FinTech Weekly | Issue 83

Cross border B2B payment platform Nium receives $50 million in Series E financing and plans to go public next year

This week, cross-border B2B payment platform Nium announced a $50 million Series E financing, with a platform valuation of $1.4 billion, a 30% decrease from $2 billion in 2022. This round of financing is led by an unnamed Southeast Asian sovereign wealth fund and supported by venture capital firms Tribe Capital, BOND, and NewView Capital. Nium plans to use new funds to drive its activities in M&A, hire "top talent", accelerate its global network expansion, and drive product development.

 

Information link:

https://www.nium.com/newsroom/nium-raises-us50...

Comment: Nium was founded in 2016 and headquartered in San Francisco and Singapore. It achieved good revenue performance in 2023, with an increase of over 50% compared to 2022. The company currently holds regulatory licenses in over 40 countries and has recently obtained approval from regulatory agencies in Japan and New Zealand.

 

Marketnode, a digital market infrastructure operator, received Series A financing and Temasek participated in the investment

Recently, Marketnode, a digital market infrastructure operator headquartered in Singapore, announced the acquisition of Series A financing, with investors including Temasek and HSBC participating. Marketnode stated that it will use this financing to expand its neutral financial infrastructure across key asset categories and launch other tokenized asset products. In addition, this financing will also provide support for Marketnode's upcoming investment fund infrastructure Fundnode.

 

Information link:

https://www.marketnode.com

Comment: Since 2020, HSBC and Marketnode have been developing a digital market infrastructure covering credit, funds, and structured products.

 

UAE Real Estate Technology Company Keyper Financing $4 million

Recently, Proptech, a real estate technology company in the United Arab Emirates, announced a financing of $4 million. This financing is led by top regional venture capital firm BECO Capital and Middle East venture capital partner (MEVP), with existing investors, Vivium Holding, Jabbar Group, Signature Developers, and some new investors participating.

 

Information link:

https://gulfnews.com/business/property/uae-based...

Comment: Keyper will use this financing to continue advancing the digitalization process of the leasing experience in the UAE and expanding its "rent before pay" (RNPL) solution. In addition, the company actively promotes partnerships in fintech, payment, and tenant screening, and strengthens data cooperation with real estate entities and regulatory agencies.

 

Swedish climate fintech platform Doconomy receives 34 million euros in financing

On May 30, 2024, Swedish fintech startup Doconomy announced a funding of 34 million euros, UBS Next、Commerz Ventures、 Multiple institutions including S&P Global, existing shareholders Motive Ventures, PostFinance, and Tenity participated in the investment. Doconomy was founded in 2018 and collaborates with institutions such as Boston Consulting Group, S&P Global, Mastercard, and the United Nations Framework Convention on Climate Change to help clients calculate climate costs related to financial transactions. For example, the company has launched a tool called AIand Index, a cloud based banking service that can help customers convert each transaction into corresponding carbon dioxide emissions.

 

Information link:

Doco nomyhttps://www.doconomy.com/resources/ubs-commerz...

Comment: Currently, the index is used by over 100 financial institutions from over 40 countries. Doconomy CEO and co-founder Mathias Wikstrom stated in an interview that Doconomy plans to use this new funding to expand into North America and launch new products.

Embedded insurance platform Embri launches retail insurance products

The embedded insurance platform Embri provides a comprehensive insurance solution suitable for the high-end luxury retail industry. The goal of Embri platform is to completely change the insurance service mode of luxury retail industry. In addition, by integrating insurance products into the online or offline purchasing process, Embri ensures that customers receive insurance immediately at the point of purchase.

 

Information link:

https://fintech.global/2024/05/22/embedded...

Comment: Embri has spent over a year collaborating with luxury retail brands and insurance companies to research and develop proprietary seamless insurance solutions, filling the insurance gap in the luxury retail market and expanding new sources of revenue for retailers.

 

German insurance technology company INZMO launches AI legal chatbot

INZMO, an insurance technology company headquartered in Berlin, Germany, has launched an AI based legal chatbot called RentalBot, providing support for tenants and landlords. This chatbot aims to simplify the way tenants and landlords obtain legal information, mainly serving the German market. They provide expert insights on leasing issues, but cannot replace the need for lawyers or legal representatives in court.

 

Information link:

https://insurtechdigital.com/articles/insurtech...

Comment: Although RentalBot cannot create document templates, it can provide users with guidance on the format and content of legal documents.

 

Health insurance company Aflac announces partnership with Nayya

Aflac, a supplementary medical insurance service provider, announced a partnership with Nayya to improve the employee medical insurance claim experience. Through this collaboration, Nayya, who provides digital employee welfare insurance, will promote the integration of supplementary health claims events in the Aflac group welfare department.

 

Information link:

https://newsroom.aflac.com/2024-05-23-Aflac-Group...

Comment: Aflac stated that its collaboration with Nayya will help policyholders reduce their financial burden by proactively informing them of insurance benefits during eligible medical events, while Nayya's technology combines medical claim data with supplementary health plans. This collaboration is expected to improve Aflac's customer satisfaction, thereby increasing customer retention rates.

 

ICEYE improves flood insurance management mechanism through satellite systems

ICEYE has launched a satellite based solution aimed at strengthening the lifecycle management of flood insurance in the UK insurance industry. The company's flood warning system provides insurance companies with accurate warning of potential flood impacts up to the building level, up to four days in advance. ICEYE's rapid flood impact solution can provide satellite based maps of potential disaster areas within 12 hours after a flood occurs, updated every 8 to 12 hours.

 

Information link:

https://www.iceye.com/sar-data

Comment: The system can track the flow of floods in real-time regardless of weather conditions. These solutions aim to assist insurance companies in monitoring and predicting flood risks for specific assets in their investment projects.

UAE Central Bank approves the release of stablecoin regulation and licensing regulations

Recently, the Central Bank of the United Arab Emirates (CBUAE) approved the release of stablecoin regulation and licensing regulations, which clarify the issuance, licensing, and regulation of payment tokens supported by the UAE dirhams (AED). UAE lawyers have stated that payment tokens must be supported by UAE dirhams (AED) and cannot be linked to other currencies, digital assets, or algorithms. Merchants and service providers can only accept AED supported tokens and cannot accept other virtual assets.

 

Information link:

www.iyiou.com/briefing/202406051610675

 

Qatar's central bank launches the first fintech fast sandbox in the Middle East region

On May 30, 2024, in accordance with the third financial sector strategy, fintech strategy, and ongoing regulatory and development goals in the financial sector, the Qatar Central Bank announced the launch of the first "fintech fast sandbox" plan in the Middle East region. Financial institutions, licensed fintech companies, startups, and technology companies cooperating with licensed financial entities (domestic and international) can all apply to join. Institutions that meet the standards need to have a good record of financial service providers, fully understand the local market in Qatar, have a stable financial level, mature business and operational models, and comply with international and local standards.

 

Information link:

https://www.cointeeth.com/zh/news/qatar-central...

 

Qatar Central Bank launches central bank digital currency project

On June 2, 2024, the Qatar Central Bank (QCB) announced that the infrastructure development work for the Qatar Central Bank's Digital Currency Project (CBDC) has been completed. The Qatar Central Bank stated that after successfully completing comprehensive research in this field, it will continue to test and develop specific applications for CBDC to settle large payments with a group of local and international banks in an experimental environment designed based on the latest advanced technology.

 

Information link:

www.jinse.cn/blockchain/3687145.html

 

The Bank of India encourages fintech companies to adopt a new framework for self-regulation

After soliciting feedback on the draft framework in January this year, the Reserve Bank of India (RBI) recently finalized the Self Regulatory Organization (SRO) certification framework for the fintech industry. RBI stated that the initial identification process for relevant SROs will begin in the near future. Interested self regulatory organizations can start submitting applications, and the final list of candidates will be announced on the RBI website. It is reported that this move aims to encourage the Indian fintech industry to carry out self-regulation and ensure that there is a regulatory infrastructure to manage the technologies and emerging institutions that are about to be introduced into the industry.

 

Information link:

www.weiyangx.com/436286.html

World Meteorological Organization: El Ni ñ o shows signs of ending, long-term warming trend remains unchanged

The latest news released by the World Meteorological Organization (WMO) recently indicates that the global El Ni ñ o phenomenon, which has lasted for several days, is showing signs of coming to an end and may return to La Ni ñ a later this year. This El Ni ñ o event started in May 2023 and reached its peak in December 2023. After January 2024, it gradually declined, making it one of the five strongest El Ni ñ o events on record.

 

Information link:

https://wmo.int/zh-hans/news/media-centre/eerninuo...

 

German soil carbon monitoring SaaS platform provider Seqana completes angel round financing

Recently, Seqana, a German SaaS platform provider for soil carbon monitoring, completed an angel round of financing with investors including Counteract, High Tech Gr ü nderfond, and ReGen Ventures. Seqana was founded in 2021 and focuses on enhancing soil carbon monitoring, reporting, and validation (MRV) through machine learning and satellite technology. Its innovative technology promotes the large-scale removal of carbon through soil carbon, thereby supporting the demand for carbon offsetting and the transition to renewable agriculture.

 

Information link:

https://www.seqana.com

 

The European Council recently approved the withdrawal of the EU and the European Atomic Energy Community from the Energy Charter Treaty

The European Council recently approved the withdrawal of the EU and the European Atomic Energy Community from the Energy Charter Treaty. In July last year, the European Commission submitted a proposal for the EU and the European Atomic Energy Community to withdraw from the Energy Charter Treaty, stating that the treaty no longer meets the EU's climate goals under the European Green Agreement and the Paris Agreement.

 

Information link:

https://news.cnr.cn/native/gd/20240531/t20240531_526725567.shtml

 

The Australian Securities and Investment Commission has launched a "greenwashing" accusation against Active Super

Recently, the Australian Securities and Investment Commission (ASIC) announced that it has filed a court lawsuit against Active Super, a pension fund, accusing the fund of making misleading ESG (Environmental, Social, and Governance) statements to its members by investing in companies in industries claimed to have been excluded from its holdings.

 

Information link:

www.au123.com/static/content/AZ/SX/2023-08-14/1140618459249417330.html

NGFS releases the Central Bank's Sustainable and Responsible Investment Report

On May 16, 2024, the Central Bank and regulatory agency Green Finance Network (NGFS) released a cover report and two technical documents on Sustainable and Responsible Investment (SRI) in Central Bank's portfolio management. Climate related risks may bring significant economic and financial risks that investors need to consider. Through these reports, NGFS encourages global central banks and regulatory agencies to set an example by further incorporating sustainability considerations into their investment portfolio management without compromising their main tasks.

 

Information link:

http://greenfinance.pbcsf.tsinghua.edu.cn/i

 

Australia plans to launch new regulations on "buy first, pay later" regulation

According to data from the research firm Finder, in recent years, Australian users have seen a surge in the use of buy before pay (BNPL) products from companies such as Afterpay, Klarna, and Zip, with approximately 40% of respondents using such products in the first half of this year. The Australian government stated that BNPL has brought competition to the credit market, but most of these products are currently not covered by the Australian National Consumer Credit Act. To address this issue, the Australian government is planning to revise the bill, requiring providers to hold credit licenses and comply with existing legal requirements. However, this legislation will also establish a new category of "low-cost credit", with the aim of reflecting BNPL's lower risk and cost compared to other regulated forms of credit.

 

Information link:

www.mpaypass.com.cn/news/202207/26104537.html

 

Saudi Arabia launches a 1 billion riyal fund to invest in semiconductor companies

On June 5th, Saudi Arabia announced at the Semiconductor Future Forum held in Riyadh that it will establish a fund to invest in semiconductor companies planning to conduct business in Saudi Arabia. A Saudi investment consortium, including venture capital firms, will provide funding with the goal of operating 50 semiconductor companies in Saudi Arabia within 5-6 years.

 

Information link:

www.eet-china.com/news/202406072141.html

 

The Japanese government's "Comprehensive Innovation Strategy" promotes AI legislation

On June 4, 2024, the Japanese Cabinet passed the "Comprehensive Innovation Strategy" for the fiscal year 2024. The strategy points out that in the context of increasingly severe labor shortages in Japan, relying on AI and robot technology to achieve automation and save labor is an urgent task, and preventing and responding to disasters is also an urgent issue. In these areas, the role of science and technology is becoming increasingly important, so it is necessary to accelerate the practical application of AI and robotics technology. In response to the problems of false information dissemination and crime that have emerged with the development of AI, this strategy clearly states that a new expert advisory group will be established under the Japanese government's AI strategy conference to discuss how to regulate AI that may promote discrimination, prejudice, and abuse.

 

Information link:

http://www.news.cn/world/20240604/231d50c7b45d4639958968a...

World Migration Report 2024 released

On May 7, 2024, the International Organization for Migration of the United Nations released the latest World Migration Report 2024. The report summarizes significant changes in global migration patterns, including historic highs in the number of displaced persons and a significant increase in international remittances. The report shows that currently, there are approximately 281 million international immigrants worldwide, accounting for 3.6% of the total global population. Compared to 1990 (153 million) 30 years ago, there has been an increase of approximately 128 million people, which is more than three times the estimated number in 1970 (84 million). The United States is the world's largest importer of immigrants, far ahead of second place Germany. India is the world's largest immigration destination, while China ranks fourth in terms of immigration exports.

 

Information link:

news.un.org/zh/story/2024/05/1128511

 

Multiple banks have tightened their fund sales business, leading to significant changes in wealth management

The gold consignment industry is undergoing significant changes, and multiple commercial banks are tightening their sales of public offering products with super risk ratings. Recently, 21st Century Business Herald exclusively learned that multiple banks no longer allow high-risk ratings to purchase public fund products. For example, when R4 risk rated customers purchased R5 products in the past, they could still continue to purchase after risk warnings, but now it has become mandatory to prevent them. In the past, the bank relied on the risk large order review mechanism to control the risk of high-risk subscriptions, but after May, it tightened this behavior again and launched prohibitive measures for high-risk subscriptions through an app. From the latest process of subscription by various banks, it can be seen that this trend has gradually expanded to the entire industry.

 

Information link:

bank.jrj.com.cn/2024/06/07113540944297.shtml

 

Challenging the New York Stock Exchange and Nasdaq, the Texas Stock Exchange is about to be established

According to reports, BlackRock Group and Citadel Securities plan to open a new stock exchange in Dallas - the Texas Stock Exchange (TXSE). At present, the exchange has completed an initial basic fundraising of $120 million and is expected to submit a registration application to the US Securities and Exchange Commission (SEC) later this year. TXSE stated that it will provide a fully electronic trading venue for listed companies and growing exchange traded products, addressing investors' concerns about rising compliance costs and the heavy burden of new regulations, and breaking the industry monopolies of the New York Stock Exchange and Nasdaq.

 

Information link:

cn.wsj.com/articles/%E6%96%B0%E5%BE%97%E5%85%8B%E8%90%A8%E6%96%AF%E8%A

 

High income and high net worth individuals in multiple regions are under investigation due to personal income tax issues

Recently, a huge personal income tax increase case involving the investigation of individual proprietorship enterprises receiving IOUs has attracted attention, and the State Administration of Taxation has also reported multiple individual income tax cases. For individuals with high and low incomes, they mainly face administrative penalties for tax evasion and criminal punishment risks for tax evasion crimes. Phenomena such as "yin-yang contracts", "splitting income", "false filling of special deductions", and "failure to declare taxes" are very common. After the promulgation of the Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases Involving Harmful Tax Collection and Management, a series of tax evasion measures have been precisely cracked down on, many of which are provisions tailored to the supervision of personal income tax for individuals with high and low incomes, aiming to crack down on personal income tax evasion.

 

Information link:

https://www.163.com/dy/article/J37AD61805397CD0.html

Britain is the first to invest in next-generation nuclear fuel in Europe

According to the UK Energy and Net Zero website on May 8th, the UK will become the first European country to invest in and produce the next generation of advanced nuclear fuel. The government has announced the allocation of £ 196 million to nuclear fuel producer Urenco to build a high-purity low enriched uranium (HALEU) facility in Carpenhurst, Cheshire. The facility is planned to be put into operation in 2031, with an annual design capacity of 10 tons. The project will create approximately 400 highly skilled jobs, which will help drive local supply chain development and economic growth, consolidating the world's leading position in nuclear fuel production in the northwest of England.

 

Information link:

gb.mofcom.gov.cn/article/jmxw/202405/20240503511217.shtml

 

PitchBook: Generative artificial intelligence seed round financing down 76%

According to data from PitchBook, the number of transactions in the early stages of generative artificial intelligence has been declining for two consecutive quarters, down 76% from its peak in the third quarter of 2023. In the first quarter of 2024, the value of pre seed and seed round venture capital transactions for related companies decreased to $122.9 million, far below the peak of $517.7 million in the third quarter. The number of transactions has also decreased, with only 34 transactions recorded in the first quarter of 2024. Overall, the transaction value and volume in the last quarter were at their lowest levels since ChatGPT sparked the frenzy of generative artificial intelligence in November 2022.

 

Information link:

https://pitchbook.com

 

The US Securities Regulatory Commission will hold a meeting this week to discuss topics such as artificial intelligence regulation

On May 31, 2024, the Investor Advisory Committee of the United States Securities and Exchange Commission (SEC) announced that an online public meeting will be held at 10:00 AM Eastern Time on June 6, 2024, with simultaneous live streaming. It is reported that the committee will host two group discussions, covering two topics: "New areas of investment advice" and "Artificial intelligence regulation". In addition, the committee will also discuss recommendations on protecting independent investors in trading complex products, utilizing complex strategies, and providing financial knowledge and investor education.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_23581119

 

The European Innovation Commission has released the third edition of the Business Partner Program

Recently, the European Innovation Commission (EIC) released the third version of the EIC Enterprise Partnership Program. Since its launch in 2017, the EIC Enterprise Partnership Program has become one of EIC's most successful business initiatives, with over 1200 EIC supported startups and scale enterprises, as well as over 2500 senior representatives from over 100 large companies participating in the project.

 

Information link:

https://wallstreetcn.com/articles/3693552

 

 

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