FinTech Weekly | Issue 94

Klarna, a "buy before pay" giant, plans to raise $20 billion through an IPO

On August 14, 2024, Bloomberg reported that global buy before pay (BNPL) giant Klarna is in discussions with Goldman Sachs on how to assist with its initial public offering (IPO). Klarna had discussions with investors last week regarding the pre IPO stock sale. It is reported that Klarna hopes to achieve a valuation of approximately $20 billion upon going public. However, it is worth mentioning that Klarna's valuation has actually been quite unstable. In June of this year, Klarna announced the sale of its Checkout Unit payment business (similar to a fast checkout service) for $520 million, marking that the company will no longer compete directly with payment giants such as Stripe and Adyen.

 

Information link:

https://techcrunch.co …

Comment: This decision is part of the company's efforts to streamline operations and strengthen the fintech industry alliance. Klarna's decision to divest its checkout business is part of a restructuring aimed at reducing conflicts of interest with major competitors in the payment service provider (PSP) field.

 

Using AI to improve surgical precision, Caresyntax raises $180 million in funding

On August 15, 2024, precision surgical software company Caresyntax announced that it had received $180 million in Series C funding, with participation from multiple institutions including BlackRock Innovation Capital. Caresyntax was founded 10 years ago, using artificial intelligence, automation, and operating room analytics to drive surgeries, enabling surgeons and providers to improve patient outcomes, increase operational efficiency, and increase profitability.

 

Information link:

https://www.leiphone.com/category/ai/z1T3g7rIRJplAHzf.html

Comment: Currently, this company has provided services to over 30000 surgical professionals in more than 3000 operating rooms worldwide, with operations spanning across the United States, Europe, the Middle East, and Africa.

 

Bank of Nova Scotia acquires minority stake in KeyCorp

Bank of Nova Scotia has taken a strategic initiative as part of its North American business expansion plan, agreeing to acquire a 14.9% stake in US regional bank KeyCorp for $2.8 billion. The pricing of this transaction is 11% higher than KeyCorp's volume weighted average price over the past 20 trading days, with a price of $17.17 per share. Affected by this news, KeyCorp's stock price rose 18.07% in pre-market trading, reaching $17.25. The CEO of HSBC stated that this investment will significantly enhance the bank's capital deployment capabilities in key markets, indicating a positive attitude towards expanding its influence and market share in North America.

 

Information link:

www.msn.cn/zh-cn/news/other/%E5%8A%A0%E6%8B%BF%E5%A4%A7%E4%B8%B0%E4%B

Comment: KeyCorp has approximately 1000 branches in the United States and manages approximately $187 billion in assets, providing a variety of financial services including commercial, retail banking, and investment advisory services. In addition, KeyCorp is currently considering restructuring its balance sheet to address the issues of shortened investment portfolio maturities and book losses caused by the Federal Reserve's interest rate hike a year ago, demonstrating its adaptability and forward-looking strategy in financial market volatility.

 

Precision surgery AI company Caresyntax raises $180 million in funding

On August 15th, Caresyntax, an AI platform company specializing in precision surgery, announced a funding commitment of $180 million, including $80 million in equity investment and up to $100 million in growth debt financing.

 

Information link:

https://caresyntax.com/news/caresyntax-raises-100...

Comment: Caresyntax is changing the field of surgery by implementing scalable end-to-end software and artificial intelligence platforms. This platform is medical grade and interoperable, capable of capturing and utilizing new data and applications to improve surgical accuracy and patient safety. Caresyntax has served over 30000 surgical professionals worldwide, covering over 3000 operating rooms and providing automated and actionable insights for hospitals, medical equipment companies, and insurance groups.

Trupanion collaborates with pet and public health departments

Trupanion has partnered with the Centers for Disease Control and Prevention and "leading" pet industry partners to announce the establishment of a collaborative advisory committee and launch an early warning and detection system for pets and public health. Boehringer Ingelheim, Mars Scientific&Diagnostics, and other leading pet, public health, and animal health organizations will also join the advisory committee.

 

Information link:

https://www.vbdata.cn/newsDetail/79792cf228c011ef838900163e034e34

Comment: Trupanion aims to help address this gap by providing this data to the Pet and Public Health Warning Advisory Committee, enabling early detection and response to potential threats to pets and public health, ensuring comprehensive protection of the well-being of pets, their families, and the global community.

 

Electric vehicle manufacturer Rivian collaborates with Progressive

Rivian Insurance， The agency of electric vehicle manufacturer Rivian has been appointed as Progressive, in addition to Nationwide and Cincinnati Insurance. Rivian's flagship models include the electric pickup truck R1T and the electric SUV R1S. The company announced its Q2 2024 performance last week, reporting a total revenue of $1.158 billion, primarily from delivering 13790 vehicles. Nevertheless, Rivian's gross profit was -451 million US dollars, mainly due to high costs, including non recurring expenses of 59 million US dollars related to supplier liabilities and factory restructuring. Operating expenses increased to $924 million, resulting in a net loss of $1.46 billion, higher than the $1.2 billion in the second quarter of 2023.

 

Information link:

https://coverager.com/rivian-partners-with-progressive

Comment: Adjusted EBITDA remains stable at -860 million US dollars. Rivian's working capital at the end of this quarter was $7.9 billion, thanks to Volkswagen's announcement on June 25th of plans to issue $1 billion in convertible bonds after establishing a joint venture with the Volkswagen Group.

 

UK insurance market pilot blockchain technology accelerates claims processing

Several large insurance companies in the UK, including Aviva, AXA, and Zurich, have announced a joint blockchain technology pilot project aimed at fundamentally changing the insurance claims process. The project aims to simplify claims processing and improve transparency and security through the application of blockchain technology.

 

Information link:

https://plisio.net/zh/blog/blockchain-insurance

Comment: The decentralized and tamper proof nature of blockchain enables every claim process to be tracked and verified, greatly reducing the risk of fraud in claims processing.

 

Manulife Canada launches hybrid cyber risk insurance product

Manulife, a Canadian insurance company, launched a hybrid cyber risk insurance product this week aimed at helping businesses cope with growing cyber threats.

 

Information link:

https://www.manulife.ca/personal/insurance/our...

Comment: This product combines the advantages of traditional property insurance and online insurance, providing comprehensive protection against risks such as data breaches and cyber attacks, making it particularly suitable for the security needs of small and medium-sized enterprises.

Barclays deploys blockchain technology to simplify trade financing

Barclays Bank announced a partnership with blockchain company R3 to launch a blockchain based trade finance platform. The platform achieves transparent management of the entire process from letter of credit issuance to goods delivery by connecting all parties involved (such as buyers, sellers, banks, etc.) on a shared blockchain network. This innovation significantly shortens the trade financing cycle, reduces operational risks, and improves the efficiency of international trade.

 

Information link:

https://home.barclays/news/2016/11/how-blockchain...

 

JPMorgan Chase launches AI assistant for 60000 employees

On August 9, 2024, JPMorgan Chase launched an artificial intelligence assistant called LLM Suite, designed to use multiple large-scale language models. A spokesperson for Investopedia confirmed this news. As of now, over 60000 employees have access to this AI assistant, but JPMorgan's goal is to make it ubiquitous in the company. According to reports, JPMorgan Chase had previously banned the use of ChatGPT within the company due to data privacy issues.

 

Information link:

https://wallstreetcn.com/articles/3723548

 

Moscow Stock Exchange software malfunction resolved, stock market resumes trading

The Moscow Stock Exchange announced on August 14th that due to a software error causing server connection issues, stock market trading has been temporarily suspended from 16:18 Moscow time. The software error involves improper memory processing, which affects the normal operation of most servers. At present, the issue has been resolved and the stock market plans to resume trading at 17:30. The system is ready to handle cancellations and connect trading participants. The deposit and credit businesses of other markets of the Moscow Stock Exchange, including the derivatives market, foreign exchange market, precious metals market, and money market, have not been affected and continue to operate normally.

 

Information link:

https://finance.eastmoney.com/a/202408143156121078.html

 

Compared with central bank digital currency, Germans seem to prefer cash

Recently, Bloomberg reported that a visit to the location of the Bank of Germany showed that for reasons such as privacy protection and cash usage habits, Germans seemed not very interested in the digital currency of the Bank of Germany. Two of the interviewed local retirees said that credit cards and online payments have made them feel unable to control their expenses, and digital currencies may make Germany overly dependent on technology. Next year, the European Central Bank will make a final decision on whether to issue a central bank digital currency, known as the 'digital euro'. The European Central Bank has stated that it plans to ensure that users can use digital currencies through various means such as smartphones and bank cards in the future, and plans to eliminate privacy and security concerns through technologies such as data encryption and hashing.

 

Information link:

https://www.thepaper.cn/newsDetail_forward_14719612

New York allocates $200 million for zero emission school buses

Kathy Hochul announced an increase of $200 million in funding for zero emission school buses, the second wave of New York's historic $4.2 billion Environmental Bond Act. This new funding is provided through the New York School Bus Incentive Program (NYSBIP) to support school districts and bus operators in purchasing electric buses, installing charging infrastructure, and planning fleet electrification.

 

Information link:

https://zh-cn.nyserda.ny.gov

 

New Zealand abandons clean and green policies to boost economy

According to Reuters on August 5, 2024, the New Zealand government will promote economic development by lifting bans on oil and gas exploration and delaying agricultural carbon pricing plans in order to boost the economy and fulfill commitments to some voters. Since taking office in 2023, New Zealand Prime Minister Christopher Luxon has announced plans to lift the ban on oil and gas exploration, postpone agricultural emissions pricing for five years, and encourage more mining. But as of March 2024, New Zealand's economic growth rate is only 0.3%, with a current account deficit of 6.8% of GDP and exports accounting for nearly a quarter of the New Zealand economy.

 

Information link:

https://www.ideacarbon.org/news_free/63116/?pc=pc

 

The World Bank issues $225 million Amazon reforestation bonds to mobilize global investors to support carbon reduction and biodiversity

The World Bank has issued its largest ever outcome bond, the $225 million Amazon Reforestation Linked Bond, aimed at directly linking financial returns to the success of Amazon reforestation projects. Unlike traditional carbon credit bonds, this innovative bond links returns to Carbon Removal Units (CRUs) generated from reforestation of the Brazilian Amazon rainforest, making it a pioneering method for mobilizing private capital to achieve environmental impact.

 

Information link:

www.enanyang.my/%E5%9B%BD%E9%99%85%E8%B4%A2%E7%BB%8F/%E4%B8%96%E9%

 

BBC's net zero emissions and nature positive targets: commitment to reduce emissions by 90% by 2050

The BBC has approved ambitious' net zero emissions' targets and has been certified by the Science Based Carbon Targets Initiative (SBTi), solidifying its commitment to a sustainable future. These goals are an important cornerstone for BBC to comprehensively reduce its environmental impact and lead the development of the media industry. The BBC's long-term goal is to reduce all greenhouse gas (GHG) emissions (Scope 1, 2, and 3) by 90% relative to the base year of the 2019/20 fiscal year by the 2050/51 fiscal year. This strict target is consistent with the SBTi standard, emphasizing emission reduction, but only allowing a maximum of 10% carbon offset. Mulder added, 'Adopting long-term goals within industry standards provides a reliable approach based on scientific rigor.'.

 

Information link:

https://esgnews.com/zh-CN/BBC-

South Africa releases national policy framework for artificial intelligence

According to local media reports, the South African Department of Communications and Digital Technology recently released a national policy framework, which is also a key "first step" for South Africa to develop a comprehensive national artificial intelligence policy. At present, the department is soliciting feedback from the information and communication technology industry and other stakeholders on relevant content, and is expected to end by the end of September. This policy aims to cultivate a strong artificial intelligence ecosystem by coordinating actions in research and development, talent development, and infrastructure, ensuring that artificial intelligence catalyzes digital society, digital economy, and digital inclusion.

 

Information link:

https://0xzx.com/2024081620214713397.html

 

Harris Economics makes initial appearance: Strong middle class leads to strong America

Recently, US Vice President Harris outlined the proposals to cut taxes for most Americans, ban grocery stores from "driving up prices" and build more affordable housing, which are part of the "opportunity economy" she plans to implement after winning the White House election. In her first major speech on the economy as the Democratic presidential nominee, Harris promised to provide up to $6000 in new child tax credits for families with young children, reduce taxes for families with children, and lower prescription drug costs. Harris also called for the construction of 3 million new homes within four years and tax incentives for home builders who build homes for first-time homebuyers.

 

Information link:

https://www.163.com/dy/article/J9UKMPB505566WVY.html

 

Malaysia may add "power off button" to its Internet

Recently, according to multiple foreign media reports, Azalina Othman Said, Malaysia's Minister of Law and Institutional Reform, stated that in order to strengthen cybersecurity and combat cybercrime, a new legislation containing a "kill switch" procedure and enforcement regulations will be submitted to the country's parliament in October this year. At present, Azalina has not disclosed to the public what specific situations and implementation prerequisites this proposal will involve. However, she pointed out that the legislation would require social media service providers and Internet communication service providers to play a role and bear corresponding responsibilities in combating online crimes such as online fraud and online bullying.

 

Information link:

https://cn.technode.com/post/2024-07-30/malaysia...

 

The Italian government has issued a decree to incentivize corporate transformation

According to the website of the Italian Ministry of Enterprise and "Made in Italy" on August 7th, the implementation law of "Transformation 5.0" has been published in the official gazette. The plan is promoted by the Italian Ministry of Enterprise and is the first program in Europe to provide special incentives for green and digital transformation as well as employee training, aiming to promote Italian enterprises' investment and enhance their global competitiveness. According to the above regulations, enterprises can automatically enjoy up to 45% tax credit benefits without any preliminary investigation and evaluation, and can be used in conjunction with other government preferential measures. The total amount of funds allocated for enterprise transformation in 2024-2025 is 12.7 billion euros. Among them, 6.3 billion euros come from the RePower EU program to support 'Transformation 5.0'; The remaining 6.4 billion euros come from the budget law to support 'Transformation 4.0'

 

Information link:

it.mofcom.gov.cn/article/jmxw/202408/20240803529930.shtml

G20 unanimously commits to effectively taxing the global super rich

The finance ministers of the Group of Twenty (G20) have issued their first joint statement, promising to cooperate on the issue of "effective taxation of the world's wealthiest people". However, there are deeper differences among participating countries regarding which organization will advance this agenda. Brazil, the rotating presidency of the G20, previously proposed a 2% wealth tax on approximately 3000 billionaires worldwide, which could bring in an annual income of $200 billion to $250 billion.

 

Information link:

https://m.huxiu.com/article/3297352.html

 

2024 Global Family Office Report Released

JPMorgan's 2024 Global Family Office Report provides detailed insights into family offices in investment strategy, family governance, risk management, and operating costs. The report shows that despite significant gaps in succession planning and family governance, family offices are addressing these challenges through specialization and external collaboration. Cybersecurity and risk management have become major concerns for family offices, and we will continue to increase investment in these areas in the future. Overall, family offices are constantly adapting and adjusting to meet the increasingly complex global economic environment and wealth management needs.

 

Information link:

https://www.ubs.com/global/en/family-office-uhnw/...

 

The revised draft of the Marriage Registration Regulations (Draft for Comments) has been released

On August 13th, the revised draft of the Marriage Registration Regulations (hereinafter referred to as the draft) was fully published on the website of the Ministry of Civil Affairs and publicly solicited opinions from the society. The revised draft has made significant changes to the registration procedure compared to the original regulation. According to the draft, both marriage registration and divorce registration no longer require a household registration book, and the previous regulations on regional jurisdiction for registration have been abolished. In conjunction with the Civil Code, the draft has added regulations such as a 30 day "cooling off period for divorce" and "revocable marriage for concealing major illnesses before marriage", and has made specific provisions for the "cooling off period for divorce".

 

Information link:

http://www.news.cn/politics/20240815/c9346c03714b42d8aea...

 

South Korean financial regulatory agency: allows financial institutions to use AI and cloud computing to develop innovative products

On August 13, 2024, the Financial Services Commission (FSC) of South Korea stated that if financial companies can ensure their network security, they can use generative artificial intelligence and cloud computing technology to develop innovative products. Since September 2013, Korean financial companies have been required to separate their networks from the Internet to prevent hacker attacks. However, FSC stated that network separation has led to "low work efficiency" for financial institutions and a failure to develop innovative products using new technologies. Currently, South Korean financial companies are almost unable to use artificial intelligence or cloud computing unless it is for backend office purposes. FSC stated that financial companies may be allowed to start using artificial intelligence and cloud computing technologies as early as the end of this year.

 

Information link:

https://m.mpaypass.com.cn/news/202107/29151124.html

Apple opens NFC payment for the first time

On August 14, 2024, Apple announced that starting from the new version of the operating system iOS 18.1, developers will be able to use the Secure Element (SE) inside the iPhone to provide NFC contactless data exchange functionality in their self-developed iPhone application apps, without using Apple Pay and Apple Wallet, which are Apple's payment and wallet platforms. To use the new features within these apps, users can either directly open the app or set it to default support in iOS settings, and then double-click the iPhone side button to initiate a transaction.

 

Information link:

finance.sina.com.cn/jjxw/2024-08-15/doc-incitxha3213472.shtml

 

Samsung and SK engage in fierce competition in the low-power AI semiconductor field

According to a report by South Korean newspaper "Newsys" on August 6th, with the development of AI technology, the advantages of low-power semiconductors capable of processing massive amounts of data have become increasingly prominent. Samsung Electronics and SK Hynix are fiercely competing in the field of low-power DRAM. Samsung Electronics announced on the 6th that it will mass produce 12GB and 16GB LPDDR5X DRAM at the 12 nanometer level, with a thickness of only 0.65 millimeters, a 9% reduction in thickness and a 21.2% reduction in thermal resistance compared to the previous generation product; SK began commercializing LPDDR5T at the end of last year, with a data transfer speed of up to 9.6Gb/s, and the development of the next generation intelligent computing memory LPDDR-PIM is also accelerating.

 

Information link:

http://kr.mofcom.gov.cn/article/jmxw/202408/20240803528830.shtml

 

Malaysia regulates and promotes sustainable development of data centers

According to the 2024 Global Data Center Index released by DC Byte, Johor is the fastest-growing data center market in Southeast Asia. Data centers require a large amount of water and electricity to maintain their operations, but resource allocation remains a challenge in Malaysia, especially in areas where data centers are concentrated such as Johor. Recently, Akmal Nasrullah Mohd Nasir, Deputy Minister of Energy and Water Transition (Petra) of Malaysia, stated in an interview that in order to meet the sustainability requirements of Malaysia's digital center development, Petra will increase efforts to accelerate the use of renewable energy in the country.

 

Information link:

https://aigcdaily.cn/news/b24u5aoc7xisovk

 

Apple advances desktop robot project development, hoping to open up more sources of revenue growth

Apple, which is striving to seek new sources of revenue, is advancing the development of an expensive desktop home device that combines an iPad like display screen with a robotic arm. According to insiders, the company currently has a team of several hundred people developing this device. The product relies on a slender robotic arm to move a large-sized display screen, using a mechanical device to tilt the display screen up and down and complete a 360 degree rotation. It can be said to be a variant of home electronic products such as Amazon Echo Show 10 and Meta's discontinued Portal.

 

Information link:

https://www.36kr.com/newsflashes/2906625780947590

 

 

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