FinTech Weekly | Issue 87

Climate X, a climate risk intelligence company, received $18 million in financing, led by Google

Recently, climate risk intelligence company Climate X announced that it has received $18 million in Series A financing. This financing is led by Google Ventures, with participation from Pale blue dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures, and Western Technology Investment (WTI). Climate X is headquartered in the UK and was co founded by Lukky Ahmed, former Head of Stress Testing and Risk Conversion at HSBC, and Kamil Kluza, former Head of Risk Modeling at Barclays Bank and Accenture Group.

 

Information link:

https://www.finsmes.com/2024/06/climate-x-raises-14-2m-in-series-a...

Comment: Through the "Twin Earth" risk assessment model basic platform, simulate the likelihood of 16 different climate disasters (such as extreme high temperatures, tropical cyclones, floods, etc.), help users understand the potential impact of climate risks on the valuation of physical assets (residential, commercial real estate, roads, railways, and power infrastructure, etc.), and allow customers to develop preemptive climate adaptation actions based on 22 different intervention measures.

 

Zurich to acquire AIG's travel insurance business for $600 million

Zurich announced earlier on Wednesday that it will acquire the global personal travel insurance business of American International Group (AIG) for $600 million. According to Zurich, if specific targets are achieved after the sale, this transaction may include additional payments and is expected to be completed by the end of 2024.

 

Information link:

https://www.163.com/dy/article/J5ORS0GF0519QIKK.html

Comment: Zurich prioritizes travel insurance and states that AIG's Travel Guard business will be part of Zurich's travel insurance provider Cover More Group, expanding its business scope in the United States and becoming a leader in the field.

 

By 2026, Qatar's investment in the digital sector is expected to reach 5.7 billion US dollars

According to a report from the Qatar Investment Promotion Agency, Qatar is actively promoting digital transformation in various fields, and the "Tasmu Smart Qatar" initiative of the Ministry of Communications and Information Technology has invested a total of 1.65 billion US dollars. By 2026, Qatar will focus on areas such as the Internet of Things, cybersecurity, cloud computing, big data, drones, AR and VR, blockchain, and artificial intelligence, with an expected investment of 5.7 billion US dollars. Potential microservice demands include IoT sensors, generative AI, multiple clouds, operational command centers, chatbots, predictive analytics, payment gateways, and voice interfaces, among others.

 

Information link:

qa.mofcom.gov.cn/article/jmxw/202404/20240403505804.shtml

Comment: The integration of emerging technologies will bring revolutionary changes to national construction, improve sustainability and citizen quality of life, ensure seamless service connectivity, and rely on data for decision-making.

 

Onehouse completed $35 million Series B financing

As a provider of hosted data warehouse services, Onehouse has successfully raised $35 million in Series B financing, led by Craft Ventures. This has resulted in Onehouse's total financing to date reaching $68 million.

 

Information link:

https://www.theregister.com/2024/06/26/onehouse_35_million_hudi/?td=...

Comment: Onehouse focuses on providing a hosted data repository service based on Apache Hudi, which supports large-scale data ingestion, transformation, and optimization. The newly obtained funds will be used to strengthen research and sales work, focusing on openness and interoperability. The company has also launched two new products to improve lake storage performance and reduce costs.

Stride collaborates with Roadie to provide car insurance and financial support for flexible employment groups

Stride, a health insurance technology company, announced a partnership with Roadie, a crowdsourced transportation platform, to provide comprehensive support services for independent drivers across the United States. Due to the various inconveniences that flexible employment groups often encounter when dealing with insurance, tax, and savings issues, this partnership will help independent drivers fully utilize the Roadie platform to cope with the economic complexity between various gigs. Drivers can access Stride's comprehensive portable welfare platform, including comprehensive insurance coverage and financial planning tools.

 

Information link:

https://roadie.stridehealth.com

Comment: Stride also provides personalized recommendations and consulting services to ensure Roadie drivers can find the most suitable service for their needs and budget. Stride was founded in 2013 and has helped over 4 million people save over $5 billion in taxes and health insurance, allowing 30% of flexible workers to enjoy health insurance coverage of less than $1 per month.

 

Allianz Insurance launches Allyz CyberCare

Allianz Insurance has launched Allyz CyberCare, a digital solution aimed at protecting users from cyber threats. Allyz Cyber Care has now been launched in Germany, France, Italy, and the Netherlands, and plans to further promote it globally.

 

Information link:

https://www.allianz-partners.com/en_global/in-the-news/press-releases/...

Comment: This solution includes: 1. Private VPN - helping customers protect and block their online status; 2. Safe browsing - Warn suspicious web pages and prevent fraudulent websites; 3. Anti virus - preventing viruses, Trojans, ransomware, and other malicious software; 4. Online identity protection - allows customers to monitor their valuable data online and receive alerts and guidance when violations are detected.

 

Liberty Mutual launches Liberty WorldWise

In order to help medium-sized enterprises better manage overseas risks, Liberty Mutual has launched Liberty WorldWise, a flexible product that can be customized according to the needs of individual companies where employees work or maintain overseas business, requiring more complex controlled main programs.

 

Information link:

https://www.libertymutualgroup.com/about-lm/news/articles/liberty...

Comment: Liberty WorldWise is the first new product developed by Liberty Mutual for midsize market segment customers. In February 2023, Marc Orloff was appointed to lead the department, which has profound industry expertise and can provide comprehensive solutions for complex and emerging risks faced by mid market companies.

 

Libao Mutual Insurance establishes a practical department in the life science industry

Libao Mutual Insurance Company announced the establishment of a medium-sized life science company to provide practical insurance services. The task of this department is to provide solutions by deeply understanding the risks faced by life science companies, and to create innovative multi insurance products and services for the industry.

 

Information link:

https://www.libertymutual.com.cn/li-bao-zu-zhi-jia-gou

Comment: Libo Mutual Insurance's mid market operation services provide comprehensive insurance solutions for medium-sized enterprises by understanding the needs of specific vertical fields. Libo Mutual Insurance employs over 45000 employees in 29 countries and regions worldwide.

The Hong Kong Monetary Authority and the Central Bank of France engage in cross-border cooperation of central bank digital currencies

On June 27, 2024, the Hong Kong Monetary Authority (HKMA) and the Central Bank of France (BNF) announced the launch of wholesale level Central Bank Digital Currency (wCBDC) cooperation. The Monetary Authority and the Bank of France have maintained close cooperation to promote financial innovation. Recently, the Monetary Authority participated in the second phase of the exploration of the Eurosystem by the European Central Bank, becoming the main central bank institution outside the eurozone participating in this plan. Both sides have signed a memorandum of understanding to further consolidate bilateral cooperation and jointly promote the innovative development of wCBDC and the tokenization market. Both sides will conduct in-depth research on the interoperability between their wCBDC infrastructure (i.e. the Ensemble project sandbox of the Monetary Authority and the DL3S of the Bank of France), with a focus on real-time cross-border and cross currency payments.

 

Information link:

www.news.cn/gangao/20240627/1e77b911b30e42f28cc61e030f9a8b18/c.html

 

Encourage innovation in financial services, UAE Central Bank releases new regulatory sandbox regulations

On June 25, 2024, the Central Bank of the United Arab Emirates (CBUAE) issued a sandbox condition regulation aimed at attracting fintech startups and global fintech companies, creating a more attractive environment for the financial sector, and supporting innovation within regulatory and supervisory frameworks. The new regulations released this time outline the specific conditions that participants (including startups, fintech companies, and established companies that wish to provide innovative solutions and services in the financial services sector within regulatory and supervisory frameworks) must meet, as well as the standards for these institutions to waive their licensing requirements while complying with regulatory obligations and ensuring the best outcomes for stakeholders.

 

Information link:

wam.ae/zh/article/b3udwjz-%E9%98%BF%E8%81%94%E9%85%8B%E4%B8%AD%E5%A4%A

 

The European Central Bank releases its first progress report on CBDC

On June 24, 2024, the European Central Bank (ECB) released its first Central Bank Digital Currency (CBDC) progress report, emphasizing privacy protection. The European Central Bank promises to prevent individual transactions from being tracked through pseudonymization, hash functions, and encryption, and payment service providers are not allowed to use consumer financial data without individual consent. The report also introduces methods that support offline transactions. The newly established "Rule Making Group" will submit a draft CBDC technical and regulatory framework by the end of 2024. Privacy issues remain the main focus of CBDC, and opposition continues to grow in encrypted communities.

 

Information link:

https://www.iyiou.com/briefing/202406251620642

 

Kbank, the first Internet bank in South Korea, will submit its IPO for preliminary review this week

According to South Korean insiders, Kbank, the first Internet bank in South Korea, is expected to apply to the Korean Exchange (KRX) for preliminary listing review later this week, and plans to complete its IPO later this year. It is reported that NH Investment&Securities, KB Securities, and Bank of America will jointly participate in the Kbank public offering process. Kbank was founded in 2017. In its recent overseas non transaction roadshows, Kbank focused on promoting its stable governance structure, decentralized ownership, cost-effective platform, and convenient loan services.

 

Information link:

koreajoongangdaily.joins.com/news/2024-01-19/business/finance/Kbank-plans-to-go-public-

Denmark plans to impose a "greenhouse gas emission tax" on livestock belching and defecation

According to a recent report by CNN, the Danish government reached an agreement last week to impose a livestock carbon emissions tax starting from 2030, and is expected to receive approval from the Danish parliament later this year. This will become the first carbon emission tax in the global agricultural sector. According to a Danish think tank, taking cows as an example, farmers need to pay a minimum of 672 Danish kroner (approximately 700 RMB) per cow per year. It is reported that agriculture is the largest source of carbon emissions in Denmark. A portion of greenhouse gas emissions from animal husbandry are methane produced by burping and defecation of livestock.

 

Information link:

https://www.cnbeta.com.tw/articles/tech/1436349.htm

 

The number of companies developing a 1.5 ℃ climate transition plan has increased by 44% within one year

According to data from the Center for Global Environmental Information (CDP), the number of companies developing a 1.5 ° C climate transition plan has increased by over 40% in the past year, with over 60% of reporting companies indicating that they have or plan to develop such plans within the next two years. From an industry perspective, industries characterized by long-term planning exhibit higher disclosure rates, with the power generation, financial services, and infrastructure industries leading in at least 14 indicators, while the fossil fuel industry lags behind in all indicators.

 

Information link:

https://www.esgtoday.com/number-of-companies-with-1-5c-aligned-climate-transition-plans-jumps-44-in-a-year-cdp/

 

The World Bank approves significant investment in Cambodia's water security

The Cambodia Water Security Improvement Project, funded by a $145 million credit from the International Development Association of the World Bank, will improve water security, increase agricultural productivity, and enhance resilience to climate risks. After the approval of the new World Bank supported project, it is expected that over 113000 people in Cambodia will benefit from better water infrastructure. Although Cambodia has abundant water resources, the seasonal and regional differences in rainfall pose challenges to urban and rural water supply. Climate predictions indicate that floods and droughts will become more frequent and severe, putting greater pressure on Cambodia's ability to manage freshwater resources.

 

Information link:

news.gmw.cn/2024-06/24/content_37396237.htm

 

Indonesia is preparing to launch green hydrogen incentive measures

According to reports, the Indonesian government is preparing to launch green hydrogen incentive measures. Among them, the Indonesian Ministry of Energy and Mineral Resources is formulating regulations on incentive measures and tax reductions required for developers to accelerate green hydrogen development. According to data from the Indonesian Ministry of Energy and Mineral Resources, Indonesia's hydrogen production target for 2060 is 9.9 million tons per year, calculated based on expected demand from the industrial, transportation, power, and household natural gas networks.

 

Information link:

id.mofcom.gov.cn/article/sxtz/202406/20240603519330.shtml

The Malaysian government is discussing with Chinese investors to build a data center in Malaysia

Malaysia's Minister of Economy, Rafez, stated that Malaysia is discussing with potential Chinese investors to establish a data center in the country, seeking to attract more "high-quality" investment. During an interview, Lafite stated that the government will strengthen infrastructure construction to seize the opportunity of the artificial intelligence boom. He said that US technology giants Microsoft, Google, and Nvidia have announced plans to establish data centers in Malaysia in the past year, and Chinese companies are also interested in developing more data centers to provide services to technology companies in the country that want to enter the Southeast Asian market.

 

Information link:

https://wallstreetcn.com/livenews/2743548

 

Saudi Arabia announces the establishment of a national semiconductor center

Saudi Arabia announced the establishment of the National Semiconductor Center at the 2024 Semiconductor Forum, with the goal of attracting over 10 billion Saudi riyals (approximately 260 million US dollars) of investment to promote local electronic chip design and establish 50 professional companies. In addition, Saudi Arabia has announced the National Semiconductor Capability Center and educational programs in cooperation with international universities, aimed at cultivating semiconductor technology professionals, promoting the development of the digital economy and local technology, and strengthening Saudi Arabia's position in the global semiconductor industry. The forum also discussed the latest developments and future directions in the semiconductor industry, including applications in the semiconductor field such as photonics, quantum technology, and artificial intelligence.

 

Information link:

https://www.ithome.com/0/773/575.htm

 

China and Poland strengthen comprehensive strategic partnership and carry out investment cooperation in electric vehicles and other fields

On June 24, 2024, the Ministry of Foreign Affairs released the Action Plan of the People's Republic of China and the Republic of Poland on Strengthening Comprehensive Strategic Partnership (2024-2027). It is mentioned that both sides support the strengthening of cooperation between trade and investment promotion institutions such as the China Council for the Promotion of International Trade and the Polish Investment and Trade Bureau. Both sides support two-way investment cooperation in the fields of electric vehicles, green development, logistics, etc., to improve the investment environment and provide equal opportunities and fair competitive business environment for enterprises from both countries to enter each other's markets.

 

Information link:

https://www.mfa.gov.cn/ziliao_674904/1179_674909/202406/t20240625...

 

Apple Encounters EU Anti Monopoly Charges

On June 24, 2024, EU regulatory authorities stated that Apple had violated the Digital Markets Act because it did not allow its App Store customers to switch to alternative products. The regulatory authorities also stated that the fees charged by Apple to developers for obtaining new customers through the App Store for the first time "exceed the strictly necessary scope." In addition, the European Union has launched a new investigation into Apple, investigating whether certain regulations allowing third-party App Stores or downloading apps from websites comply with the Data Protection Law.

 

Information link:

http://www.21jingji.com/article/20240305/herald/426ee252e5bcce815dde3 …

Morgan Stanley Wealth Management announces the addition of GenAI tool suite

Morgan Stanley Wealth Management announced the next innovative milestone in its AI @ Morgan Stanley GenAI toolkit for financial advisors. The new AI @ Morgan Stanley Debrief is a tool supported by OpenAI that, with the consent of clients, can generate notes and list action items on behalf of financial advisors in client meetings. After the meeting, it will summarize the key points, create an email for the consultant to edit and send on their own, and save the comments to Salesforce.

 

Information link:

https://www.morganstanley.com/im/zh-cn/chinese-investor/insights/...

 

Hong Kong's wealth management scale will become the world's largest within three years

Recently, Sergio Ermotti, CEO of UBS, gave an opinion on the current situation and future development trends of the global wealth management industry: Hong Kong's wealth management industry is growing at a stable rate of 7.6% per year, which indicates that by 2027, its total wealth under management will surpass Switzerland, ranking first in the world. At the same time, Singapore is expected to become the third largest wealth management center in the world, following closely behind with an annual growth rate of 9%.

 

Information link:

https://xueqiu.com/1802481651/294431696

 

The White Paper on China Family Service Trust (2023-2024) was released

On June 27, 2024, the industry's first "China Family Service Trust White Paper" was officially released, initiated by China Construction Investment Trust, co produced by Zhongshunyi, and participated in research by Puyi Standard. The white paper systematically outlines the evolution path of Chinese households through three major chapters and seven chapters of discussion and research. It innovatively takes middle-class families as the main research object, and through structural status quo, sorting out contradictions, and precise research, deeply explores the wealth management needs of Chinese households. It also conducts research on the business model, system construction, legal issues, and industry practices of family service trusts, in order to provide more comprehensive wealth management concepts for Chinese households and valuable business reference opinions for institutional peers.

 

Information link:

http://www.xtxh.net/xtxh/industry/49110.htm

 

The Federal Reserve proposes a loose version of bank capital reform plan, and major Wall Street banks are expected to significantly reduce their burden

According to insiders, the Federal Reserve has presented a three page document to other US regulatory agencies to elaborate on potential changes to the bank's capital reform plan. This adjustment will significantly reduce the burden on Wall Street banks. According to insiders, the above revisions will revoke key parts of this milestone proposal, including a content that may have a significant impact on large banks with extensive trading business.

 

Information link:

https://database.caixin.com/2024-06-25/102209529.html

OpenAI will terminate its services to China

A startup company with a simple shell of OpenAI may face a catastrophic situation. Starting from July 9th, OpenAI will begin blocking API traffic from non supported countries and regions. Currently, OpenAI's API is open to 161 countries and regions, excluding China. This also means that OpenAI announced the termination of API services to China. According to an industry insider's analysis to reporters, OpenAI has not previously provided services within China and has not yet directly opened registration and usage to Chinese users.

 

Information link:

http://www.news.cn/digital/20240625/3b2ea6395b924a4c973e76d42d9b2 …

 

Intel launches optical computing interconnect chips

At the 2024 Optical Fiber Communications Conference (OFC), Intel's silicon optical integration team publicly showcased fully integrated OCI (Optical Computing Interconnection) chips for the first time. This chip is packaged together with Intel CPUs to achieve co encapsulation of optical I/O (input/output), increasing bandwidth while reducing power consumption and extending transmission distance. It is mainly used in data centers and high-performance computing devices.

 

Information link:

https://www.ithome.com/0/777/979.htm

 

Bill Gates said "don't worry too much" about the power consumption of artificial intelligence

Bill Gates defended the rapid growth in energy use caused by artificial intelligence systems, arguing that the technology will ultimately offset its significant electricity consumption. In his speech in London, Gates urged environmentalists and governments not to overly focus on the large amount of electricity needed to run new generative artificial intelligence systems, as large technology companies such as Microsoft are competing to invest billions of dollars in building massive new data centers. Gates stated that technology companies will pay a "green premium" or higher price for clean energy when seeking new sources of electricity, which will help promote the development of clean electricity.

 

Information link:

https://www2.ftchinese.com/interactive/160860

 

Oracle: The US government's "ban on TikTok" bill will harm our performance

Oracle warned in its annual financial report to the US Securities and Exchange Commission that the US government's "no sell no ban" law against TikTok may harm the company's performance. It is stipulated in the Act that if the owner of TikTok fails to take certain measures within the specified time, it will be considered illegal to provide TikTok with Internet hosting services. Oracle claims that complying with relevant laws may increase company expenses as it requires hiring professionals or other additional resources to assist.

 

Information link:

xueqiu.com/7437424816/295029165

 

 

 

 

 

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.