FinTech Weekly | Issue 78

AI search engine Perplexity raised $62.7 million, with Nvidia participating in the investment

On April 23, 2024, the artificial intelligence search engine Perplexity announced a financing of $62.7 million, with a platform valuation of $1.04 billion, ranking among unicorn startups. Unlike Google, Perplexity creates a narrative answer for users with a citation link. Since its establishment in 2022, Perplexity's annualized revenue has reached between $15 million and $20 million. Most of the revenue comes from the sale of the Perplexity Pro subscription service, which provides users with a powerful third-party large language model (including OpenAI's GPT-4 and Meta's open-source Llama-3 LLM) direct access channel.

 

Information link:

https://techcrunch.com/2024/0

Comment: In the future, the success of Perplexity may mainly depend on whether it can provide more accurate and complete AI generated answers than Google or other companies - especially for "commercial" searches for products such as cars and insurance policies - and/or provide answers faster.

 

Goldman Sachs sells all of its digital investment account Marcus Invest to Betterment

On April 22, 2024, digital investment advisory firm Betterment announced that it had reached an agreement with Goldman Sachs Group to acquire all digital investment accounts and related assets of Marcus Invest, excluding other accounts, technology, and employees in this transaction. According to this agreement, the relevant accounts will be transferred to Betterment on June 29th.

 

Information link:

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

Comment: In February 2021, Goldman Sachs announced the launch of Marcus Invest, primarily targeting retail investors and committed to promoting automated stock trading. Goldman Sachs' target users typically need to have assets of $10 million, compared to Marcus Invest's minimum account balance standard of only $1000.

 

Klarna, a "buy first, pay later" platform, sells virtual shopping platform Hero

Recently, Klarna, a "buy first, pay later" platform, announced the sale of virtual shopping platform Hero to video commerce company Bamuser for 1.3 million euros. Hero's virtual shopping platform connects millions of shoppers with product experts through text, chat, and video. Hero's clients include global brands such as Levi, rag&bone, Chlo é, and Harvey Nichols.

 

Information link:

https://www.klarna.com/international/press/klarna...

Comment: Three years ago, when acquiring the company, Klarna stated that it would promote Hero to its 250000 retail partners and hope to provide consumers with a better in store shopping experience. However, the business has currently been sold to Bamuser, headquartered in Stockholm, who is acquiring a newly formed UK company to hold Hero assets, and the transaction is expected to be completed in May.

 

Indonesia Insurance Technology Qoala Financing $47 million

Indonesian insurance technology company Qoala has reached a financing of $47 million, led by PayPal Ventures and MassMutual Ventures. Qoala was founded in 2018 and provides various insurance products from multiple insurance companies. Their innovative distribution model collaborates with e-commerce and marketing platforms to reach more customers. Consumers can also enjoy the convenience of purchasing insurance on Qoala's website and mobile applications.

 

Information link:

https://newsroom.paypal-corp.com/2024-03-27-PayPal...

Comment: This milestone financing round has provided the company with sufficient resources to enhance its technological level and consolidate its industry position in both domestic and international markets.

Malayan Insurance and Atradius Cooperative Trade Credit Insurance

Malayan Insurance collaborates with Atradius to provide trade credit insurance to Philippine companies and improve their risk management level. This move will utilize risk identification and mitigation technologies to expand the market scope of trade credit insurance, provide a financial safety net for large and medium-sized enterprises, and reshape the Philippine insurance market.

 

Information link:

https://philippinesgraphic.com.ph/2024/03/26/...

Comment: They will provide protection for various types of enterprises, resist the risk of customer default and inability to pay, and support the development of Philippine enterprises. Customers will benefit from more favorable credit terms, better financing options, and credit management tools.

 

Insurance and OIP Robotics Collaborate with Property Insurance Companies

Insurance cloud software service provider Insurance announced a partnership with OIP Robotics, an insurance technology data and software service laboratory. This collaboration will mention automation efficiency, innovate policy lifecycle management, and improve property insurance data processing capabilities.

 

Information link:

https://insurity.com/press-release/insurity-partners-oip-robotics-transform-data..

Comment: According to the cooperation content, OIPR's artificial intelligence technology will be embedded into Insurance's SaaS products, and integrated into all Insurance products through single text input points, simplifying the processing process.

 

UK financial service provider Admiral has reached a partnership with Google Cloud

British financial service provider Admiral has reached a strategic partnership with Google Cloud to transform into a digital operating model, improve user experience, and drive innovation capabilities. Their core insurance operation system, including policy management and digital systems, will seamlessly adopt Google's cutting-edge technology platform.

 

Information link:

https://www.googlecloudpresscorner.com/2024-02-14...

Comment: This collaboration marks Admiral's continued development of innovative digital products and services, bringing users a more intuitive and simplified user experience. This collaboration will also be based on containerized cloud applications and emerging software development technologies to accelerate the time to market of new products.

 

Libao Mutual Aid strengthens global business through Asia Pacific expansion

Libo Mutual has announced a significant update to its Global Risk Solutions (GRS) business, which is responsible for handling the company's global commercial and professional (re) insurance as well as international insurance services. These strategic enhancements aim to expand the company's market share, especially in the Asia Pacific region, and optimize customer and broker interactions by improving operational clarity and accessibility.

 

Information link:

https://www.libertymutual.com.cn/about

Comment: The main progress announced includes the establishment of a new international insurance business unit, integration of two Asian business entities, and modification of its global guarantee framework. These measures are part of GRS's broader strategy aimed at improving its global operational capabilities while ensuring effective local implementation to meet the constantly changing needs of customers and partners.

BIS research: The impact of artificial intelligence on output and inflation

Recently, the Bank for International Settlements (BIS) released a report on the impact of artificial intelligence on output and inflation. The report points out that artificial intelligence has significantly increased total output, consumption, and investment in both the short and long term by stimulating productivity growth. The higher total demand and the related changes in relative prices and input costs are much more important than the direct initial productivity improvement brought about by artificial intelligence applications. The impact of artificial intelligence on inflation is uncertain.

 

Information link:

https://www.bis.doc.gov/index.php/documents/about...

 

Fuguo Bank will use artificial intelligence technology in its trade financing business

Recently, American banking giant Wells Fargo announced that it will use the TradeSun artificial intelligence platform to digitize and optimize its trade financing and compliance processes. Reduce the risks in its trade financing business, while applying artificial intelligence technology to collect, validate, and classify unstructured data to meet its compliance and document validation requirements. In recent years, Wells Fargo Bank has been continuously increasing its digital solutions. For example, in 2022, Wells Fargo Bank partnered with Google Cloud to launch Fargo Virtual Assistant, and in the same year launched Vantage Digital Commercial Banking Platform, which also utilizes artificial intelligence technology.

 

Information link:

https://new.qq.com/rain/a/20240113A035PO00

 

Canada promises to enact open banking legislation by the end of the year

After a three-year investigation, the Canadian government announced that it will legislate against open banks by the end of this year. It is reported that this legislation mainly involves six core framework elements, including governance, scope, certification, general rules, national security, and technical standards. Among them, the relevant governance and regulatory tasks will be entrusted to the Financial Consumer Agency of Canada (FCAC). The Canadian government has stated that it will allocate 5.1 million Canadian dollars over the next three years for the establishment and implementation of the legislative framework. However, the specific effective time of this legislative framework has not been finalized.

 

Information link:

https://www.weiyangx.com/434602.html

 

New Zealand Central Bank conducts public opinion consultation on digital cash

The Reserve Bank of New Zealand announced that it will conduct public consultation on "digital cash" from April 17 to July 26, 2024. It is reported that "digital cash" will become New Zealand's first digital currency supported by the government and open to the public. It will be used together with existing physical cash in the form of paper and coins, effectively ensuring its privacy and security. The Bank of New Zealand stated that the entire "digital cash" exploration plan will be carried out in stages and is expected to continue until 2030.

 

Information link:

https://www.cryptopolitan.com/zh-cn

South Korean financial institutions hold a meeting to discuss key details of ESG disclosure standards

On April 22, 2024, the Financial Services Commission (FSC) of Korea held its fourth ESG (Environmental, Social, and Governance) Financial Working Group meeting with relevant departments, industry groups, investors, and experts to discuss the details of the draft ESG disclosure standards in Korea. FSC Vice Chairman Kim So ying chaired the meeting and outlined the basic principles and key details of the standard draft.

 

Information link:

https://www.weiyangx.com/434748.html

 

Singapore invests SGD 35 million in enhancing sustainable financial skills in the financial industry

The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory body of Singapore, announcing a funding of SGD 35 million (USD 26 million) over the next three years to support skill enhancement and retraining programs to cultivate sustainable finance experts in the financial services industry.

 

Information link:

https://cn.technode.com/post/2024-04-22/as-sets...

 

Norway plans to eliminate carbon emissions on a large scale

Climeworks, the global leader in carbon dioxide removal (CDR), has received funding from Enova for 2.2 million Swiss francs (26 million Norwegian kroner) through DAC+S technology. Enova aims to help companies that want to capture a large amount of carbon dioxide make investment decisions closer to capture factories, with the goal of putting them into operation by 2030. Climeworks is one of the nine award-winning projects, with a total target capture capacity of 1.7 million tons of carbon dioxide per year. This is almost half of the emissions from all passenger cars in Norway. Enova is a state-owned enterprise owned by the Norwegian Ministry of Climate and Environment.

 

Information link:

https://esgnews.com/zh-CN/norway-eyes-large-scale...

 

95% of Apple's supply chain promises 100% use of renewable energy by 2030

Apple announced significant progress in achieving its value chain decarbonization goals, revealing that over 320 suppliers (accounting for 95% of the company's direct manufacturing expenditures) have now committed to using 100% renewable energy for Apple's production by 2030, up from about 250 suppliers last year. In addition to the supply chain, Apple has also announced measures to address the greenhouse gas emissions generated by customers when using its devices, which means that by 2030, devices charged with clean electricity will match the electricity used by customers.

 

Information link:

https://www.apple.com.cn/newsroom/2020/07/apple...

The European Union will approve Apple's opening of mobile payment technology to third parties

Recently, foreign media quoted informed sources as saying that after adjusting some terms, Apple's proposal to open its "tap and go" mobile payment system to competitors will be approved by EU regulatory authorities as soon as next month. Two years ago, the European Commission accused Apple of preventing other mobile payment application developers from using its "pay as you go" technology, known as near-field communication (NFC), in order to hinder competition. In January of this year, Apple proposed allowing competitors to use NFC technology on iPhones, iPads, and other Apple mobile devices for free, without the need for Apple Pay or Apple Wallet.

 

Information link:

https://finance.sina.com.cn/tech/mobile/n/n/2024-04-22/doc-inasniyu5292286.shtml

 

Blair Institute: Fintech should become the engine of economic growth and development in the UK

A report jointly released by the Tony Blair Institute for Global Change and the Startup Coalition recently stated that if the Labour Party wins the upcoming UK election, it must use the fintech industry as an engine to drive economic growth in the UK. The report points out that incentives such as optimizing R&D tax credits and stock option plans can create opportunities for fintech exports and provide regulatory certainty.

 

Information link:

https://www.weiyangx.com/434641.html

 

A meeting of G20 finance ministers and central bank governors was held to discuss topics such as sustainable finance

On April 17-18, 2024, during the spring meeting of the International Monetary Fund, the Group of Twenty (G20) held its second meeting of G20 finance ministers and central bank governors in Washington D.C., mainly discussing progress in developing sustainable finance and improving the international financial architecture.

 

Information link:

http://www.pbc.gov.cn/hanglingdao/128697/128734/128874/5332853/index.html

 

The UK government has released an intelligent data roadmap, with a focus on energy and finance sectors

On April 19, 2024, the UK government released The Smart Data Roadmap, which focuses on the opportunities and challenges of intelligent data in seven areas: banking, energy, finance, home purchasing, retail, telecommunications, and transportation. The UK government has stated that smart data will unlock data for individuals and businesses, allowing businesses to easily access this data with consumer consent, providing new services to promote investment, improve productivity, optimize competitive outcomes, and drive economic growth.

 

Information link:

https://xueqiu.com/3675440587/277423985

UN agency report: Conflicts and crises have disrupted normal investment patterns

On April 23, 2024, the United Nations Organization for Trade and Development released a report entitled "Global economic fragmentation and shifting investment patterns", emphasizing the necessity of incorporating sustainability and development into investment strategies. Foreign direct investment and global value chain growth are no longer aligned with GDP and trade growth, indicating significant changes in the global economy.

 

Information link:

https://m.jiemian.com/article/11086018_microcontent.html

 

The Hong Kong Insurance Regulatory Commission and the Independent Commission Against Corruption (ICAC) jointly crack down on suspected unlicensed policy sales to mainland travelers for the first time

Recently, the Hong Kong Insurance Regulatory Authority and the Independent Commission Against Corruption (ICAC) took joint action for the first time to crack down on corruption and violations of unlicensed policy sales to mainland clients. The joint action is carried out in accordance with the Memorandum of Understanding on Cooperation signed by both parties on October 26, 2023. The Insurance Regulatory Commission and the Independent Commission Against Corruption (ICAC) personnel conducted search warrants at four locations for two consecutive days, including searching the offices of a licensed insurance brokerage company and a referral company. In the joint operation, the ICAC also arrested one broker and one referral company.

 

Information link:

https://www.icac.org.hk/sc/p/press/index_id_1853.html

 

IMF: The US deficit poses a "significant risk" to the global economy

The International Monetary Fund (IMF) recently warned that the huge US fiscal deficit exacerbates inflation and poses a "significant risk" to the global economy. The Financial Times, a British media outlet, recently reported that the latest Financial Monitoring Report released by the IMF shows that the US fiscal deficit is expected to reach 7.1% of Gross Domestic Product (GDP) next year, while the average level of other developed economies is only 2%. The Financial Times cited an IMF report stating that large-scale US spending may have far-reaching impacts on the global economy and pose risks to other economies. Therefore, the United States urgently needs to address the serious imbalance between expenditure and income.

 

Information link:

Finance. sina. cn/2024-04-21/detail inasqxpt1920056. d. HTML

 

UBS downgrades the stock ratings of technology giants such as Nvidia to "neutral"

UBS has downgraded the ratings of the six major technology giants, Apple, Amazon, Alphabet, Meta Platforms, Microsoft, and Nvidia, from "overweight" to "neutral" due to the expected slowdown in stock yield growth.

 

Information link:

https://m.jiemian.com/article/11082577_microcontent.html

 

Hong Kong International Talent Technology Group officially established

In order to deeply participate in the talent construction of the Guangdong Hong Kong Macao Greater Bay Area and seize the significant historical opportunity of talent development in the Greater Bay Area, the unveiling ceremony of Hong Kong International Talent Technology Group Co., Ltd. (hereinafter referred to as Hong Kong International Talent Technology Group), jointly organized by Guangzhou Talent Group and the Beijing Office of Guangzhou Municipal People's Government, was successfully held in Hong Kong on April 23. The establishment of Hong Kong International Talent Technology Group has opened up a new journey for deep participation in the talent service construction of the Guangdong Hong Kong Macao Greater Bay Area. The company will focus on the construction of international talent workstations, high-end talent search and recruitment, international human resources consulting, talent exploration, talent exchange, and other aspects to promote the comprehensive and coordinated development of various main businesses, continuously polishing the international brand of Guangzhou Talent Group, and striving to create an international, digital, and industrialized technology innovation talent exchange platform.

 

Information link:

https://www.xhby.net/content/s6628c4bce4b0adf45fde7031.html

UN agency report: Conflicts and crises have disrupted normal investment patterns

On April 23, 2024, the United Nations Organization for Trade and Development released a report entitled "Global economic fragmentation and shifting investment patterns", emphasizing the necessity of incorporating sustainability and development into investment strategies. Foreign direct investment and global value chain growth are no longer aligned with GDP and trade growth, indicating significant changes in the global economy.

 

Information link:

https://m.jiemian.com/article/11086018_microcontent.html

 

The Hong Kong Insurance Regulatory Commission and the Independent Commission Against Corruption (ICAC) jointly crack down on suspected unlicensed policy sales to mainland travelers for the first time

Recently, the Hong Kong Insurance Regulatory Authority and the Independent Commission Against Corruption (ICAC) took joint action for the first time to crack down on corruption and violations of unlicensed policy sales to mainland clients. The joint action is carried out in accordance with the Memorandum of Understanding on Cooperation signed by both parties on October 26, 2023. The Insurance Regulatory Commission and the Independent Commission Against Corruption (ICAC) personnel conducted search warrants at four locations for two consecutive days, including searching the offices of a licensed insurance brokerage company and a referral company. In the joint operation, the ICAC also arrested one broker and one referral company.

 

Information link:

https://www.icac.org.hk/sc/p/press/index_id_1853.html

 

IMF: The US deficit poses a "significant risk" to the global economy

The International Monetary Fund (IMF) recently warned that the huge US fiscal deficit exacerbates inflation and poses a "significant risk" to the global economy. The Financial Times, a British media outlet, recently reported that the latest Financial Monitoring Report released by the IMF shows that the US fiscal deficit is expected to reach 7.1% of Gross Domestic Product (GDP) next year, while the average level of other developed economies is only 2%. The Financial Times cited an IMF report stating that large-scale US spending may have far-reaching impacts on the global economy and pose risks to other economies. Therefore, the United States urgently needs to address the serious imbalance between expenditure and income.

 

Information link:

Finance. sina. cn/2024-04-21/detail inasqxpt1920056. d. HTML

 

UBS downgrades the stock ratings of technology giants such as Nvidia to "neutral"

UBS has downgraded the ratings of the six major technology giants, Apple, Amazon, Alphabet, Meta Platforms, Microsoft, and Nvidia, from "overweight" to "neutral" due to the expected slowdown in stock yield growth.

 

Information link:

https://m.jiemian.com/article/11082577_microcontent.html

 

Hong Kong International Talent Technology Group officially established

In order to deeply participate in the talent construction of the Guangdong Hong Kong Macao Greater Bay Area and seize the significant historical opportunity of talent development in the Greater Bay Area, the unveiling ceremony of Hong Kong International Talent Technology Group Co., Ltd. (hereinafter referred to as Hong Kong International Talent Technology Group), jointly organized by Guangzhou Talent Group and the Beijing Office of Guangzhou Municipal People's Government, was successfully held in Hong Kong on April 23. The establishment of Hong Kong International Talent Technology Group has opened up a new journey for deep participation in the talent service construction of the Guangdong Hong Kong Macao Greater Bay Area. The company will focus on the construction of international talent workstations, high-end talent search and recruitment, international human resources consulting, talent exploration, talent exchange, and other aspects to promote the comprehensive and coordinated development of various main businesses, continuously polishing the international brand of Guangzhou Talent Group, and striving to create an international, digital, and industrialized technology innovation talent exchange platform.

 

Information link:

https://www.xhby.net/content/s6628c4bce4b0adf45fde7031.html