FinTech Weekly | Issue 91

Alphabet reinvested $5 billion in Waymo, its autonomous vehicle division

On July 23, 2024, Alphabet announced that it would invest $5 billion in Waymo, its autonomous vehicle division. The company's Chief Financial Officer Ruth Porat stated that more information about this multi-year investment plan will be disclosed in its quarterly Securities and Exchange Commission filing. It is understood that Waymo provides 50000 paid services per week, mainly concentrated in San Francisco and Phoenix. In June of this year, Waymo cancelled the waiting list and opened Waymo ride hailing services to all San Francisco users.

 

Information link:

https://arstechnica.com/cars/2024/07/waymo-will...

Comment: Before Alphabet increased its investment in Waymo, Cruise, the autonomous vehicle department of General Motors, said that it would postpone the production of Origin indefinitely. This is an autonomous bus designed for urban use. On Tuesday of this week, Tesla also announced the postponement of its plan to launch its dedicated robotaxi network laboratory, from August to October 10th.

 

Canadian legal technology startup Clio locks in $900 million Series F funding

Recently, Vancouver based legal tools platform Clio announced that it has secured a $900 million Series F funding with a valuation of $3 billion. This financing is led by New Enterprise Associates, with participation from multiple institutions including Goldman Sachs Asset Management, Sixth Street Growth, CapitalG, and Tidemark. Clio's software enables law firms to automate processes such as client acceptance, accounting, and document management. In addition, this startup company is also actively exploring generative artificial intelligence technology.

 

Information link:

https://www.autoexpress.co.uk/renault/clio/62712/renault-clio-09-tce

Comment: Its Clio Duo generative artificial intelligence solution can help lawyers complete daily tasks and improve efficiency through the use of analytics. Clio was founded in 2008 and has raised a total of $1.3 billion in financing. It has over 1100 employees and annual recurring revenue of over $200 million.

 

Dearroom: UK AI startup currently valued at $256 billion

According to data from Dearroom and HSBC Innovation Banking, the overall valuation of artificial intelligence startups in the UK has reached $256 billion, accounting for 22% of the country's total innovation ecosystem value, up from 12% in 2019. In the first half of 2024, UK artificial intelligence companies raised a total of $2.1 billion, and it is expected that this amount will more than double in the next five months, which means that the UK artificial intelligence industry is expected to usher in another record breaking year after 2021. Statistics show that the development of artificial intelligence industry in the UK covers multiple fields such as energy, healthcare, law, and finance.

 

Information link:

https://www.199it.com/archives/1699298.html

Comment: Overall, the share of artificial intelligence in UK venture capital is increasing, reaching a historic high of 23% this year. By comparison, the proportion for 2023 and 2022 will be 13% and 10%, respectively.

 

SK Innovation and SK E&S discuss merger, leading to the birth of a super large energy company in South Korea

On July 17, 2024, SK Innovation and SK E&S, energy subsidiaries of SK Group, held a council meeting to discuss a merger plan between the two companies. It is expected that a super large energy enterprise with assets of KRW 106 trillion will be born as early as November. As part of its business restructuring, SK Group has been promoting the merger of its energy intermediate holding company SK Innovation and its core non listed company SK E&S. This can not only enhance the synergy effect of the group's energy management, but also improve the financial structure through SK E&S's cash flow, helping SK Innovation's subsidiary SK on solve financial difficulties and other issues.

 

Information link:

https://en.yna.co.kr/view/AEN20240717005300320

Comment: If the merger proposal is passed at this board meeting, the two companies will hold an extraordinary shareholders' meeting next month to initiate the follow-up procedures for approving the merger. It is expected that after the merger, a super large energy enterprise with a sales scale of nearly 90 trillion Korean won and total assets of 106 trillion Korean won will be born.

Selective Insurance collaborates with One Inc to launch ClaimsPay

On July 23, 2024, Selective Insurance partnered with One Inc to launch ClaimsPay ® Digital payment solutions to revolutionize the claims payment process.

 

Information link:

https://www.oneinc.com/resources/news/selective...

Comment: This solution aims to improve the efficiency of claims payment and customer satisfaction, marking an important progress in digital payments for the insurance industry.

 

EMC company adopts new technology to protect employees from high temperatures

Employers Mutual Casualty (EMC) is adopting various new technologies to protect employees from the effects of extreme heat. These technologies include predictive analytics and real-time monitoring systems to ensure the safety and health of employees.

 

Information link:

https://news.skhynix.com.cn/semiconductor-back-end...

Comment: By using wearable devices and environmental sensors, EMC is able to monitor the temperature and humidity of the workplace in real time, provide warnings, and take necessary measures to prevent heatstroke incidents from occurring.

 

John Hancock offers discounts on full body MRI scans, becoming the first life insurance company to offer this service in the field

In July 2024, John Hancock announced a discount on Prenuvo whole-body MRI scans for customers of his Vitality program. This service is the first of its kind in the US life insurance industry, aimed at improving customers' health and adding value to life insurance services through advanced medical testing methods. Prenuvo whole-body MRI scan is a non radiative and non-invasive imaging technique that can scan various parts of the body in detail and detect potential health problems early.

 

Information link:

https://www.johnhancock.com/about-us/newsroom/news/...

Comment: Through this service, John Hancock's Vitality program customers can receive advanced health checkups at discounted prices, helping them better manage their personal health.

 

LoodFlash expands coverage to the mainland of the United States

FloodFlash， This innovative insurance technology company focuses on providing sensor based parameterized flood insurance services. In July 2024, FloodFlash announced that its service scope would expand to all regions of the mainland United States, marking an important step in the company's global expansion. The expansion plan of FloodFlash has received a positive response from the market.

 

Information link:

https://www.businesswire.com/news/home/20240116575595/en

Comment: Insurance industry experts believe that this technology-based innovative model will provide better insurance options for residents and businesses in high flood risk areas, significantly improving the efficiency and effectiveness of flood risk management.

Global banking industry adopts blockchain technology to improve transparency and efficiency

In July 2024, multiple banks around the world began to adopt blockchain technology on a large scale to improve transaction transparency and operational efficiency. For example, UBS and HSBC are using blockchain technology to simplify cross-border payment and trade financing processes. Through blockchain, banks can ensure the immutability and transparency of transactions, significantly reducing transaction time and costs.

 

Information link:

https://blog.chinese-smartbrain.com/10-use-cases...

 

Citibank launches AI driven customer service platform

In July 2024, Citibank launched a new AI driven customer service platform that utilizes natural language processing (NLP) technology to provide customers with faster and more accurate services. Citibank stated that through this platform, customers will enjoy a more intelligent and convenient experience when querying account information, processing transactions, and resolving issues.

 

Information link:

https://www.emrspace.com/ai-sector-overviews/ai-at-citi

 

Deutsche Bank uses quantum computing technology to optimize risk management

Deutsche Bank collaborates with IBM to utilize quantum computing technology to optimize risk management and portfolio management. The efficient computing power of quantum computing will help Deutsche Bank quickly find the best solution in complex financial models, improving the accuracy and efficiency of risk management (InsurTech Digital).

 

Information link:

https://www2.deloitte.com/content/dam/Deloitte/cn/Documents/technology-media...

 

Bank of America launches digital banking platform

Bank of America has launched a new digital banking platform aimed at providing more convenient and efficient banking services for small and medium-sized enterprises. This platform integrates various functions such as payment, loan, and financial management to help businesses better manage their finances and operations (InsurTech Digital).

 

Information link:

https://finance.eastmoney.com/a/202312292947921485.html

Starting from 2025, the UK will mandate the use of sustainable aviation fuels

On July 24th, the UK government confirmed through the introduction of mandatory Sustainable Aviation Fuel (SAF) regulations that from January 1, 2025, 2% of all jet fuels in the UK must be sustainable, with the goal of increasing to 10% by 2030 and 22% by 2040. Sustainable aviation fuel (SAF) is generally produced from sustainable resources such as waste oil and agricultural residues, and is considered one of the key tools to help the aviation industry achieve decarbonization in the short to medium term. According to SAF manufacturers' estimates, this fuel can reduce greenhouse gas emissions by up to 85% over its lifecycle compared to traditional fuels.

 

Information link:

https://esgnews.com/zh-CN/uk-to-implement-mandate...

 

Europe considers incorporating carbon offsetting into the carbon market

The reduction of emissions caps in the European carbon market will increase the pressure for decarbonization. Due to the difficulty in obtaining cleaner options, regulatory agencies can allow the use of carbon offsets to help narrow the gap with climate targets. Carbon removal offsets (each representing the active removal of one ton of carbon emissions from the atmosphere) may soon be included in the emission trading schemes of the European Union and the United Kingdom, both of which are currently being evaluated. The UK government is considering a wider range of greenhouse gas removal options, possibly including high-quality schemes for backbone nature.

 

Information link:

https://www.ideacarbon.org/news_free/63017/?pc=pc

 

Clean energy investment in the United States has grown by nearly 60% in the past four years

The International Energy Agency recently released the "2024 Energy Policy Assessment of the United States" report, which clearly states that in the past four years, clean energy investment in the United States has achieved a significant growth of nearly 60%, directly driving the creation of over 310000 job opportunities in the clean energy industry. Currently, the United States holds a dominant market position in clean energy technologies such as renewable energy, batteries, and electric vehicles, and energy efficiency is steadily improving, reaching a 4% energy efficiency improvement rate last year. In addition, the United States has increased investment in nuclear power production, low-carbon fuels, and battery storage capacity, particularly in battery storage capacity, which has grown sixfold in the past four years.

 

Information link:

https://www.in-en.com/article/html/energy-2333716.shtml

 

Tesla Q2 report: Net profit halved, energy storage and carbon sales become new 'gold mines'

On the early morning of July 24th, Tesla released its Q2 2024 financial report after the US stock market closed. At present, Tesla is in a situation of "increasing revenue without increasing profits". In the second quarter, the company's revenue increased year-on-year, but its net profit showed a "halving" trend. Financial report data shows that Tesla's revenue in the second quarter was $25.5 billion, a year-on-year increase of 2%, setting a historical record and higher than analysts' previous expectations of $24.38 billion. The gross profit in the second quarter was $4.578 billion, a year-on-year increase of 1%, with a gross profit margin of 18%, lower than the same period last year's 18.2%, but higher than analysts' expectations of 17.4%.

 

Information link:

https://finance.sina.com.cn/cj/2024-07-24/doc-incffwmz9371927.shtml

US regulatory agencies remind banks to be aware of potential risks associated with third-party deposit arrangements

On July 25, 2024, the Federal Deposit Insurance Corporation (FDIC), Federal Reserve, and Office of the Superintendent of the Currency (OCC) jointly issued a statement reminding banks to be aware of potential risks associated with third-party delivery of bank deposit products and services. The three regulatory agencies mentioned above have expressed their support for responsible innovation and for banks to participate in these arrangements in a safe, reasonable, and compliant manner with applicable laws. Although these arrangements can provide benefits, regulatory experience has identified a range of safety and soundness, compliance, and consumer related issues in the management of these arrangements.

 

Information link:

https://www.kwm.com/cn/zh/insights/latest-thinking/...

 

The South Korean government establishes the "AI Autonomous Manufacturing Alliance" to accelerate the integration of AI and manufacturing industries

On July 22, 2024, the Ministry of Industry, Trade and Resources of South Korea held the launch ceremony of the "AI Autonomous Manufacturing Alliance" at the Korea Chamber of Commerce and Industry, announcing the establishment of the "AI Autonomous Manufacturing Alliance" aimed at integrating AI into the manufacturing industry. The plan is to increase the AI autonomous manufacturing rate in the manufacturing industry from the current 5% to over 40% by 2030, achieving a 20% increase in production efficiency and driving GDP growth of 3%. The alliance is participated by 153 companies and organizations from 12 industry sectors, with participating companies accounting for 40% of the entire manufacturing industry's sales.

 

Information link:

http://kr.mofcom.gov.cn/article/jmxw/202407/20240703524978.shtml

 

The US House of Representatives approves the Financial Technology Protection Act

On July 22, 2024, the United States House of Representatives passed the Financial Technology Protection Act of 2023 and submitted it to the Senate for review. It is reported that the bill proposes to establish a working group composed of major federal government departments, intelligence agencies, private organizations and their innovations, as well as private sector experts, to develop legislative and regulatory proposals to combat terrorism and illegal financing on digital platforms.

 

Information link:

https://www.hawkinsight.com/article/jDjF

 

Only 15% of Irish companies' fully comply 'with the General Data Protection Regulation

A survey conducted by Ipsos B&A on behalf of Elvis Mazars and McCann Fitzgerald found that only 15% of businesses stated that they fully comply with the EU's General Data Protection Regulation (GDPR) rules. 58% of companies consider themselves' substantially compliant ', while 25% of companies are' partially compliant '. Although more and more companies believe that not following the rules will face greater risks, the situation remains the same. 82% of respondents believe that the risk of non-compliance with GDPR is increasing, compared to 70% in the same survey conducted in 2023. 81% of the surveyed companies stated their intention to improve compliance with GDPR.

 

Information link:

http://ie.mofcom.gov.cn/article/jmxw/202407/20240703524214.shtml

South Korea plans to implement comprehensive tax reduction measures: reducing inheritance tax and extending semiconductor tax exemptions

To stimulate the economy and boost the stock market, the South Korean government has announced a series of pending tax relief measures. These measures include reducing one of the world's highest inheritance tax rates, extending semiconductor tax incentives and tax suspensions on cryptocurrencies, as well as canceling plans to impose capital gains tax on financial investment returns. The South Korean Ministry of Finance stated that the government of President Yoon Suk yeol plans to lower the inheritance tax cap from 50% to 40% and abolish the additional tax burden on controlling shareholders. This will be the first time since 1995 that South Korea has lowered the inheritance tax rate, and is expected to have an impact on large companies such as Samsung Electronics and Hyundai Motor

 

Information link:

https://wallstreetcn.com/articles/3721184

 

Foreign investors increased their holdings of Chinese bonds for 10 consecutive months, highlighting the investment value and making RMB assets "popular"

According to data released by the State Administration of Foreign Exchange, in the first half of 2024, the scale of foreign investment in RMB bonds was relatively high. In the first half of the year, foreign investment increased its net holdings of domestic bonds by nearly 80 billion US dollars, which was the second highest value in the same period in history. In addition, data from the Shanghai headquarters of the People's Bank of China shows that foreign investors have increased their holdings of Chinese bonds for 10 consecutive months.

 

Information link:

http://paper.ce.cn/pc/content/202407/24/content_298219.html

 

BlackRock Fund increases capital again, adding to the Chinese market

According to China Fund News, BlackRock Fund has recently increased its registered capital from 1 billion yuan to 1.25 billion yuan, with a 25% capital increase. This is its fourth capital increase since its establishment. Since the beginning of this year, several foreign public fund companies such as Fidelity Fund, Lubemai Fund, and Lianbo Fund have also increased their capital, demonstrating the long-term optimism of foreign investors towards the Chinese market. Since its establishment in 2020, BlackRock Fund has issued 8 funds with a management scale of 4.037 billion yuan. Fan Hua, head of BlackRock China, said that BlackRock Group would continue to seek opportunities to increase its presence in the Chinese market.

 

Information link:

https://www.21jingji.com/article/20240726/herald/0...

 

Trump's attack may cause funds to flood into safe haven assets

Regarding the assassination attempt on Trump's campaign rally, analysts believe that the event will cause gold to reach a historic high, and traditional safe haven assets such as US bonds, the US dollar, and the Japanese yen will also record inflows of funds. Meanwhile, given that the "Trump deal" surrounding the US election also involves the trends of the US dollar and US Treasury bonds, investors are particularly concerned about the future trends of the US dollar and US Treasury bonds. After the incident, most analysts expected that investors' first reaction would definitely be to flood into safe haven assets. Nick Twidale, chief market analyst of ATFX Global Markets, a global spread contract broker, said: "There is no doubt that there will be some safe haven capital flows in the market. I expect gold to hit a record high, and the funds will also buy yen and dollars and flow into US treasury bond bonds."

 

Information link:

https://www.huxiu.com/moment/1008969.html

US, UK, and EU regulatory agencies sign joint statement on competition in artificial intelligence

Regulatory agencies from the United States, the United Kingdom, and the European Union recently signed a joint statement aimed at unleashing the opportunities that artificial intelligence technology can provide through fair and open competition, and establishing common principles for maintaining fair competition and protecting consumers. The joint statement signed by the European Commission, the UK Competition and Markets Authority, the US Federal Trade Commission, and the US Department of Justice points out that generative artificial intelligence has developed rapidly in recent years and may become one of the most important technological developments in recent decades. This' technological turning point 'will introduce new competitive methods, bringing opportunities, innovation, and growth.

 

Information link:

https://www.yicai.com/news/102205099.html

 

Zuckerberg launches new big language model

Facebook's parent company Meta Platforms Inc. has released a new and powerful artificial intelligence model for the first time, which CEO Mark Zuckerberg called "state-of-the-art technology" and stated that the model will compete with similar products from competitors such as OpenAI and Google. The new model "Llama 3.1" released on Tuesday took several months to train and consumed billions of dollars in computing power. The company stated that this is a significant update to the Llama 3 released in April.

 

Information link:

https://www.jiqizhixin.com/articles/2024-07-24-2

 

Exploring the Asian market, German AI translation platform DeepL launches traditional Chinese services

On July 23, 2024, German artificial intelligence translation startup DeepL announced the launch of traditional Chinese services. As one of the most prominent artificial intelligence companies in Europe, DeepL primarily sells translation software services to enterprises rather than individual users, with a current valuation of $2 billion. Traditional Chinese is the Chinese writing form used in Taiwan, China and Hong Kong. Both of these places are key business centers for technology and finance, which is an important factor in attracting DeepL to launch its language service options in the public market.

 

Information link:

https://www.deepl.com/en/zh/blog/deepl-translator...

 

Musk announces start of training on 'world's largest AI training cluster'

Elon Musk announced on social media platform X that the xAI team, X team, Nvidia, and support companies will begin training on the Memphis Supercluster at 4:20am local time. According to him, the cluster uses 100000 liquid cooled H100 sheets on a single RDMA fabric, making it the "most powerful AI training cluster in the world". He revealed in the comment section that his goal is to train the world's most powerful artificial intelligence by December of this year.

 

Information link:

https://www.yicai.com/news/102201673.html

 

 

 

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.