FinTech Weekly | Issue 93

Riverlane, a UK based startup specializing in quantum error correction, has secured $75 million in Series C funding

Riverlane was founded in 2016, focusing on quantum error correction technology, and has currently raised a total of $121 million in funding. The founder and CEO of the company, Steve Brierley, stated that "quantum error correction is a key driving factor for the next wave of significant progress in the industry, ushering in a new era of human progress that is as important as the digital revolution. Since the beginning of this year, quantum computing startups have received widespread attention from investment institutions.

 

Information link:

https://www.c114.com.cn/quantum/5285/a1270150.html

Comment: According to data from Crunchbase, such startups have raised nearly $1.4 billion in over 20 rounds of funding so far this year. This amount is almost twice the total financing of $777 million for similar startups last year.

 

Abu Dhabi Sovereign Wealth Fund acquires partial stake in Sotheby's

Abu Dhabi Sovereign Wealth Fund (ADQ) announced an agreement to acquire a minority stake in the globally renowned auction house Sotheby's. This transaction further demonstrates ADQ's ambition in the high-end art market, especially in the context of its expanding global influence. Sotheby's, as a leader in the art and luxury auction industry, has attracted the attention of numerous investors, including ADQ.

 

Information link:

cn.thevalue.com/articles/abu-dhabi-sovereign-wealth-fund-adq-minority-stake-sothebys-1-bi

Comment: This acquisition is expected to strengthen Sotheby's global business layout and bring long-term strategic returns to ADQ. This transaction also reflects the growing interest of sovereign wealth funds in cultural and luxury assets, further expanding their investment portfolios in non-traditional asset classes.

 

Apollo Global Management Company completes partial equity acquisition of Ferrovial, a Spanish infrastructure group

Apollo Global Management has completed a partial acquisition of equity in Spanish infrastructure giant Ferrovial. This transaction is Apollo's latest layout in the European infrastructure sector, reflecting the continued interest of private equity funds in infrastructure assets.

 

Information link:

https://www.mg21.com/ferrovial.html

Comment: Ferrovial is one of the world's leading infrastructure management companies, with business scope covering multiple areas such as airport management, road construction, and urban services. This acquisition will enhance Apollo's strategic position in this field.

 

Ansheng acquires Nobis Group

Ansheng has reached an agreement to acquire Italian retail property insurance company Nobis Group, which has a diversified distribution network including multiple agents and automotive dealership partners. Nobis reported that in 2023, its underwriting premium was 500 million euros and net profit was 35 million euros. According to the terms of the transaction, the prepaid consideration for this acquisition will reach 423 million euros, with a potential revenue of up to 55 million euros.

 

Information link:

https://www.yicai.com/news/100067568.html

Comment: By leveraging Nobis' network and expertise, AXA Italy is expected to elevate its ranking in the property and casualty insurance market from 5th to 4th place.

Riverlane, a UK based startup specializing in quantum error correction, has secured $75 million in Series C funding

Riverlane was founded in 2016, focusing on quantum error correction technology, and has currently raised a total of $121 million in funding. The founder and CEO of the company, Steve Brierley, stated that "quantum error correction is a key driving factor for the next wave of significant progress in the industry, ushering in a new era of human progress that is as important as the digital revolution. Since the beginning of this year, quantum computing startups have received widespread attention from investment institutions.

 

Information link:

https://www.c114.com.cn/quantum/5285/a1270150.html

Comment: According to data from Crunchbase, such startups have raised nearly $1.4 billion in over 20 rounds of funding so far this year. This amount is almost twice the total financing of $777 million for similar startups last year.

 

Abu Dhabi Sovereign Wealth Fund acquires partial stake in Sotheby's

Abu Dhabi Sovereign Wealth Fund (ADQ) announced an agreement to acquire a minority stake in the globally renowned auction house Sotheby's. This transaction further demonstrates ADQ's ambition in the high-end art market, especially in the context of its expanding global influence. Sotheby's, as a leader in the art and luxury auction industry, has attracted the attention of numerous investors, including ADQ.

 

Information link:

cn.thevalue.com/articles/abu-dhabi-sovereign-wealth-fund-adq-minority-stake-sothebys-1-bi

Comment: This acquisition is expected to strengthen Sotheby's global business layout and bring long-term strategic returns to ADQ. This transaction also reflects the growing interest of sovereign wealth funds in cultural and luxury assets, further expanding their investment portfolios in non-traditional asset classes.

 

Apollo Global Management Company completes partial equity acquisition of Ferrovial, a Spanish infrastructure group

Apollo Global Management has completed a partial acquisition of equity in Spanish infrastructure giant Ferrovial. This transaction is Apollo's latest layout in the European infrastructure sector, reflecting the continued interest of private equity funds in infrastructure assets.

 

Information link:

https://www.mg21.com/ferrovial.html

Comment: Ferrovial is one of the world's leading infrastructure management companies, with business scope covering multiple areas such as airport management, road construction, and urban services. This acquisition will enhance Apollo's strategic position in this field.

 

Ansheng acquires Nobis Group

Ansheng has reached an agreement to acquire Italian retail property insurance company Nobis Group, which has a diversified distribution network including multiple agents and automotive dealership partners. Nobis reporteCytora collaborates with Xapien to enhance commercial insurance data processing

Content Overview: Cytora has partnered with Xapien to integrate Xapien's AI due diligence tool into Cytora's risk management platform. This move aims to help commercial insurance companies automate risk assessment and reduce due diligence time, thereby improving the accuracy of underwriting decisions.

 

Information link:

https://xapien.com/news-events/partnering-with...

Comment: This collaboration will provide insurance companies with more comprehensive data support and significantly improve risk management efficiency.

 

Root Insurance uses mobile technology to revolutionize car insurance

Root Insurance continues to lead the transformation of the automotive insurance industry, providing more personalized and fair insurance premiums through pricing models based on driving behavior.

 

Information link:

https://www.joinroot.com

Comment: Since its establishment, the company has collected over 20 billion miles of mobile telemetry data and used this data to optimize its pricing model, making it the first insurance company in the United States to be fully driven by mobile technology.

 

Lemonade launches homeowner insurance in France

As one of the world's leading InsurTech companies, Lemonade recently launched homeowner insurance services in France and partnered with BNP Paribas Cardif to provide extensive insurance coverage for local homeowners. Lemonade is known for its seamless user experience.

 

Information link:

https://www.lemonade.com

Comment: This expansion further consolidates its position in the European market.

 

Zhibao Technology Inc. showcases new product releases

Zhibao Technology Inc. in Shanghai showcased its latest insurance technology solutions at the Skyline InsurTech Summit held this week.

 

Information link:

https://markets.ft.com/data/announce/detail?dockey=...

Comment: The company is mainly committed to improving the intelligence level of insurance products through artificial intelligence and big data technology, thereby reducing claims time and improving customer satisfaction. This product line expansion further increases its market share in the domestic market, while planning to expand into the international market.

The Agora project of Clearing Bank aims to test the exchange of tokenized commercial bank deposits and multi currency central bank currencies among seven banks on a single platform.d that in 2023, its underwriting premium was 500 million euros and net profit was 35 million euros. According to the terms of the transaction, the prepaid consideration for this acquisition will reach 423 million euros, with a potential revenue of up to 55 million euros.

 

Information link:

https://www.yicai.com/news/100067568.html

Comment: By leveraging Nobis' network and expertise, AXA Italy is expected to elevate its ranking in the property and casualty insurance market from 5th to 4th place. 

Kyrgyzstan plans to issue central bank digital currency by 2027

Recently, the Central Bank of Kyrgyzstan initiated discussions aimed at legalizing the country's digital currency ("Digital Som") as its legal tender. According to the proposed amendment announced on August 8th, Digital Som will be integrated into the financial system through a "specialized software system" managed by the country's central bank, and is expected to be officially put into use in 2027. It is reported that the design of the system will include both a "digital account" and a "digital wallet".

 

Information link:

https://www.mpaypass.com.cn/news/202408/13102441.html

 

JP Morgan Payments expands partnership with PopID to promote biometric payments in US stores

JP Morgan Payments is deploying in store biometric payment technology in some pilot merchants in the United States through a new expansion partnership with PopID, a California based facial recognition solution provider. This checkout solution allows shoppers to authenticate their payments through unique facial features without presenting physical cards or digital wallets. This process is supported by PopID, a holding subsidiary of Cali Group responsible for registering the solution, while JP Morgan Payments is responsible for payment processing.

 

Information link:

https://www.jpmorgan.com/about-us/corporate-news/...

 

Unit has established new embedded finance partnerships with Vantage Bank and Lincoln Savings Bank.

Two US financial institutions have signed an agreement with the Bank-as-a-Service (BaaS) startup Unit to expand its embedded financial services. The first cooperation agreement was reached with Vantage Bank, a full-service community bank in Texas with assets of $4.2 billion. Vantage Bank has chosen Unit's financial infrastructure platform and technology to directly embed its financial services into the software company's products.

 

Information link:

https://www.36kr.com/p/254624842648115

 

Customers Bancorp in Pennsylvania is subject to enforcement action by the Federal Reserve Board of the United States

Customers Bancorp, the parent company of Customers Bank in Pennsylvania, has been subject to enforcement action by the Federal Reserve, with regulatory authorities alleging significant deficiencies in its risk management practices and compliance with applicable laws and regulations related to anti money laundering (AML). The central bank stated that Customers Bancorp has adopted a business strategy involving providing banking services to digital asset customers and also operates an instant payment platform that allows commercial customers to make tokenized payments to other commercial customers of the bank through a distributed ledger technology system.

 

Information link:

https://money.usnews.com/investing/news/articl

The UK will introduce laws to regulate ESG rating providers

On August 7th, UK Chancellor of the Exchequer Rachel Reeves announced in a speech that the UK government will introduce legislation aimed at regulating ESG rating providers by 2025. The Ministry of Finance also confirmed this news in a statement. The statement said, "The Chancellor sees an opportunity to collaborate with industry to drive more investment and consolidate the UK's world leading position in sustainable finance, starting with addressing the lack of transparency in ESG ratings

 

Information link:

https://esgnews.com/zh-CN

 

Climate change has increased the intensity of the 'super' fire in the Pantanal wetlands of Brazil by 40% in 2024

According to a new rapid attribution study, human caused climate change has increased the likelihood of an "unprecedented" wildfire sweeping through the Pantanal wetlands in Brazil in June 2024 by four to five times. The Pantanal in South America - the world's largest tropical wetland - experienced unusually hot, dry, and windy weather in June, leading to a surge in fires in the region. The World Weather Attribution (WWA) service found that this month was the hottest, driest, and windiest year in 45 years.

 

Information link:

https://www.carbonbrief.org/climate-change-made...

 

Malaysia's retirement fund promises to invest $4.5 billion in transitional assets

Kumpulan Wang Persaraan (KWAP), a Malaysian retirement fund, has committed to investing 20 billion ringgit (4.52 billion US dollars) in transitional assets to address climate change and achieve a net zero investment portfolio by 2050. KWAP stated in a statement that investing 20 billion ringgit in transitional assets aims to mitigate the impact of climate change and enhance the long-term value of fund investments. As Malaysia's largest pension fund for retired civil servants, KWAP's responsibility is to create the best sustainable risk adjusted long-term returns for the fund.

 

Information link:

https://esgnews.com/zh-CN

 

Plastic recycling investment 'far below' the required $1 trillion

The circular initiative calls for increased investment to address plastic pollution, as new data shows that between 2018 and 2023, only $32 billion in private investment is needed annually for plastic recycling - far below the required $1 trillion. In the third edition of 'Plastic Recycling Investment Tracking', data shows that 22 million tons of plastic waste were generated in 2019. If immediate action is not taken to address the funding shortage, this amount may double by 2060.

 

Information link:

https://www.adb.org/zh/news/features/circular-economy-sustainable-plastic-future

 

South Korea plans to establish the National Artificial Intelligence Commission

On July 30, 2024, the Ministry of Science, Technology, Information and Communication of the Republic of Korea announced that the Regulations on the Establishment and Operation of the National Artificial Intelligence Commission had been approved at the cabinet meeting, and would set about establishing the "National Artificial Intelligence Commission" under the direct leadership of the President to integrate the power of the public and private sectors and lead the innovation and development in the field of artificial intelligence in the Republic of Korea.

 

Information link:

http://kr.mofcom.gov.cn/article/jmxw/202408/20240803527334.shtml

 

British media reports that in the first half of this year, American tech giants significantly increased their investments in the AI field

According to the latest financial reports of American tech giants such as Microsoft, Amazon, Meta, and Alphabet, the parent company of Google, in the first half of this year, these companies significantly increased their investments in the field of artificial intelligence, with a total investment of up to 106 billion US dollars. For some time now, Wall Street investors have been questioning how such an "unprecedented massive investment" can yield returns, but the aforementioned American tech giants have all stated that "investing over $100 billion is just the beginning, and will further increase investment in artificial intelligence in the next 18 months.

 

Information link:

https://world.huanqiu.com/article/4IuIziYwmBE

 

South Korean financial authorities say they are prepared to deal with market volatility and call on investors to remain calm

The South Korean financial authorities stated on Tuesday that they are prepared to deal with the volatile market panic and urged investors to consider South Korea's strong economic foundation and remain calm and composed. Due to concerns about a US economic recession, investors have been selling their stocks, causing the South Korean stock market to suffer its worst ever plunge on Monday. The Kospi index closed down 8.77% at 2441.55 points, and fell to 2273.97 points at one point during trading.

 

Information link:

https://www.36kr.com/newsflashes/2893957659106185

 

New York Fed: The Federal Reserve's balance sheet is a key tool for monetary policy and financial stability

The New York Federal Reserve published an article stating that the Fed's balance sheet is a "key tool" used to support the Federal Open Market Committee's monetary policy objectives and, in rare cases, to support financial stability. The Federal Reserve sets its monetary policy stance mainly by adjusting the target range of the federal fund interest rate, but the FOMC has also previously helped ease the overall financial situation by purchasing US treasury bond bonds and institutional mortgage-backed securities, especially when the federal fund interest rate is around 0.

 

Information link:

finance.sina.com.cn/stock/usstock/c/2024-08-06/doc-inchttnt9650755.shtml

The head of China affairs at the International Monetary Fund: China's economy will achieve more resilient growth

Sonali Jain Chandra, the head of China affairs at the International Monetary Fund, recently stated in an interview that despite facing challenges, China continues to advance reforms and is expected to achieve higher quality and more resilient economic growth. She said that in the past few decades, China has achieved "impressive economic growth" thanks to market-oriented reforms, trade liberalization, and deeper integration into the global supply chain. The rapid growth of the Chinese economy has been translated into significant improvements in various social indicators, including the elimination of absolute poverty. In the medium term, Jia Yin Chandra believes that in the face of risks and challenges, China can continue to deepen reforms to make more resilient growth "within reach".

 

Information link:

http://paper.people.com.cn/hwbwap/html/2024-08/07/content_26073364.htm

 

Global market turbulence helps US money market funds reach new highs in size

Due to the sharp decline in global risk assets earlier this week, investors flocked to cash, and the asset size of US money market funds reached a new high. Data shows that as of August 7th, approximately $52.7 billion had flowed into US money market funds, marking the largest weekly inflow since the week ending April 3rd. The total assets increased from $6.135 trillion the previous week to $6.19 trillion. More and more signs indicate that the slowdown in economic growth is faster than expected a few weeks ago, triggering a significant rebound in global bonds on Monday as traders bet that the Federal Reserve and other central banks will be more aggressive in cutting interest rates.

 

Information link:

https://usstock.jrj.com.cn/2024/08/11212342246638.shtm

 

The oscillation of the US stock market has brought tax savings and inheritance planning opportunities to home offices

On August 5th, global risk assets experienced a "Black Monday", with the Japan Eastern Stock Exchange Index falling 12.23% in a single day, the South Korean Composite Index falling 8.77%, the Taiwan Weighted Index falling 8.35%, the Nasdaq falling 3.43%, and commodities such as copper, oil, gold, and silver all closing down. Global popular trading was severely affected. Many people believe that the global stock market crash last Monday may bring a mess to investors. However, ultra-high net worth investors and family offices have shown extraordinary calmness. They are not in a hurry to buy at the bottom, but have turned their attention to private market investments such as private equity, while utilizing market fluctuations to optimize tax and estate planning.

 

Information link:

https://www.163.com/dy/article/J9DQ2NU50530HI7R.html

 

Effective in October, regulation will be upgraded again! Singapore MAS announces new regulations for home-based businesses

On August 5th, the Monetary Authority of Singapore (MAS) announced on its website that starting from October 1st, 2024, funds managed by family offices in Singapore will be required to submit a background check report provided by a designated screening service provider provided by MAS when applying for family office tax incentives. This means that regulation will be upgraded again.

 

Information link:

https://xueqiu.com/1002489387/300311657

Intel: Intel18A chip process product successfully lit up

Intel announced that the company's first batch of products, based on the Intel 18A process node - the AI PC client processor Panther Lake and server processor Clearwater Forest - have been manufactured, powered on, and successfully started operating systems. Intel 18A is the final node in Intel's 2021 "Four Year Implementation of Five Process Nodes" plan. According to Intel CEO Pat Gelsinger, the Intel 18A process can accommodate the same number of transistors and performance as TSMC's N2 (2 nanometer) process, but its overall performance is better than TSMC's 2 nanometer through individual innovative technologies.

 

Information link:

https://www.36kr.com/newsflashes/2895540781832836

 

Samsung begins mass production of its thinnest LPDDR5X memory product

Samsung Electronics announced that its thinnest 12 nanometer LPDDR5X DRAM (memory) has started mass production, supporting 12GB and 16GB capacities. It is reported that the packaging thickness of this product is only 0.65 millimeters, exceeding all previous LPDDR DRAM with a capacity of 12GB or above. Samsung plans to supply 0.65mm LPDDR5X DRAM chips to mobile processor manufacturers and mobile device manufacturers.

 

Information link:

https://semiconductor.samsung.com/cn/news-events/...

 

Analyst: Apple's artificial intelligence features may be charged, up to $20 at most

In June 2024, tech giant Apple announced plans to launch Apple Intelligence artificial intelligence capabilities on some devices later this year. Some market analysts suggest that Apple may charge up to $20 for its advanced artificial intelligence features. Counterpoint Research partner Neil Shah said that investing in artificial intelligence is very expensive, and Apple's move may be an attempt to pass on this cost to users. He added that Apple may adopt the Apple One subscription model for charging.

 

Information link:

https://www.nbd.com.cn/articles/2024-08-08/3497163.html

 

Intel: Intel18A chip process product successfully lit up

Intel announced that the company's first batch of products, based on the Intel 18A process node - the AI PC client processor Panther Lake and server processor Clearwater Forest - have been manufactured, powered on, and successfully started operating systems. Intel 18A is the final node in Intel's 2021 "Four Year Implementation of Five Process Nodes" plan. According to Intel CEO Pat Gelsinger, the Intel 18A process can accommodate the same number of transistors and performance as TSMC's N2 (2 nanometer) process, but its overall performance is better than TSMC's 2 nanometer through individual innovative technologies.

 

Information link:

http://www.cww.net.cn/article?id=592673

 

 

 

 

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