FinTech Weekly | Issue 85

AWS will invest $230 million in global artificial intelligence startups

On June 13, 2024, Amazon Web Services (AWS) announced that it will provide $230 million in investment to global startups to accelerate the creation of generative artificial intelligence applications. Related startups, especially early stage companies, will receive comprehensive support from AWS in areas such as credit, mentoring, and educational resources to assist them in further utilizing artificial intelligence (AI) and machine learning (ML) technologies.

 

Information link:

https://www.a10networks.com/blog/aws-hit-by...

Comment: It is reported that part of this investment will also be used to fund the second batch of AWS Generative Artificial Intelligence Accelerator projects, providing practical expertise and up to $1 million in credit support to 80 top early stage startups using Generative Artificial Intelligence to solve complex challenges. It is reported that the application for AWS Creative Artificial Intelligence Accelerator has begun to be accepted, with a deadline of July 19th.

 

German chip technology startup Black Semiconductor receives 250 million euros in financing

On June 12, 2024, European chip technology startup Black Semiconductor announced a financing of 254.4 million euros (approximately 274 million US dollars). Among them, the German Ministry of Economy and the state of North Rhine Westphalia invested 228.7 million euros (approximately 248 million US dollars) in public funds, while Porsche Ventures and venture capital firm Project A led the remaining 25.7 million euros (approximately 28 million US dollars) in equity.

 

Information link:

https://techcrunch.com/2024/06/12/germanys-black...

Comment: Black Semiconductor hopes to use graphene to connect chips together for communication, and its system will use light instead of electricity to transmit data, which can improve the efficiency and speed of the chips. Black Semiconductor stated that it will use this financing to establish a pilot production facility in Aachen, Germany, with the goal of achieving mass production by 2031.

 

Dubai Real Estate Investment Digital Platform Stack Financing $14 million

Recently, Dubai's real estate investment digital platform Stack announced a fundraising of $14 million, led by Middle East Venture Partner, Wa'ed Ventures under Saudi Aramco, Dubai's sovereign investment company Mubadala Investment Company, Al Jomaih Holding, one of Saudi Arabia's largest family owned conglomerates, and US private investment platform Republic. The Stack Real Estate Investment Service has been officially launched since 2021, allowing global investors to participate in partial real estate project ownership transactions at a minimum price of 500 dirhams (AED).

 

Information link:

https://www.onlinegambling.com/sports/od …

Comment: According to statistics, the company has achieved sales of 355 million dirhams through its application in the past three years, covering more than 200 properties, with over 50% of investors coming from outside the United Arab Emirates. In May 2024, the trading volume of the Stack platform exceeded 100000, attracting over 500000 users.

 

Psychological health insurance technology ifeel achieves $20 million Series B financing

Europe's leading mental health insurance technology company ifeel has reached a Series B financing of $20 million, led by FinTLV Ventures and Korelya Capital. IFeel mainly serves senior executives in enterprises, helping management address mental health issues through humanized and data first solutions, while also serving all employees to help them overcome psychological distress. IFeel's data has significant advantages in underwriting, especially in group insurance, making it a huge catalyst for opening up the group insurance market.

 

Information link:

https://ifeelonline.com/en/occupational-health/...

Comment: IFeel combines advanced data analysis techniques, clinical research, and state-of-the-art AI models to provide mental health management tools for employers and insurance companies.

Verisk subsidiary NER plans to cooperate with KYCS for heavy equipment protection insurance

Verisk subsidiary NER announced a partnership with KYCS, a leader in theft recovery and asset identification solutions, to jointly provide security and recovery solutions for heavy equipment assets. This cooperation aims to help prevent heavy equipment theft in the fields of agriculture, construction, and industrial services.

 

Information link:

https://www.globenewswire.com/news-release/2024/06/...

Comment: Through NER's data tracking capabilities and KYCS's recovery equipment technology, the device tracking process has been simplified, and relevant incentive measures for insurance service providers have been added. It will be open to equipment and fleet operators in North America in the future.

 

Portuguese embedded insurance technology company Habit launches payment protection solution

Portuguese embedded insurance technology company Habit has announced the launch of a new periodic payment protection insurance aimed at providing protection for various regular bills of end-users, whether it is water, electricity, coal, rent, university tuition fees, and any other expenses that need to be paid regularly. This insurance offers a variety of coverage ranges from 80 euros to 600 euros to meet the needs of different customers.

 

Information link:

https://www.merriam-webster.com/dictionary/habit

Comment: When the policyholder experiences unemployment, temporary loss of labor ability, hospitalization, or disability, the policy will provide full compensation. For end users, there is economic security to continue paying basic bills during uncertain periods.

 

Health technology company dacdoo hopes to enter the African market

Dacadoo, a global health technology company, announced its commitment to introducing its technology into the African market. This measure aims to address the rapidly growing population size of the African continent and the enormous demand for digital health solutions in the next 50 years. At present, dacdoo's technology has been applied to more than 40 countries worldwide.

 

Information link:

https://www.dacadoo.com

Comment: In the future, they will enter the African market together with their strategic partner Stamed.ai and provide innovative health solutions. Expand healthcare coverage and accessibility in Africa through artificial intelligence and mobile technology.

 

UK insurance company Sompo launches new insurance products for mid market customers

British insurance company Sompo has recently launched a new insurance product aimed at mid market customers, reflecting Sompo's strategic intention to expand its UK commercial insurance business and help high-tech mid market customers effectively cope with complex risks through innovative solutions.

 

Information link:

lhttps://www.sompo-intl.com

Comment: This insurance product is specifically targeted at technology and telecommunications service providers, electronic product manufacturers, and assemblers. The coverage of this product includes property insurance, professional liability insurance, and network insurance.

BBVA plans to launch a digital banking brand in Germany

According to Bloomberg, Spanish banking giant BBVA is planning to launch a consumer digital bank in Germany. Sources say that BBVA is currently conducting feasibility studies and plans to use existing technology to control costs. It is reported that the project will be led by Javier Lipuzcoa, who operates a similar digital platform for BBVA in Italy. This business was launched in 2021 and has 420000 customers, performing better than expected. It is worth noting that BBVA is not the only international banking institution interested in entering the German market. After successful promotion in the UK, JPMorgan Chase is planning to push its JPMorgan brand to the German market.

 

Information link:

https://www.kuajinzhifu.com/bulletin/15845.html

 

BIS: 94% of surveyed central bank institutions are exploring digital currencies

On June 14, 2024, the Bank for International Settlements (BIS) released the 2023 Central Bank Digital and Cryptocurrency Survey Report. The results show that 94% of the surveyed central banks are exploring Central Bank Digital Currency (CBDC). The report points out that central banks in various countries have different processes, approaches, and design characteristics in this field. In 2023, there has been a significant increase in the experimentation and pilot of wholesale CBDCs, mainly in developed economies (AEs), but various emerging markets and developing economies (EMDEs) have also increased their work on batch CBDCs. Overall, the likelihood of central banks issuing wholesale CBDCs in the next six years exceeds the likelihood of issuing retail CBDCs.

 

Information link:

https://www.hkcba.com.hk/wp-content/uploads/2024/01/2024.01.22...

 

Bank of England: Existing POS system can accept digital pound payments

In 2024, the Bank of England's "Digital GBP Roadmap" entered the design phase from the research and exploration stage. The Bank of England has decided that in the future, any CBDC will need to meet the needs of daily in store payments. To this end, the Bank of England conducted a feasibility study to understand whether existing POS systems can be used for this purpose, thereby eliminating the need for businesses to invest in new hardware. Research has found that existing POS terminals in the UK can generally be used for online digital pound payments, but the machines still need to be modified. This is because this feature may require the deployment of offline payment applications on these terminals to store offline balances.

 

Information link:

https://www.mpaypass.com.cn/news/202406/18161205.html

 

The Federal Reserve of the United States has issued a stop order against Evolve Bank

The Federal Reserve Board has imposed penalties on Evolve Bancorp and its subsidiaries Evolve Bank&Trust for multiple "deficiencies" in risk management, anti money laundering (AML), and compliance practices. This Memphis based bank not only provides a range of traditional banking services, but also operates an Open Banking Division (OBD), providing deposit accounts and payment processing services to fintech companies through these services. According to the Federal Reserve's order, an inspection conducted in 2023 found that the bank "failed to establish an effective risk management framework for these partnerships, resulting in engaging in unsafe and unsound banking business.".

 

Information link:

https://www.federalreserve.gov/newsevents/press...

The European Commission approves Italy's plan to support renewable energy production

On June 4th, according to EU aid rules, the European Commission has approved a plan in Italy to support the production of renewable energy, providing support for the landing of various innovative and immature technologies such as geothermal energy, offshore wind energy, and tidal energy. This plan will continue until the end of December 2028, funded by electricity bills paid by consumers. After the completion of the plan, Italy will add 4590 megawatts of power generation capacity.

 

Information link:

http://it.mofcom.gov.cn/article/jmxw/202406/20240603516765.shtml

 

Bill Gates said he will invest billions of dollars in building a new generation of nuclear power plants in the United States

Recently, Microsoft founder Bill Gates stated that he plans to invest billions of dollars in the construction of the next generation nuclear power plant project in Wyoming, USA, to meet the growing electricity demand in the United States. Currently, a local coal-fired power plant is nearing closure. Since 2008, TerraPower has been exploring simpler and cheaper reactors, and is expected to build this new reactor by 2030. Bill Gates said, "I have invested over 1 billion dollars, and I will invest billions more."

 

Information link:

https://www.yicai.com/news/102154052.html

 

Italy, Germany, and Austria sign a hydrogen corridor agreement

During the EU Energy Council meeting held in Brussels, Italy, Germany, and Austria signed a statement of intent committing to the construction of Southern Corridor 2. More than 3000 kilometers of hydrogen pipelines will first connect North Africa (where most green hydrogen will be produced) to Italy, and then to Germany and Austria. This project will help achieve the target of importing 10 million tons of renewable hydrogen by 2030 as envisioned by the EU Energy Plan RepowerEu. This project has been included in the latest list of EU common interest projects.

 

Information link:

it.mofcom.gov.cn/article/jmxw/202406/20240603514676.shtml

 

International Energy Agency: Global clean energy investment is expected to reach $2 trillion by 2024

On June 6, 2024, the International Energy Agency released its annual World Energy Investment Report, which predicts that the total global energy investment in 2024 will exceed $3 trillion for the first time. Investment in clean energy technology and infrastructure is twice that of fossil fuel investment, reaching $2 trillion. The International Energy Agency predicts that by 2024, China will account for the largest share of clean energy investment, with an investment of $675 billion, while Europe will account for $370 billion and the United States will account for $315 billion. Compared to any other power generation technology, global spending on solar photovoltaic (PV) is higher, and investment is expected to grow to $500 billion in 2024. The report adds that there is still a shortage of energy investment in some regions of the world, such as emerging and developing economies outside of China.

 

Information link:

https://www.eco.gov.cn/news_info/70273.html

The Bank of Japan releases a report on Japan's Entrepreneurship Environment and Regional Entrepreneurship Plans

The importance of startups has regained attention in discussions in Japan about improving productivity and stimulating innovation. Although most startups are still located in Tokyo, there have been positive changes in recent years, such as an increasing trend in funding for startups outside of Tokyo. However, compared to the United States and Europe, the financing amount of Japanese startups is still very small. In addition, various issues related to startups have arisen, including a lack of diversity in investor base and a shortage of executive personnel. This article outlines the recent positive trends and future challenges faced by Japanese startups, and introduces the current situation and measures for the development of local startups in Japan.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_27309710

 

CFPB proposes to prohibit medical bills from appearing in credit reports

On June 11, 2024, the Consumer Financial Protection Board (CFPB) proposed amending existing regulatory rules to remove medical bills from most credit reports, prevent credit reporting companies from sharing medical debt with lenders, and prohibit lenders from making loan decisions based on medical information. It is reported that this proposal is part of the CFPB's action to address the healthcare debt burden and enforce credit reporting practices. In 2003, the US Congress passed the Fair and Accurate Credit Transactions Act to restrict lenders from accessing or using medical information, including debt information. However, federal agencies subsequently issued a special regulatory exception allowing creditors to use medical debt in their credit decisions.

 

Information link:

https://www.vbdata.cn/intelDetail/181294

 

South Korea to Relax Regulation on Real Estate Investment Trusts and Promote Small Investors to Participate

The South Korean Ministry of Finance announced on Monday that it will relax regulations on real estate investment trusts (REITs) to help regulate the financing of real estate projects. The South Korean Ministry of Economy and Finance has stated that the government will significantly relax restrictions and establish "Project REITs" to encourage more small investors to participate in the projects, and expand the investment targets of REITs to promising fields such as healthcare and data centers. Real estate investment trust funds are securities that invest in real estate traded on major exchanges, providing investors with shares in real estate such as office buildings, apartments, and hotels. This is a measure introduced in the context of a sluggish real estate market and high interest rates, with the increasing risk of rising real estate PF default rates. The government is working hard to achieve an orderly soft landing of debt to minimize its potential impact on the economy.

 

Information link:

https://www.msn.cn/zh-cn/news/other

 

The US Chip Act is facing challenges, lacking 67000 skilled workers

The US Chip Act has attracted leading chip manufacturers, including TSMC, to establish new factories in the US, promoting approximately $450 billion in private investment. Faced with the shortage of approximately 67000 skilled workers in the US semiconductor industry, NIIT and other institutions have collaborated with community colleges and universities to provide students with a career path into the semiconductor industry and help them acquire necessary professional skills.

 

Information link:

https://www.yicai.com/news/101818945.html

Oak Capital Max stated that it will focus on value investment and continue to invest in the Chinese market

According to the Shanghai Stock Exchange, Howard Marks, co-founder of Oak Capital, expressed optimism about the Chinese market during a discussion at Shanghai Jiao Tong University on Tuesday. Max stated that although the Chinese market has fluctuations, it still has enormous development potential. Max said that the Federal Reserve may announce after some time that the United States has overcome inflation before starting to cut interest rates. Even if interest rates are lowered, they will remain around 3%. When asked whether there is an "overheating" tendency in the US stock market, Max said that he does not think AI is a foam. If the seven giants of the US stock market (Microsoft, Apple, Nvidia, Amazon, Alphabet, Meta, and Tesla) are removed, the other stock markets in the US are still very attractive and difficult to call "overheated".

 

Information link:

https://www.sohu.com/a/787037454_120988576

 

The number of IPO registrations approved has exceeded that of the entire year last year, and the overseas listing of technology enterprises is heating up

According to data from the website of the China Securities Regulatory Commission, as of June 18th, 81 companies have obtained approval for their overseas initial public offerings and listings this year, surpassing the total of 72 companies for the whole of last year. From an industry perspective, most companies planning to go public overseas are located in technology-based industries such as biomedicine, autonomous driving, and artificial intelligence. Some of these companies have experienced disappointment with A-shares and subsequently switched to Hong Kong and US stocks. Looking ahead to the future, companies listed overseas are expected to continue expanding their capacity. An investment bank insider revealed that many companies, especially those with globalization strategies, have shifted their attitude towards going public overseas from a wait-and-see approach to being proactive and proactive.

 

Information link:

https://paper.cnstock.com/html/2024-06/19/content_1932545.htm

 

Samsung Electronics decides to invest in GPUs

Samsung Electronics has taken a major initiative within its management committee to invest in GPUs. The specific details of this investment have not been disclosed yet, but it differs from typical agenda issues such as memory and contract manufacturing services that typically dominate internal discussions within the company. This has sparked speculation that Samsung is preparing to enhance its competitiveness in GPU related business areas, but some have also explained this investment as Samsung's plan to use GPUs to enhance semiconductor process innovation, rather than developing and manufacturing GPUs.

 

Information link:

https://www.21ic.com/a/970180.html

 

2024 World Investment Forum: Global economic outlook is improving, investing in China is timely

The 2024 World Investment Forum, hosted by French asset management firm Orient Credit Suisse, has just concluded in Paris, France. Several heavyweight guests from academia, business, and politics delved into the investment opportunities and risks under the current global economic situation. Several guests believe that despite facing many challenges, the global economy has shown signs of recovery; The growth momentum of the Asian economy remains strong, and the investment opportunities and growth prospects contained in China's economic transformation are still highly regarded by international investors.

 

Information link:

https://m.yicai.com/news/102153795.html

Samsung Electronics to Establish an AI Joint Research Center with Seoul University

Samsung Electronics announced on Monday that it will jointly establish a Joint Research Center for Artificial Intelligence (AI) with Seoul University to enhance technology and competitiveness in the field of artificial intelligence. Samsung Electronics' equipment division responsible for mobile phones, televisions, and home appliances will collaborate with Seoul University's AI discipline to jointly carry out advanced AI technology cooperation projects in the next three years. As the world's largest smartphone manufacturer, Samsung Electronics is increasingly integrating artificial intelligence technology into its latest products.

 

Information link:

https://www.mk.co.kr/cn/business/11043445

 

Huang Renxun: There will be significant breakthroughs in humanoid robot technology in the next 2-3 years

Huang Renxun recently stated in an interview that in the future, humanoid robots will be as popular as cars, and it is estimated that in 100 years, humanoid robots will be ubiquitous and will be the largest production machine system; In the next 2 to 3 years, there will be significant breakthroughs in the technology of humanoid robots.

 

Information link:

https://www.msn.com/zh-cn/news/other/

 

Mitsui Chemical will mass produce new lithography film products to support Asma's new machine

Mitsui Chemical recently announced that it will begin mass production of components for cutting-edge semiconductor lithography machines (a new generation product that protects the original film material "Pellicle" in semiconductor circuits). It plans to set up a production line at the Iwakuno Daijo factory in Yamaguchi Prefecture, Japan, with an annual production capacity of 5000 sheets. The production line is expected to be completed in December 2025. Can support the next generation lithography machine to be launched by ASML in the Netherlands.

 

Information link:

https://www.36kr.com/newsflashes/2824937110128902

 

Apple plans to shut down Apple Pay Later's "buy first, pay later" service

In October 2023, Apple launched the Apple Pay Later service in the US market, with a maximum limit of $1000. Consumers can complete installment payments in 4 installments within 6 weeks without any additional fees or interest. Recently, there have been reports that Apple will close this service this year. At present, Apple Pay Later no longer provides new loans, but existing Apple Pay Later loans and purchases are not affected. In addition, Apple has announced that it will provide installment loans through credit cards, debit cards, and lending institutions later this year.

 

Information link:

www.msn.com/zh-cn/news/other/%E8%8B%B9%E6%9E%9C%E5%85%AC%E5%8F%B8%E5%

 

 

 

 

 

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