FinTech Weekly | Issue 80

Berlin carbon credit service startup Goodcarbon received € 5.25 million in financing

Goodcarbon is a start-up company headquartered in Berlin, founded in 2021, dedicated to providing high-quality carbon credits for "nature based solutions". Recently, the company announced the successful completion of a € 5.25 million financing. Ocean 14 Capital fund leads the investment, with Silvertrand Capital, renowned angel investors, and existing investors Planet A Ventures, 468 Capital, and Greenfield Capital participating. This investment aims to expand the company's natural analysis and professional knowledge, strengthen its team, and introduce more high-quality carbon offsetting projects to the market.

 

Information link:

https://www.eu-startups.com/2024/04/berlin-based...

Comment: "Nature based solutions" refer to projects aimed at protecting, sustainably managing, and restoring nature and improving ecosystems, which can effectively address social challenges while benefiting both humans and nature.

 

Amazon plans to invest $1.3 billion in France to enhance logistics and computing capabilities

According to Bloomberg, Amazon Group plans to invest nearly $1.3 billion in France this year, primarily to strengthen its logistics and computing capabilities, particularly its cloud division AWS's artificial intelligence (AI) services, which are expected to create approximately 3000 new jobs. This investment was made shortly after Amazon's latest earnings report was released. The report shows that artificial intelligence has been a key driver of the company's growth in the past quarter, as the company has launched several new Generative Artificial Intelligence (GenAI) products and services.

 

Information link:

Www.weiyangx.com/435481.com

Comment: The report states that Amazon continues to expand its partnerships with top artificial intelligence companies such as Anthropic, Meta, and Nvidia to support its artificial intelligence products.

 

In April 2024, the global venture capital financing amount was slightly higher than 22 billion US dollars, unchanged compared to the previous month

According to data from Crunchbase, the global venture capital financing amount in April 2024 was slightly higher than $22 billion, unchanged on a month on month basis and a few percentage points increase year-on-year. Despite the continued heat wave of artificial intelligence technology, the trend of slowing down risk financing continues. According to statistics, global startups received a total of 22 billion US dollars in financing last month, of which 2.4 billion US dollars went to about 1000 seed stage companies, and 10.7 billion US dollars went to C-round and subsequent financing stage companies.

 

Information link:

https://assets.kpmg.com/content/dam/kpmg/cn/pdf/zh/2023/08/venture-pulse-q1.pdf

Comment: From an industry perspective, biotechnology and healthcare have the highest total financing volume, reaching $5.7 billion, accounting for approximately 26% of the total financing. Enterprises related to artificial intelligence, hardware startups, manufacturing, and financial services have raised $3.9 billion, $3.3 billion, $2.9 billion, and $2.9 billion respectively.

 

PCF Insurance received $400 million in debt financing

The top 20 insurance brokerage firms in the United States, PCF Insurance Services, have reached a debt financing of $400 million, led by Blue Owl. This round of financing received oversubscription, increasing from the planned $300 million to $400 million. In July 2023, they reached a debt financing of $400 million. PCF Insurance offers a wide range of commercial and personal insurance products, including life insurance, health insurance, employee benefits, and work-related injury insurance.

 

Information link:

Www.reuters. com/legal/literature/pcf insurance hopes 500 mln funds 47 bln validation-202

Comment: PCF Insurance will use financing funds to accelerate its M&A strategy, acquire favorable companies, and achieve long-term growth goals.

Insurance software service provider Sapiens launches IntegrateAI

Insurance software service provider Sapiens has launched the IntegrateAI feature. IntegrateAI embeds machine learning models into decision model panels suitable for enterprises. Sapiens non-technical users are able to incorporate the machine and learning models of the data science team into a unified decision-making framework, thereby reducing the complexity of business and technology, improving control over operations and operational efficiency.

 

Information link:

https://sapiens.com/newsroom/sapiens-launches...

Comment: Generative artificial intelligence automatically translates natural language into decision models, enabling businesses to improve their level of decision automation and create greater business benefits.

 

Daxin launches MiCAssure

Daxin announced the launch of MiCAssure, a new proprietary insurance solution suitable for crypto asset service providers operating within the European Union (such as custodians, exchanges, and administrators), who must comply with upcoming crypto asset market regulations.

 

Information link:

https://www.insurtechinsights.com/marsh-introduces...

Comment: MiCA will be launched on December 30, 2024, creating a comprehensive regulatory framework for the cryptocurrency market within the European Union, aimed at addressing challenges related to legal certainty, consumer protection, and regulatory decentralization in the cryptocurrency and cryptocurrency markets.

 

Singapore Life launches cognitive impairment insurance products

Recently, Singapore Life announced the launch of insurance services for patients with cognitive impairment and other mental health issues. To enhance the impact on cognitive decline and its control clients, Singapore Life will collaborate with the Singapore Cognitive Impairment Association to provide specialized training for its financial advisors and employees.

 

Information link:

Www.weiyangx.com/435597.com

Comment: A 2015 study by the Institute of Mental Health in Singapore showed that one in ten people aged 60 and above in Singapore suffer from cognitive impairment. By 2030, this number is expected to double to 152000.

 

SBI Life launches IdeationX innovation project

SBI Life Insurance, an Indian life insurance company, has launched the first Creative Project Competition called IdeationX, aiming to increase the participation of business school students and encourage innovation. This project encourages students to think and create non-traditional life insurance solutions to meet the ever-changing needs of consumers.

 

Information link:

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

Comment: By incorporating the creativity of future leaders in India, identify consumer insurance needs and product solutions. More than 1000 students have registered, and 320 students have advanced to the final round.

Uni Bank plans to establish the fourth pure Internet bank in South Korea

On May 14, 2024, Woori Bank announced that it would join hands with the alliance led by Korea Credit Data (KCD) to establish the fourth pure Internet bank in South Korea. It is reported that there are three pure Internet banks in South Korea, namely, Toss, a mobile transfer application owned by Viva Republica, Kakao Bank operated by Kakao Corp, a mobile messaging service provider, and Kbank operated by KT, a telecommunications company.

 

Information link:

https://www.woorifg.com/chn/company/network/...

 

The Bank of Thailand releases a report on the potential for retail CBDC innovation

On May 8, 2024, the Bank of Thailand released a pilot project report on the Retail Bank Digital Currency (CBDC), outlining the technological design and financial innovation potential of the digital baht. The report points out that this pilot program has provided four key experiences: 1) CBCD can support multiple online and offline retail payment use cases; 2) It can also serve as a catalyst for innovation, paving the way for programmable payments; 3) As an open infrastructure, all types of payment service providers can access it, not just banks; 4) As an alternative to existing payment infrastructure, retail CBDC can improve resilience.

 

Information link:

https://m.mpaypass.com.cn/news/202405/10111101.html

 

Lloyd's Bank Group collaborates with Red Hat to adopt modern open source engineering practices

Cameron Emmanuel Burns Lloyds Banking Group is collaborating with American open-source solution provider Red Hat to enhance "developer experience, software quality, and speed to market" by effectively adopting endogenous practices. Lloyds Banking Group Logo - Financial Technology News - The new partnership between Lloyds Bank Group and Red Riding Hood is driven by Lloyds Bank Group's Open Source Project Office (OSPO), which is an internal department of the bank responsible for developing and implementing open source strategies, providing internal training and tools, and overseeing cooperation with external organizations.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_1286373

 

WaFd Bank will deploy Fiserv's CashFlow Central for small business clients

WaFd Bank, headquartered in the United States, has deployed new digital payment and cash flow management solutions for its small business clients using Fiserv. This Seattle based full-service bank has chosen the supplier's CashFlow Central solution. Jill Boyle, Senior Vice President and Head of Business Products and Financial Solutions Group, stated that the solution will "enable us to help customers simplify and streamline billing and payment processes.". WaFd Bank, formerly known as the Federal Bank of Washington, currently provides a range of different banking services for small businesses, including current and savings accounts, credit and payroll services, inventory systems, and customer engagement tools.

 

Information link:

https://newsroom.fiserv.com/news-releases/news...

Climate Impact X, a carbon market solution provider, launches market intelligence services

Recently, Climate Impact X (CIX), a global carbon market solution provider, announced that it will launch a new market intelligence service in July 2024 to assist in voluntary carbon market decision-making and transparency. It is reported that the service is based on the CIX Carbon Daily Report and provides exclusive access to the comprehensive trading database. In addition, the service will adopt CIX's continuously expanding screen price benchmarks, which follow global best practices and are based on active trading during designated pricing periods on the CIX exchange.

 

Information link:

ehttps://fintechnews.sg/95690/green-fintech/climate...

 

Hong Kong Monetary Authority launches Hong Kong Sustainable Finance Classification System

The Hong Kong Monetary Authority has launched the Hong Kong Sustainable Finance Classification, aimed at promoting informed decision-making on green and sustainable finance, and reducing the risk of greenwashing. The classification system developed this time is consistent with the definition of the China Green Bond Support Project Catalogue and the EU Sustainable Activities Classification, and is comparable and interoperable. Hong Kong, China has developed four main carbon reduction strategies in its 2050 climate plan, namely net zero power generation, energy conservation and green building, green transportation, and waste reduction. This classification method is closely related to the four carbon reduction strategies mentioned above, covering 12 economic activities in the four major industries of power generation, transportation, construction, water, and waste treatment. Detailed descriptions are provided for each economic activity, meeting the standards and additional requirements for green classification.

 

Information link:

https://www.hkma.gov.hk/gb_chi/news-and-media/...

 

The International Energy Agency releases a report on promoting clean technology manufacturing

The International Energy Agency has released a report on promoting clean technology manufacturing, pointing out that investment in clean energy technologies, especially solar photovoltaic and battery manufacturing, is becoming a strong driving force for global economic growth. It is predicted that about 40% of the investment in clean energy manufacturing in 2023 will be used for facilities that will be launched in 2024, and in the battery sector, this proportion is as high as 70%. In terms of geographical distribution, although China still dominates global clean energy manufacturing, the report predicts that battery manufacturing will become more dispersed in the next decade. If all announced projects can be achieved as scheduled, Europe and the United States may each account for approximately 15% of the global battery installed capacity by 2030.

 

Information link:

http://www.escn.com.cn/20240509/82e7e5b673844f9cb4574facec204e7e/c.html

 

UK and Singapore announce strengthened cooperation in sustainable finance

On May 8th, the UK Treasury and the Monetary Authority of Singapore announced the addition of sustainable finance cooperation on the basis of the agreement reached last year, expanding financing scale, and supporting net zero emissions, including the following three aspects. One is the development of transformation planning: Comparable and comprehensive transformation plans are crucial for expanding the scale of transformation financing. The two countries have updated their disclosure framework, shared guidance on transformation planning, and jointly discussed the latest developments of international financial regulatory agencies in transformation planning to expand the scale of transformation financing.

 

Information link:

https://esgnews.com/zh-CN

The White House claims to impose tariffs on Chinese goods such as electric vehicles

According to Reuters, the White House announced on May 14th that it will impose tariffs on a series of Chinese goods, including electric vehicles, computer chips, and medical supplies. According to information from the official website of the White House, tariffs on Chinese electric vehicles will be increased from the current 25% to 100%. The report states that US President Biden's move is taking the risk of deteriorating relations with China during the election year, in order to gain the support of voters who give him low ratings for economic policies. At a press conference of the Chinese Ministry of Foreign Affairs earlier on the 14th, spokesperson Wang Wenbin responded to inquiries that "Biden will announce the imposition of tariffs on Chinese goods such as electric vehicles" and stated that China will take all necessary measures to safeguard its legitimate rights and interests.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_27375799

 

The United States announces a comprehensive ban on non compete agreements

On April 23, 2024 local time, the Federal Trade Commission (FTC) announced a comprehensive ban on all employees signing new non compete agreements. For existing non compete agreements, senior management remains valid, while non compete agreements for other employees are no longer mandatory after the specified effective date. The ban is still in the public notice stage and will officially come into effect in 4 months. Non compete is a contract between an employer and an employee, which usually stipulates that for a specific period after the termination of the labor contract, the employee shall not engage in competitive behavior in the same industry to protect the rights and interests of the former employer.

 

Information link:

https://www.guancha.cn/economy/2024_04_26_732954.shtml

 

China and the United States will hold the first meeting of the intergovernmental dialogue on artificial intelligence

According to the news on the 13th of the "Broad Pacific" on the WeChat official account of the Department of American Affairs of the Ministry of Foreign Affairs, in order to implement the consensus of the Sino US Capital San Francisco meeting, the two sides agreed that China and the United States would hold the first meeting of the Sino US Intergovernmental Dialogue on Artificial Intelligence (AI) on the 14th local time in Geneva, Switzerland, to exchange information on AI technology risks, global governance and other issues of concern to each other. On the 13th, The Washington Post quoted US government officials as saying that the US delegation was led by Seth Senter, the Deputy Envoy of the State Department for Key and Emerging Technologies, and Taren Chabra, Senior Director of National Technology and National Security at the National Security Council. Chinese representatives come from the Ministry of Foreign Affairs and the National Development and Reform Commission.

 

Information link:

http://www.xinhuanet.com/20240513/6c9fb02f639f4834a83a749de357998f/c.html

 

Report: Consumer downgrades are widespread in the United States, and the trend of "buy first, pay later" is becoming more prevalent

On Thursday Eastern Time, marketing data analytics platform Adobe Analytics released a report stating that from January to April this year, online retail sales in the United States increased by approximately 7% to $331.6 billion, compared to $309.8 billion in the same period last year. Despite the continuous growth of online retail in the United States, the pressure on American consumers' living expenses has increased due to the continued intensification of inflation. This has led many consumers, especially low - and middle-income consumers, to rely more on credit cards and "buy before pay" (BNPL) methods to maintain their lifestyle. The e-commerce expenditure driven by BNPL platform reached a record breaking $25.9 billion, an increase of 11.8% compared to the same period last year

 

Information link:

https://www.guancha.cn/economy/2023_12_06_718165.shtml

Nextrade, South Korea's first alternative trading system, will be put into operation in the first half of next year

On May 10, 2024, the Financial Services Commission (FSC) of South Korea announced that the country's first alternative trading system (ATS), Nextrade, will be operational in its domestic market in the first half of next year. The launch of Alternative Trading System (ATS) is a key part of the South Korean government's capital market reform measures, which helps to improve trading convenience and make it easier for investors to enter the domestic capital market in South Korea. With the operation of alternative trading systems, the trading hours for Korean stocks will be extended to 12 hours per day (from 08:00 in the morning to 08:00 in the afternoon).

 

Information link:

https://www.nextrade.co.kr/eng/intro/index.jsp

 

The Measures for the Management of Beneficial Owner Information have been promulgated

On April 30, 2024, the People's Bank of China, in conjunction with the State Administration for Market Regulation, issued the "Management Measures for Beneficial Owner Information". The Management Measures have made specific provisions for the filing and management of beneficial owner information, with the main impact being the possible exposure of certain special equity/share/partnership equity arrangements (such as equity agency, VIE structure, family trust shareholding, etc.), identity flaws of certain beneficial owners (such as de facto dual nationality of Chinese and foreign nationals), and potential legal, tax, foreign exchange management consequences that may arise from this.

 

Information link:

http://www.pbc.gov.cn/tiaofasi/144941/144957/5342579/index.html

 

New rules on deposit inheritance: The first order inheritor has the right to query the transaction details of the deceased depositor's account

Recently, the State Administration for Financial Regulation and the People's Bank of China jointly issued the "Notice on Optimizing the Requirements for Small Deposit Withdrawals of deceased Depositors" (hereinafter referred to as the "Notice") to optimize processing requirements and further enhance the convenience of deposit inheritance. The notice will be implemented from June 1, 2024. After the implementation of the Notice, the simplified withdrawal account limit for small deposits of deceased depositors has been uniformly increased to 50000 yuan. In addition, the notice specifies that banks can provide account transaction details for the deceased depositor after their death and within the 6 months prior to their death at the request of the first in line heirs.

 

Information link:

https://www.gov.cn/zhengce/zhengceku/202404/content_6947875.htm

 

National Charity Trust Development Research Report (Q1 2024) released

Recently, the National Charity Trust Development Research Report summarized and analyzed the development trend of national charity trusts in the first quarter of 2024. According to the report, the peak size of charitable trust assets in China reached 14.6578 million yuan in the first quarter of 2024. Civil affairs departments of 16 provinces, autonomous regions, and municipalities directly under the central government have filed charitable trusts nationwide. 26 trusts have publicly displayed their charitable trust business, and 13 commercial banks have carried out charitable trust custody business. 20 charitable trusts have set up supervisors, and law firms have become the main choice.

 

Information link:

https://www.dehenglaw.com/CN/tansuocontent/0008/030686/7.aspx?MID=0902

OpenAI co-founder and chief scientist is about to resign and embark on a new round of entrepreneurship

Ilya Sutskever, co-founder and chief scientist of OpenAI, announced on social media platform X on the evening of May 14th that he will leave the company in nearly a decade. Ilya said he will share the details of his next project, which he called "very meaningful to him personally.".

 

Information link:

https://www.thepaper.cn/newsDetail_forward_27383956

 

MIT research team: Some artificial intelligence systems have learned how to deceive humans

Recently, a research team at the Massachusetts Institute of Technology in the United States stated that some artificial intelligence systems have learned how to deceive humans, including some that claim to have been trained to be helpful and honest. The research findings were published in the Journal of Patterns, a subsidiary of Cell Press in the United States. Researchers suggest that while cheating in games by artificial intelligence systems may seem harmless, it may lead to breakthroughs in deceptive AI capabilities and evolve into more advanced forms of AI deception in the future.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_27350592

 

Failure to timely return funds to account closure users, financial technology company Chime punished by CFPB

On May 7, 2024, the US Consumer Financial Protection Agency (CFPB) took action against Chime Financial for failing to issue timely refunds when consumer accounts were closed. Thousands of consumers wait for weeks or even months to receive balance refunds after closing their accounts, causing significant economic losses to consumers who are unable to access critical funds to help achieve balance of payments. In some cases, consumers have to seek expensive forms of credit to pay their due bills. CFPB demands that Chime provide at least $1.3 million in compensation to consumers it harms and pay a fine of $3.25 million to the CFPB Victims Relief Fund. Chime Financial is a non bank company headquartered in San Francisco. The company collaborates with banks to provide financial products, including checking accounts, savings accounts, and credit cards.

 

Information link:

https://bankingjournal.aba.com/2023/11/chime-inc...

 

Japan plans to regulate artificial intelligence developers

According to foreign media reports, Japan is considering following in the footsteps of the United States and the European Union to regulate artificial intelligence developers. In the past, Japan has relied on a corporate self-discipline system guided by the government's Artificial Intelligence Guidelines to promote the development of the industry. However, concerns about the misuse of artificial intelligence technology have prompted the Japanese government's Artificial Intelligence Strategy Committee to initiate discussions on developing a legal framework, with the core of these discussions being a draft proposal submitted by the ruling Liberal Democratic Party (LDP) in February. The proposal of the Liberal Democratic Party mainly targets large artificial intelligence developers, such as OpenAI, the developer of ChatGPT.

 

Information link:

https://new.qq.com/rain/a/20230913A03ZUX00

 

 

 

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.