when investing in ESG and influence in alternative markets known for their mysterious and unpredictable nature.

 

Information link:

https://china-web.preqin.com/data/private-equity

 

The European Parliament voted to pass the EU electricity market reform plan

The European Parliament has voted to pass the EU electricity market reform plan. This plan was formulated against the backdrop of soaring natural gas prices leading to a surge in electricity prices throughout Europe since 2022. The plan includes a "contract for difference" regulation. If the price of electricity drops too much, public institutions will compensate energy producers, but if the price of electricity is too high, fees will be charged to energy producers. The plan also stipulates a mechanism for announcing a "electricity price crisis".

 

Information link:

Www.yicai. com/news/102062935. HTML

Maintaining chip advantages, South Korea will invest $7 billion in the field of artificial intelligence

As part of efforts to maintain the global leading position in cutting-edge semiconductor chips, South Korean President Yoon Seok yeol recently announced that South Korea will invest 9.4 trillion Korean won (approximately 6.94 billion US dollars) in the field of artificial intelligence by 2027. This also includes setting up a separate 1.4 trillion Korean won fund to cultivate artificial intelligence semiconductor companies, while South Korea is trying to keep pace with countries such as the United States, China, and Japan, as they are also providing large-scale policy support to strengthen their semiconductor supply chains.

 

Information link:

https://www.c114.com.cn/news/116/a1259528.html

 

The UK government announces the establishment of an Open Finance Task Force

This week, the UK Treasury Secretary for Economics, Bim Ofolami, announced in a speech on ifgs 2024 that the UK government will officially establish an Open Finance Task Force. Ofolami stated that "the working group will develop a clear set of recommendations to identify the business incentive datasets needed to drive the use cases of small and medium-sized enterprise loans in the Center for Finance, Innovation, and Technology (CFIT)." He also stated that the UK needs a "payment environment where open banks can thrive," and relevant departments will achieve this goal through the National Payment Vision released before the summer recess.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_23540159

 

European and American officials engage in dialogue on financial regulation in areas such as AI and buy before pay

Recently, the European Commission held an informal dialogue with senior officials from the US Consumer Financial Protection Agency (CFPB) to discuss multiple issues related to consumer financial protection, with a focus on the rise of technology giants in the payment sector, the application of artificial intelligence technology in the lending industry, and the "buy before pay" (BNPL) sector. In recent years, BNPL has developed rapidly in the markets on both sides of the Atlantic, raising concerns about excessive debt. The EU expects this issue to significantly intensify in the next decade.

 

Information link:

https://m.21jingji.com/article/20211220/herald/960ef1ba30105d64865616a...

 

Hana Finance launches a green and sustainable entrepreneurship support plan

On April 8, 2024, Hana Financial Group announced plans to launch a program called Hana ESG Double Impact Matching Fund, totaling KRW 3 billion, to support startups with green technology, active job creation, and sustainable growth potential. The applying institution will need to go through two rounds of screening, with the first round taking place from April 8th to May 24th and the second round taking place from June 3rd to August 2nd.

 

Information link:

Www.weiyangx.com/434365.com

Report on the Current Situation of Family Offices in Greater China in 2024

Recently, the Jin Leqi Asian Family Business and Family Office Research Center at the Hong Kong University of Science and Technology and the Ernst&Young Greater China Family Business Service Team released the 2024 Survey Report on the Current Situation of Family Offices in Greater China. The report points out that families in mainland China are the main force driving the development of family offices in Hong Kong and will be a key target for future introduction. About 42% of the founders of single family offices in Greater China are from mainland China; 51% of respondents from single family offices have established family offices in Hong Kong. 78% of respondents who intend to establish a single office are from mainland China, while 40% of respondents choose Hong Kong as their preferred location for family offices.

 

Information link:

https://afbfo.hkust.edu.hk/system/files/2024-03/dazhonghuaqujiazuba PDF file

 

The Asian Development Bank predicts that the Asia Pacific economy will continue to grow strongly

The Asian Development Bank released its "2024 Asian Development Outlook" report on the 11th, stating that the economy of the Asia Pacific region will continue to grow strongly, and it is expected that the economic growth rate of developing economies in the Asia Pacific region will be 4.9% this year. The report believes that although the external environment is facing uncertainty, factors such as the end of interest rate hikes by major global economies and the sustained recovery of commodity trade will support economic growth in the Asia Pacific region. The overall outlook for the region is positive, and regions such as South Asia, Southeast Asia, and East Asia will lead economic growth.

 

Information link:

Www.news.cn/fortune/20240411/515fc972cbe84cb58859b1992b740f2/c.HTML

 

2023 Family Capital Survey: Loud and Clear released

Recently, one of the world's leading private fund management companies, KKR, released the 2023 Family Capital Survey: Loud and Clear. Through a home office survey of 75 chief investment officers worldwide, it was found that they plan to increase their exposure to alternative investments in 2024. The report focuses on investigating the asset allocation of family offices in the Asian region.

 

Information link:

KKR https://www.kkr.com/insights/family-capital-survey

 

Hong Kong is about to host the "Hong Kong Global Talent Summit"

The first Hong Kong Global Talent Summit will be held on May 7 and 8, 2024 at the Hong Kong Convention and Exhibition Centre, aiming to showcase Hong Kong's unique advantages of "backing up to the motherland and connecting with the world" under the "One Country, Two Systems" policy, as well as its charm as an international talent hub. The summit brings together global and mainland political, business, and academic leaders to share experiences, promote talent exchange and cooperation, and further enhance Hong Kong's competitiveness as an international talent hub and national talent gateway through its attractive talent retention policies.

 

Information link:

https://www.info.gov.hk/gia/general/202404/11/P2024041100268.html

Nvidia and Georgia Tech release their first artificial intelligence supercomputer for students

On April 10, 2024, NVIDIA and Georgia Institute of Technology jointly announced the launch of the first artificial intelligence supercomputer designed for student use. Arijit Raychowdhury, Dean of the School of Electrical and Computer Engineering at Georgia Institute of Technology, stated in an interview that in the future, students at the school will use this supercomputer for course projects related to computer vision, large-scale language models, robotics, supply chain management, chemical or biomedical engineering, generative artificial intelligence related creative and design pursuits, as well as independent entrepreneurship project testing.

 

Information link:

https://www.storagereview.com/zh-CN/news/nvidia-dgx-gh200-ai...

 

Blackstone CEO Su Shimin warns that the AI boom threatens the global power grid

On April 26, 2024, Su Shimin, CEO of Blackstone Group, stated at the Asia Pacific Finance and Innovation Symposium held in Melbourne that as more and more data centers are built, the artificial intelligence boom will put the industrial world's power grid at risk of overload operation. "This is something I have never seen before," Su Shimin said through online live streaming. "The amount of money invested in this field is amazing. It's happening all over the world now."

 

Information link:

http://www.chinapower.com.cn/dlxxh/cjxx/20240417/242750.html

 

IMF President: The mid-term outlook for global economic growth is far below the historical average level

On April 11, 2024, the President of the International Monetary Fund (IMF), Georgieva, delivered a speech at an online event held by the US think tank Atlantic Council, stating that the IMF expects the medium-term outlook for global economic growth to be far below historical averages, only slightly above 3%. She pointed out that by historical standards, global economic activity is weak; Since the global financial crisis, the outlook for economic growth has been increasingly weak. Currently, inflation has not been completely tamed, fiscal buffers have been exhausted, and debt levels are rising, posing significant challenges to the public finances of multiple countries.

 

Information link:

https://www.imf.org/zh/News/Articles/2024/04/sp041124-outlook-global...

 

CB Insights releases a list of the top 100 private AI companies

On April 2, 2024, CB Insights released the 8th Global Top 100 Artificial Intelligence Enterprises list after evaluating data on trading activities, industry partnerships, team strength, investor strength, and patent activities of relevant institutions. The selected enterprises cover 16 countries including the United States, France, South Africa, etc; 2) Provide over 30 solutions ranging from basic models to humanoid robots; 3) 68% belong to early-stage startups, with businesses covering virtual worlds, independent factories, and language models in segmented categories; 4) Since 2016, we have established over 600 business relationships with industry leaders such as Toyota, Netflix, and the World Bank.

 

Information link:

Cloud. tent. com/developer/news/594884

 

 

 

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