FinTech Weekly | Issue 88

BlackRock announces its acquisition of private market data company Preqin for £ 2.55 billion

Recently, BlackRock Group announced that it will acquire data service company Preqin for £ 2.55 billion, and the entire transaction process is expected to be completed by the end of this year. Preqin has been deeply involved in private market data services for 20 years, with a database covering 190000 funds, 60000 fund managers, and 30000 private market investors worldwide, with up to 200000 users (including asset management companies, insurance companies, pension funds, wealth management companies, banks, and other service providers).

 

Information link:

https://wallstreetcn.com/articles/3718464

Comment: In 2024, Preqin is expected to generate approximately $240 million in recurring revenue and has achieved an annual growth rate of approximately 20% over the past three years. Through this transaction, Preqin's data and research tools will be combined with BlackRock's Aladdin workflow platform to further expand BlackRock's technological product scale.

 

American artificial intelligence chip startup Etched receives $120 million in financing

Recently, artificial intelligence chip startup Etched announced a $120 million financing, led by Positive Sum and Primary Venture Partners. Etched, headquartered in San Francisco, USA, pioneered the Sohu artificial intelligence chip, primarily used for training and deploying large-scale language models. Previously, Etched announced a partnership with TSMC to produce this chip and planned to compete directly with chip giant Nvidia.

 

Information link:

https://www.curseforge.com/minecraft/mc-mods/etched

Comment: In 2024, venture capital in the semiconductor chip industry rebounded. According to data from Crunchbase, so far in 2024, chip startups supported by venture capital have raised nearly $5.3 billion in just 175 transactions, while in 2023 and 2022, chip startups only raised nearly $8.8 billion and $10.9 billion in annual venture capital financing.

 

Qiaoshui launches a $2 billion fund driven by machine learning decisions

Recently, Bridgewater Fund announced the launch of a machine learning operated fund with an asset management scale of approximately $2 billion, invested by less than 10 clients.

 

Information link:

wallstreetcn.com/articles/3718557

Comment: The new investment vehicle, led by Co Chief Investment Officer Greg Jensen, began trading on July 1st.

 

Fuwei Insurance is preparing for an IPO in Hong Kong

According to Reuters, Fuwei Insurance Group is preparing to go public in Hong Kong and is seeking a valuation of $9 billion, but the target valuation will depend on market conditions. But the timing and issuance scale of the IPO have not been determined yet. Fuwei Group last attempted to go public in Hong Kong in 2022, seeking a valuation of $10 billion, but terminated the plan due to unstable market conditions. The insurance company has conducted insurance business in 10 Asian countries.

 

Information link:

www.jiemian.com/article/7158691.html

Comment: Minority shareholders include Swiss Re and Apollo Global Management. We raised $1.83 billion in 2021 and 2022, with a post investment valuation of $9 billion.

Best Insurance launches an artificial intelligence pricing and consumption platform for accidental illness and unemployment insurance

Best Insurance has launched an AI based underwriting platform, Incomedora, for the accident, illness, and unemployment insurance market. The latter is an insurance pricing and consumption platform that utilizes artificial intelligence and behavioral technology to achieve more accurate and fair pricing.

 

Information link:

https://www.the-digital-insurer.com/zh-CN/library/mckinsey-insurance...

Comment: The traditional pricing method for accident, illness, and unemployment insurance is based on age and excess period, but Best Insurance analysis found that these factors are not strongly correlated with claims, so this AI driven pricing model was developed.

 

Ondo, a property insurance technology company, expands its US business and enters the UK market

Ondo, a property insurance claims technology company, has expanded its business in the United States and will attempt to enter the UK market. Ageas, a British insurance company, will launch a one-year trial project of Ondo's LeakBot leak detection tool to customers. During the trial period, customers can try LeakBot's detectors and repair services for free.

 

Information link:

https://www.mordorintelligence.com/zh-CN/industry-reports/uk-insurtech...

Comment: In addition to entering the UK market, Nationwide and Pure will both launch the LeakBot project in Washington State. At the beginning of this year, Ondo obtained the ISO27001 international safety standard qualification.

 

TUI and Allianz Insurance Cooperation

Allianz Insurance has been designated as the travel insurance provider for the UK travel and leisure company TUI. The new product is suitable for TUI customers as well as customers of its tourism brands Marella Cruises and Crystal Ski Holidays. The partnership between TUI and the UK is the latest launch, and the company is committed to integrating all of its European travel insurance under Allianz Insurance. Currently, Germany, Poland, Switzerland, and Nordic countries have joined in.

 

Information link:

https://www.163.com/dy/article/J6H4C55E0539U8OD.html

Comment: Customers can choose between single trip or annual travel insurance. TUI will also sell travel insurance for Allianz partners online under its own brand, allowing travelers who have not made reservations through TUI to also enjoy it.

 

Professional insurance company Vantage launches online insurance products in the United States

Vantage, a professional insurance and reinsurance company, has launched an online insurance product in the United States, expanding its insurance service offerings. This new product has a coverage of up to $10 million, aimed at meeting the growing demand for online insurance among users and supporting the company's business development in the US and Bermuda markets.

 

Information link:

https://xueqiu.com/4195703616/279330640

Comment: This product will be customized for users in different industries, mainly focusing on the technology field. Vantage also collaborates with multiple experts to provide event response services to optimize network insurance service capabilities.

The Swiss Central Bank intends to expand its digital currency projects

On July 3, 2024, Antone Martin, a member of the Swiss National Banking Commission, stated at the Point Zero Forum held in Zurich that the Swiss central bank intends to expand its digital currency project, invite more banking institutions to participate, and increase the central bank's digital currency trading volume. As early as May this year, the Swiss Central Bank began a pilot program for wholesale central bank digital currency (wCBDC) and successfully settled four tokenized bond issuances and one secondary market transaction.

 

Information link:

https://news.futunn.com/post/44542791

 

The UAE Central Bank launches a new initiative to reduce "bureaucracy" in the financial sector

Recently, the Central Bank of the United Arab Emirates launched the "Zero Bureaucracy" initiative in the financial sector to align with the vision of the UAE government's "Zero Bureaucracy" plan. To achieve this goal, the UAE Central Bank collaborated with the Prime Minister's Office to organize a seminar to discuss mechanisms for implementing a zero government bureaucracy program. It is reported that the plan aims to eliminate at least 2000 government procedures, reduce program time by at least 50%, and eliminate all unnecessary processes and requirements. By improving operational efficiency, it aims to improve the quality of services provided to customers and partners in the financial sector.

 

Information link:

وكالة أنباء الإمارات https://wam.ae/zh/article/b3xyia3-

 

IMF: Middle Eastern countries can promote financial inclusivity and cross-border payments through CBDC

Recently, the International Monetary Fund (IMF) stated that Middle Eastern countries can promote financial inclusion and cross-border payments by adopting central bank digital currencies (CBDCs). At present, at least 19 countries in the Middle East and Central Asia are planning to issue CBDCs. Countries such as the United Arab Emirates, Saudi Arabia, Bahrain, Georgia, etc. have entered a more advanced stage of "concept validation", and Kazakhstan has launched two pilot projects. For oil exporting countries and GCC countries, CBDC can help solve cross-border payment frictions caused by different data formats, operational rules, compliance checks, etc., thereby improving the efficiency of cross-border payment services.

 

Information link:

http://dubai.mofcom.gov.cn/article/jmxw/202406/20240603517685.shtml

 

Haventree Bank of Canada collaborates with Temenos to develop a new core banking platform

Haventree Bank is a federally regulated bank headquartered in Canada and has hired Swiss banking technology provider Temenos to modernize its loans and banking services. Temenos stated that Haventree provides services to the Canadian alternative mortgage industry through its broker network and will leverage the supplier's core banking software as a service (SaaS) to "unlock greater business agility, improve performance, scalability, and enhanced security.". The scalability claimed by the supplier will enable Haventree to quickly implement cloud native, API first banking functions on continuously updated platforms.

 

Information link:

thefinrate.com/haventree-bank-partners-with-temenos-to-expand-lending-and-banking-services/

French hydrogen company receives € 172 million in EU subsidies

Recently, HDF Energy, a French hydrogen company, opened the world's first high-power fuel cell factory near Bordeaux. It plans to start large-scale production in 2026 after pre production in 2025 to help heavy transportation vehicles (such as freight locomotives and ships) achieve decarbonization. Subsequently, the company confirmed that it had received a subsidy of up to 172 million euros from the European Union, and the project was also included in the European Union's Major Projects of Common Interest (PIIEC) program. The report points out that since 2022, the European Union has received four rounds of public subsidy grants totaling 19 billion euros in hydrogen energy alone within the framework of the PIIEC project.

 

Information link:

www.investgo.cn/article/gb/gbdt/202406/728146.html

 

UAE's $30 billion Climate Investment Fund prepares for the next round of investments

According to foreign media reports, the Alterra Climate Investment Fund, established by the United Arab Emirates with a $30 billion investment, is preparing for the next round of investments. The fund claims its goal is to inject billions of dollars into climate financing. Majid Suvedi, CEO of Alterra Fund, stated that the fund reached a $6.5 billion deal with BlackRock, TPG, and Brookfield Asset Management at the end of last year.

 

Information link:

https://finance.eastmoney.com/a/202407043121293933.html

 

Moody's and MSCI announce the establishment of a strategic partnership to introduce MSCI industry ESG ratings and information

On July 2nd, MSCI and Moody's announced a groundbreaking strategic cooperation agreement, in which they will fully leverage their respective strengths to enhance transparency in ESG and sustainable development for the market, and assist investors in making wiser decisions. According to the agreement, Moody's will introduce MSCI's industry-leading ESG rating and information, mainly used to measure the management level of enterprises in financial ESG risks and opportunities. After adopting MSCI's data, Moody's plans to gradually shift from providing its existing ESG data and ratings to providing MSCI's sustainable information, serving customers in the banking, insurance, and corporate sectors through a series of solutions.

 

Information link:

www.msn.cn/zh-cn/news/other/%E7%A9%86%E8%BF%AA%E4%B8%8Emsci%E8%BE%BE%E6

 

Australia launches mandatory climate reporting, classification systems, and sustainable investment labeling programs

The Australian government's Ministry of Finance has released a roadmap for sustainable finance, outlining its plans to develop and reform financial markets to support the mobilization of private capital needed for the transition to a net zero economy. Its main priorities include developing mandatory climate related reports, establishing a sustainable finance classification system, and establishing a sustainable investment labeling system. According to the roadmap, the Australian Accounting Standards Board (AASB) is expected to complete its climate reporting standards by August 2024, the Australian Audit and Assurance Board (AUASB) will develop assurance standards for climate disclosure by the end of 2024, and the reporting requirements for the first batch of companies covered by the new rules will begin to be implemented on January 1, 2025. The Ministry of Finance also plans to develop and release best practice guidelines for disclosing corporate transformation plans by the end of 2025.

 

Information link:

https://esgnews.com/zh-CN/australia-unveils-sustainable-finance...

French regulatory authorities will file antitrust lawsuits against Nvidia. Currently, Nvidia has become the primary supplier of GPUs and high-speed networks, as these technologies are crucial for building the training clusters necessary for developing and serving top-notch artificial intelligence models. According to estimated data, Nvidia's share in the artificial intelligence infrastructure market has exceeded 80%, and this monopolistic trend has attracted the attention of French regulatory authorities.

 

Information link:

https://www.guancha.cn/economy/2024_07_02_739988.shtml

 

The South Korean government is starting to select the "Top 10 Leading AI Projects"

Recently, the South Korean Ministry of Industry, Trade, and Resources (MIR) released the "Artificial Intelligence (AI) Autonomous Manufacturing Strategy 1.0", which identified the promotion of the "Top Ten Leading Projects for AI Autonomous Manufacturing" as the core strategy and began selecting relevant projects. Previously, the Ministry of Industry had excavated over 40 candidate projects through on-site research and holding symposiums, involving major industries such as semiconductors, automobiles, shipbuilding, secondary batteries, machinery, displays, steel, fibers, and home appliances. Based on this, the Ministry of Industry plans to announce the research topic next month and officially determine the top 10 pilot projects in August.

 

Information link:

http://kr.mofcom.gov.cn/article/jmxw/202407/20240703520122.shtml

 

The UN General Assembly has passed the resolution proposed by China to strengthen international cooperation in the construction of artificial intelligence capabilities

On July 1, 2024, the 78th United Nations General Assembly unanimously passed the resolution on strengthening international cooperation in artificial intelligence capacity building proposed by China, with over 140 countries participating in the joint signing of the resolution. The resolution emphasizes that the development of artificial intelligence should adhere to the principles of people-oriented, intelligent for the good, and benefiting humanity. It encourages international cooperation and practical actions to help countries, especially developing countries, strengthen their artificial intelligence capacity building, enhance their representation and voice in global governance of artificial intelligence, advocate an open, fair, and non discriminatory business environment, support the United Nations in playing a central role in international cooperation, achieve inclusive and sustainable development of artificial intelligence, and help achieve the United Nations 2030 Agenda for Sustainable Development.

 

Information link:

un.china-mission.gov.cn/chn/hyyfy/202407/t20240702_11445468.htm

 

UK Finance: UK companies listed overseas should repay government aid

In recent years, fewer and fewer companies have decided to list on the UK public market. Compared to the significant growth of NASDAQ and Euronext, the number of companies trading on the London Stock Exchange has decreased by 23% in the past eight years. In 2023, chip giant Arm, headquartered in Cambridge, chose to go public in New York, while Klarna, a "buy before pay" company, gradually began to lean towards the United States in its listing plan from London. Meanwhile, many other UK fintech companies, including Ebury, Zopa, and Zilch, are also paying attention to IPOs. In a paper co authored by lobbying consulting firm Global Council, UK Finance stated that "there is no doubt that competition from overseas venues is intensifying in attracting listings... For this reason, the government should also consider how to expand taxpayer funding support for early-stage growth enterprises, which involves a two-way commitment. If the recipient ultimately chooses to list or transfer valuable business outside the UK, this support should be partially or fully repaid... A UK company's choice of where to list or settle is its choice. However, we have ample reason to link taxpayer support with future commitments to use the UK public market and operate in the UK."

 

Information link:

https://www.cliffordchance.com/content/dam/cliffordchance/brie … ·

The World Gold Council is waiting for a catalyst for a decrease in interest rates, which may become a driving force

Gold performed very well in 2024, with a year-on-year increase of 12%, surpassing most major asset classes. Looking into the future, the key question for investors is whether the momentum of gold can continue or is losing momentum. Our analysis shows that the global economy and gold seem to be waiting for a catalyst. For gold, we believe that the catalyst may come from the decline of interest rates in developed markets, which has attracted investment flows from the West, as well as continued support from global investors seeking to hedge the risk of a foam under the circumstances of complacency in the stock market and geopolitical tensions. Of course, the prospect of gold is not without risks. A significant decrease in central bank demand or widespread profit taking by Asian investors may weaken its performance. For now, global investors continue to benefit from the role of gold in a robust asset allocation strategy.

 

Information link:

www.fx678.com/C/20240702/202407022255481050.html

 

European Central Bank President: More data needed to ensure inflation is on a downward trend

The President of the European Central Bank stated that it is necessary to further ensure that the inflation rate falls back to the target of 2% before further lowering interest rates. Lagarde said on Thursday that although the slowdown in inflation in the eurozone continues, officials must remain vigilant. She said that the rise in service prices is particularly noteworthy, driven by high wage increases. "We must remain vigilant, convinced that inflation is continuing to decline, and the data we receive about wages, profits, and activities has strengthened our confidence, making us believe that we are heading towards victory."

 

Information link:

news.cctv.cn/2024/06/07/ARTIcKtCIGqP9WO6lB5ETi0I240607.shtml

 

CITIC Construction Investment: The demand for data element industries is gradually releasing, and the launch of the trillion dollar blue ocean market is imminent

According to the research report of CITIC Construction Investment, data elements, as a new production factor, are a major theoretical innovation led by China in a global and top-down manner, and have been comprehensively elevated to the national strategic level. On the theoretical side, deepening and expanding both hands, accelerating the concretization of data elements; On the policy side, the top-level driving force continues to strengthen, and deepening has become the main theme; On the industrial side, industrial demand is gradually releasing, and the trillion dollar blue ocean market is about to be launched. In 2024, data elements will move from the policy driven stage to a new stage of "government industry" resonance. Data infrastructure, public data authorization operation, data asset entry and evaluation, data application and other links may gradually undergo significant marginal changes, gradually completing the transition from policy driven to endogenous driven. In the near future, it is recommended to pay attention to investment opportunities related to public data and data asset evaluation and inclusion.

 

Information link:

https://finance.eastmoney.com/a/202407053122488164.html

 

Continuously Implementing the "Eight Measures for Science and Technology Innovation Board" on the Shanghai Stock Exchange: Accelerating the Implementation of More Demonstrative M&A and Restructuring Cases

The Shanghai Stock Exchange held a special training session on the "Eight Rules of the Science and Technology Innovation Board" for securities companies, with 100 investment bank and research institute business line leaders from 25 securities companies participating. It is reported that this training aims to gather industry consensus through communication and promotion, further guide securities companies to improve their professional service capabilities and practice quality, jointly implement the "Eight Articles of the Science and Technology Innovation Board", promote the deepening and implementation of the registration system, and better serve technological innovation and the development of new quality productivity. The relevant person in charge of the Shanghai Stock Exchange stated that they will consistently practice the "three door" concept, strengthen communication and coordination with all parties in the market, accelerate the implementation of more demonstrative M&A and restructuring cases, strive to implement the "eight principles of the Science and Technology Innovation Board" well, release institutional dividends, and stimulate market vitality.

 

Information link:

http://jnzstatic.cs.com.cn/zzb/htmlInfo/de3f3f38bf9fdb433fb8ae9b5ec659f 

"The Queen of the Internet" issued another report to discuss how education changes in the AI era
On July 1, 2024, Mary Meeker, a famous technology investor and the "Queen of the Internet", released a special report entitled AI&Universities, calling on the technology industry, the government and higher education to work together to actively promote the development of the AI industry at the current turning point of the "epic scale". The report points out that in the era of artificial intelligence, education methods will also undergo changes accordingly. Artificial intelligence can help create customized course plans, help students fill knowledge gaps or supplement learning materials, while teachers can also use artificial intelligence to handle time-consuming work tasks and improve work efficiency.

Information link:
https://www.cnbeta.com.tw/articles/tech/1436837.htm

Apple materials will receive an observer position on the OpenAI board of directors
As part of the milestone agreement announced last month, Apple will serve as an observer on the OpenAI board, further strengthening the cooperation between the two parties. According to insiders, Phil Schiller, the head of Apple's App Store and former marketing director, will assume this position. As an observer of the board of directors, he will not serve as a formal director. In June of this year, Apple announced that it would offer ChatGPT as part of a set of artificial intelligence features on iPhones, iPads, and Macs. Insiders said that the board's arrangements will take effect later this year, and Schiller has not yet attended any meetings. The specific situation may still change.

Information link:
www.thepaper.cn/newsDetail_forward_27950632

The Labour Party wins, and Stammer will become the new Prime Minister of the UK
According to the vote counting results of the UK general election, in the early hours of the 5th local time, the Labour Party won a majority of seats and won the election in the lower house of parliament. Labour Party leader Kiel Stammer will be appointed as the new Prime Minister of the UK and form a government. Stammer, who is now 61 years old, used to be a lawyer and was elected as the leader of the Labour Party in 2020.

Information link:
https://chinese.aljazeera.net/news/political/liveblog

United Nations Report: China Leading in Generative Artificial Intelligence Patent Competition
On July 4, 2024, the World Intellectual Property Organization (WIPO), a subsidiary of the United Nations, released a report stating that China has taken a leading position in the global competition for generative artificial intelligence. Data shows that generative artificial intelligence patents currently account for 6% of the total global artificial intelligence patents. In terms of geographical regions for patent applications, China leads with a scale of 38210, far exceeding the United States (6276), South Korea (4155), Japan (3409), and India (1350).

Information link:
www.guancha.cn/internation/2024_07_03_740237.shtml?s=zwyzxw


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.