FinTech Weekly | Issue 92

The US Department of Commerce plans to award Amkor up to $400 million to support the construction of its semiconductor factory

Amkor, a US semiconductor product packaging and testing service provider, announced on July 26 that it has signed a non binding preliminary memorandum of terms with the US Department of Commerce to receive proposed Chip and Science Act incentive funds, with the US Department of Commerce proposing direct funding of up to $400 million.

 

Information link:

https://www.commerce.gov/news/press-releases/2024/...

Comment: Amkor announced in November 2023 that it plans to build the first domestically outsourced semiconductor packaging and testing (OSAT) factory in Arizona, USA. Amkor plans to invest approximately $2 billion in the new factory and hire around 2000 employees.

 

Coreweave announces completion of $1.1 billion Series C funding

The latest valuation of Coreweave has reached $19 billion, almost doubling from $7 billion five months ago. The new funds will be used to support rapid growth in all business areas and Coreweave's expansion into new geographic regions to meet the explosive demand for GPU accelerated cloud infrastructure worldwide.

 

Information link:

https://techcrunch.com/2024/05/05/coreweaves-1-1b...

Comment: CoreWeave's rapid growth reflects the industry's booming demand for AI cloud infrastructure and the current AI financing frenzy. Coreweave has been rapidly expanding its data center scale, with the number of data centers increasing from 3 to 14 last year and plans to reach 28 by the end of 2024. Mistral, a Paris based artificial intelligence startup, also uses Coreweave's GPUs.

 

Robinhood acquires AI investment research platform Pluto Capital

Robinhood, a digital trading platform, announced on August 2, 2024 the acquisition of Pluto Capital, an AI investment research platform. This transaction marks Robinhood's further expansion in the field of AI technology and is another significant move after its acquisition of Bitstamp for $200 million a month ago. Through this acquisition, Robinhood plans to leverage Pluto Capital's AI technology to enhance its investment research and analysis capabilities, providing users with more intelligent and accurate investment advice.

 

Information link:

https://newsroom.aboutrobinhood.com/robinhood...

Comment: Pluto Capital is a startup focused on developing AI driven investment research tools. Its platform utilizes machine learning and natural language processing techniques to extract valuable investment insights from vast amounts of market data. These technologies will be integrated into Robinhood's existing platform to help users better understand market trends and make more informed investment decisions.

 

TigerBeetle raises $24 million in Series A funding

TigerBeetle announced on July 25, 2024, the completion of a $24 million Series A funding round. This financial transaction database company plans to use this funding to invest in engineering technology and aims to double the team size by the end of the year.

 

Information link:

https://tigerbeetle.com

Comment: TigerBeetle's technology focuses on high-performance financial trading and settlement, aiming to provide faster and more reliable services

NsurX expands capacity by increasing D&F business

InsurX recently announced the addition of accident and property insurance (D&F) business to its business, bringing its overall capacity to over £ 100 million. This expansion initiative marks an important strategic transformation for InsurX in the market, aimed at providing customers with more diverse and flexible insurance products and services to meet increasingly complex market demands.

 

Information link:

https://www.nsurcoin.com/nsurx

Comment: By increasing its D&F business, InsurX can not only expand its existing product line, but also provide more accurate and personalized insurance solutions through its intelligent algorithms and AI technology. For example, InsurX's algorithm can analyze and process large amounts of accident and property data in real-time, enabling rapid assessment and processing of claims requests, improving operational efficiency and customer satisfaction.

 

Humata Health raises $25 million to advance AI pre authorization payments

Humata Health, a health company focused on simplifying pre authorization payment processes through AI and automation, has successfully raised $25 million. This funding will be used to further develop and promote its frictionless payment solution, aimed at improving the efficiency and customer satisfaction of medical payments.

 

Information link:

https://www.humatahealth.com

Comment: Humata Health utilizes advanced artificial intelligence and machine learning technologies to simplify the healthcare payment process, particularly in pre authorized payments. The traditional pre authorization payment process is often time-consuming and complex, involving a lot of manual review and paperwork. However, Humata Health's AI system can automate this process, analyze and process medical data in real time, and quickly generate pre authorization decisions. This not only greatly shortens the payment cycle, but also reduces human errors and improves overall efficiency.

 

QBE extends artificial intelligence to improve underwriting efficiency

QBE Insurance Company recently announced that it will expand the application of its artificial intelligence technology to improve the efficiency and accuracy of the underwriting process. QBE will utilize advanced AI technology to automate and optimize risk assessment, thereby accelerating the processing speed and accuracy of policies. The application of this technology not only reduces manual errors, but also enables real-time analysis of large amounts of data, providing deeper risk insights. Through this AI driven approach, QBE aims to significantly improve customer experience.

 

Information link:

https://www.qbe.com/us

Comment: With the help of AI, QBE can process insurance applications and claims more quickly, improving customer satisfaction and loyalty. In addition, AI technology will help QBE better predict and manage risks, optimize policy pricing strategies, and maintain an advantage in fierce market competition.

 

Global insurance technology financing surges in Q2 2024

According to a report by Gallagher Re, global insurance technology financing surged by 39% in the second quarter of 2024, reaching £ 992 million (approximately $1.27 billion), the highest level since the first quarter of 2023.

 

Information link:

https://www.ajg.com/gallagherre/about-us

Comment: This growth is mainly due to the application of artificial intelligence in risk assessment and claims processing, which significantly improves the efficiency and accuracy of the industry.

The Bank of England announces CBDC and distributed ledger experiments

According to Coindesk on July 30th, the Bank of England (BoE) has announced plans to conduct a series of experiments on distributed ledger technology (DLT) and wholesale central bank digital currencies (wCBDC) to keep up with changes in the payment industry and assess opportunities and risks in the development of fintech. With the rise of cryptocurrencies and the underlying DLT technology, global central banks are actively exploring the impact of developing technologies on the world's monetary system. For example, the Bank of England participated in the Agora project of the Bank for International Settlements, which aims to test the exchange of tokenized commercial bank deposits and multi currency central bank currencies among seven banks on a single platform.

 

Information link:

https://www.mpaypass.com.cn/news/202408/06102400.html

 

Stripe continues to expand its business through acquisitions

Payment giant Stripe has made its third acquisition in the past 14 months, totaling at least 15 acquisitions. Recently, Stripe acquired Lemon Squeezey, a company specializing in global digital product sales tax. Through this acquisition, Stripe plans to significantly expand its global sales tax processing capabilities, further enhancing its market share in SaaS and software businesses. Stripe's strategic move demonstrates its determination to strengthen its market position by acquiring small competitors.

 

Information link:

https://www.cifnews.com/article/142696

 

ING appoints Daniele Tonella as Chief Technology Officer

ING Group announced the appointment of Daniele Tonella as Chief Technology Officer (CTO) and member of the Banking Management Committee. Tonella will be responsible for driving ING's technological innovation and digital transformation on a global scale. ING is committed to enhancing customer experience through technology and has also made significant progress in environmental, social, and governance (ESG).

 

Information link:

https://www.ing.com/Newsroom/News/Press-releases/...

 

Accenture releases top 10 banking trends for 2024

Accenture's report points out that the rise of generative artificial intelligence (Gen AI) is one of the main trends in the banking industry in 2024. Gen AI is expected to enhance the productivity and revenue of the banking industry, while requiring banks to rethink their work and talent strategies. Other key trends include capturing digital dividends, managing hidden risks, new ways of working, pricing optimization, and the application of cloud computing.

 

Information link:

https://www.accenture.com/us-en/insights/banking/top-10-trends-banking

Brazilian President signs bill to protect Pantanal wetland ecosystem

On July 31st, Brazilian President Lula signed the National Fire Management Plan Act at a public event in Kolumba, Mato Grosso State. During the event, President Lula also flew over the Pantanal wetland affected by the fire to survey the disaster situation. It is reported that nearly 1 million hectares of land and its biological communities in the region have been destroyed by the fire this year, accounting for about 6% of the entire Pantanal wetland area. The National Fire Management Plan Act prohibits the use of fire to clear native vegetation during land use changes, but also specifies certain special circumstances that allow the use of fire, such as scientific research, fire prevention and extinguishing practices, and cultural activities of indigenous and traditional communities.

 

Information link:

news.cctv.com/2024/08/01/ARTIQiKjkz01JrVZ4JQomyhG240801.shtml

 

The International Accounting Standards Board (IASB) hopes to display climate impacts more strictly

The International Accounting Standards Board (IASB) issued guidance on July 31 on how companies can more effectively demonstrate the impact of climate change on their financial performance, stating that separate information disclosures cannot provide investors with the clarity they need. Listed companies in over 140 jurisdictions, including the European Union, Canada, Japan, and the United Kingdom, are applying the standards set by the International Accounting Standards Board. Regulatory agencies have started to introduce sustainable development information disclosure for listed companies, but this information is released outside of financial statements and audits are not as strict. These examples aim to demonstrate to investors the disclosure of sustainable development information, such as net zero carbon emission commitments and plans for transitioning to net zero carbon emissions, and how they affect financial data such as company assets, liabilities, revenue, and expenses.

 

Information link:

https://www.casc.org.cn/2024/0802/260055.shtml

 

Large truck manufacturers use hydrogen to extend the lifespan of internal combustion engines

Some of the world's largest truck manufacturers, including Volvo and MAN, are retrofitting their internal combustion engines to use low emission hydrogen instead of polluting diesel. The use of hydrogen fuel cells for power generation can reduce the weight of trucks and extend their range, but switching to this technology is costly as the company needs to design new truck systems. Therefore, truck manufacturers and their suppliers have shifted their focus towards developing hydrogen internal combustion engines in the near future, as this is a faster and cheaper solution that can rely on existing production lines, which have been a major economic driver for countries such as Germany for many years.

 

Information link:

cn.tradingview.com/news/reuters.com,2024:newsml_L4S3JO0IU:0/

 

East Africa may provide support for the US graphite supply chain

According to a policy brief released by the Peterson Institute for International Economics, the future supply of graphite to the United States may come in large quantities from East African countries such as Madagascar, Mozambique, and Tanzania. As graphite suppliers, these countries have many advantages. These three countries all have abundant graphite resources, and Western companies headquartered in American allies control their businesses. Moreover, the public's perception of the United States as a strategic partner is not negative. Among these three countries, Tanzania has the most stable politics and is least affected by political risks such as armed conflict or regime instability. Tanzania is also a relatively new producer with limited records of large-scale production.

 

Information link:

https://www.chinatimes.com/cn/realtimenews/20240618002059-260409

Citigroup has repeatedly violated the Federal Reserve's regulations restricting inter company transactions

On August 1st, it was reported that Citigroup had repeatedly violated the Federal Reserve's regulations restricting inter company transactions (W rule). Reuters reported on Wednesday (July 31) citing an internal document from Citigroup that these violations led to errors in the banking giant's internal liquidity report. It is understood that the Federal Reserve's W rule requires banks to restrict lending and other transactions to affiliated institutions under their control in order to protect depositors' funds. Reuters pointed out that these violations occurred at a time when regulatory agencies were criticizing Citigroup for issues with risk management and internal controls, and just two weeks ago, the Federal Reserve and the Office of the Superintendent of the Currency (OCC) fined Citigroup $136 million for insufficient compliance progress.

 

Information link:

https://finance.sina.com.cn/stock/usstock/c/2024...

 

UK Prime Minister's Office says UK has' gone bankrupt '

The UK Prime Minister's Office announced on the 28th local time that the country has become "bankrupt and fragmented". In the UK parliamentary elections held on the 4th, the ruling Conservative Party suffered a defeat, while the Labour Party achieved a landslide victory. After 14 years, the Labour Party has once again become the ruling party. After the establishment of the new Labour government, the newly appointed UK Chancellor of the Exchequer Rachel Reeves has requested a comprehensive assessment of public funding needs, and the results of the assessment are scheduled to be announced in the UK Parliament today. According to Reuters, the Labour Party stated that the assessment results will show a public finance gap of approximately £ 20 billion.

 

Information link:

https://news.sina.com.cn/w/2024-07-29/doc-incfsspu2949400.shtml

 

The United States will further prevent Japan, South Korea, and the Netherlands from exporting semiconductors and manufacturing equipment to China

The US politicizes, securitizes, and instrumentalizes economic, trade, and technological issues, continuously increases its control over chip exports to China, coerces other countries to suppress China's semiconductor industry, seriously undermines international trade rules, damages the stability of the global industrial chain, and is detrimental to any party. China has always been firmly opposed to this. Lin Jian emphasized that containment and suppression cannot hinder China's development, but will only enhance China's determination and ability for technological self-reliance and self-improvement. China will closely monitor relevant developments and resolutely safeguard its legitimate rights and interests. We hope that relevant countries will resolutely resist coercion, jointly maintain a fair and open international economic and trade order, and truly safeguard their own long-term interests.

 

Information link:

https://www.guancha.cn/internation/2024_07_31_743353.shtml

 

Unexpected acceleration of inflation in Germany poses a challenge to the policies of the European Central Bank

The acceleration of inflation in Germany in July may provide additional reasons for the European Central Bank to cautiously pursue further interest rate cuts. In July, Germany's EU Harmonized Consumer Price Index rose by 2.6% year-on-year, higher than last month's 2.5%. Analysts surveyed by Bloomberg predict that the growth rate will remain unchanged. The slowdown in energy costs is smaller than in June, while food price pressure has increased and the service industry remains stable. Earlier, another report showed that inflation in Spain has slowed down more than expected. The data for France, Italy, and the Eurozone will be released on Wednesday, and analysts expect the Eurozone as a whole to remain stable at 2.5%.

 

Information link:

http://news.10jqka.com.cn/20240731/c660318569.shtml

Singlife collaborates with JPMorgan Asset Management to launch enhanced index fund

GROW with Singlife has announced a partnership with J.P. Morgan Asset Management (JPMAM) as part of the Singlife product line, which will include the exclusive stock category of J.P. Morgan Global Research Enhanced Index Equity Fund. GROW stated that the product will only be launched in the Central Provident Fund (CPF) investment plan and will combine the advantages of active and passive investment to enable Singaporean investors to effectively invest in long-term retirement goals.

 

Information link:

https://www.insurancebusinessmag.com/asia/news/...

 

Important economic indicators suggest a bleak outlook for oil demand

The Leading Economic Indicators (LEI) of the Large Enterprises Institute in the United States is a market barometer composed of multiple major indices that can predict fluctuations in economic growth. As of June 30th, the index has fallen by 4.8% year-on-year, and the year-on-year fluctuation has been hovering in the negative range for 24 consecutive months. During the same period, due to the dual impact of OPEC+production cuts and bleak demand prospects, the price difference between WTI crude oil near month contracts and 24 month contracts has been hovering below zero.

 

Information link:

https://news.futunn.com/hk/flash/17634661/...

 

Saudi sovereign wealth fund signs $50 billion memorandum of understanding with 6 Chinese financial institutions

The website of the Saudi Sovereign Wealth Fund (PIF) released a statement stating that it has signed six memorandums of understanding worth a total of up to $50 billion with major Chinese financial institutions. The institutions that signed the memorandum of understanding include China Construction Bank, Agricultural Bank of China, China Export&Credit Insurance Corporation, Bank of China, Export Import Bank of China, and Industrial and Commercial Bank of China. The memorandum of understanding covers cooperation areas such as encouraging two-way capital flows through debt and equity.

 

Information link:

https://www.yicai.com/news/102215882.html

 

The economic recovery in the Eurozone is showing a weak trend

The International Monetary Fund (IMF) recently updated its World Economic Outlook report, stating that economic activity in the eurozone has begun to bottom out and rebound, but the overall economic recovery is showing a weak trend. It is expected that the eurozone's economic growth rate will see a slight rebound of 0.9% in 2024, an increase of 0.1 percentage points from the April forecast. Coincidentally, European Central Bank Vice President Jindos recently stated that the economic growth rate of the Eurozone in the second quarter of this year is not significantly different from that in the first quarter.

 

Information link:

http://paper.ce.cn/pc/content/202407/29/content_298464.html

Huang Renxun's conversation with Zuckerberg: New chip samples sent this week, AI industry still has 5 years of product innovation period

At the 50th SIGGRAPH graphic conference held in Denver, USA, Huang Renxun and Zuckerberg had their first public Fireside Talk. Zuckerberg stated that basic research on AI is accelerating, and based on current AI model technologies, the industry still has five years of product innovation space. Before the conversation began, Huang Renxun had already showcased the company's latest products at the conference and announced that "Nvidia will begin sending Blackwell samples this week, which is the company's first new chip architecture this year.

 

Information link:

https://www.163.com/dy/article/J8BBF25A0519QIKK.html

 

It is expected that the global demand for display area will increase by 8% compared to last year in 2024

According to the Omdia report, panel manufacturers plan to ship 7.8 million TV panels of 80 inches or larger this year, an increase of 35% compared to last year. This year, display panels larger than 80 inches are expected to occupy approximately 7% of the entire display panel market, and this proportion is expected to increase to 11% by 2030. This will lead to a significant rebound in area based demand, with a projected 8% increase in global display area demand by 2024 compared to last year.

 

Information link:

https://www.yicai.com/brief/102213232.html

 

Microsoft Azure Cloud Computing Services' Q4 Revenue Growth Slows Down

Microsoft's Azure cloud service quarterly growth has slowed down, disappointing investors who are eager to see huge investment returns in artificial intelligence products. The stock price has fallen. The company said in a statement on Tuesday that its total revenue for the fourth quarter ended June 30 increased by 15% to $64.7 billion, with adjusted earnings per share of $2.95. Analysts estimate an average revenue of $64.5 billion and earnings per share of $2.94.

 

Information link:

https://xueqiu.com/9793054414/299417249

 

By 2027, the global shipment of humanoid robots will exceed 10000 units

According to Omdia's latest research report, it is expected that the global shipment of humanoid robots will exceed 10000 units by 2027 and reach 38000 units by 2030. This means that the compound annual growth rate from 2024 to 2030 will reach 83%. Despite optimistic predictions, humanoid robot technology is still in its infancy. The complexity of these robots makes large-scale production and deployment difficult, with most still in the experimental or conceptual validation stage. Large scale implementation may take several more years.

 

Information link:

https://www.ithome.com/0/785/521.htm

 

 

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.