Stay up to date with the latest news from fintech! This week, we bring you updates on tech launches, cybersecurity, new entries, acquisitions, and more. Enjoy reading!
A lawsuit claims OpenAI copied millions of Times’ articles to train the language models that power ChatGPT and Microsoft Copilot. The New York Times is suing OpenAI and Microsoft for copyright infringement, claiming the two companies built their AI models by “copying and using millions” of the publication’s articles and now “directly compete” with its content as a result. Read more
Insurtech: Sumitomo Life to Acquire Singapore Digital Insurer Singlife (Crowdfund Insider)
Sumitomo Life Insurance Company (Sumitomo Life) has agreed to acquire all shares of Singapore digital insurer Singlifeheld by TPG, which currently owns about 35% of the insurtech firm. Furthering its investment, Sumitomo Life plans to extend offers to purchase shares from the remaining shareholders of Singlife. If these offers are fully accepted, Sumitomo Life will achieve 100% ownership of Singlife, valuing the company at S$4.6 billion. Read more
Blackstone signs agreement to acquire Sony Payment Services (The Paypers)
US-based alternative asset manager Blackstone has signed an agreement to acquire Japan-based Sony Payment Services from Sony Bank. According to the official press release, a definite agreement was reached for Blackstone to acquire a majority stake in Japan’s payment service provider, Sony Payment Services (SPSV), from Sony Bank, a subsidiary of Sony Group. Following the acquisition, Sony Bank will reportedly retain a portion of its equity in SPSV and will continue to support its growth. Read more
Gpay, Paytm, PhonePe users alert! New UPI payment method will let you ‘tap & pay’; check how it works (Business Today)
The National Payments Corporation of India (NPCI) has announced that Unified Payments Interface (UPI) members can go live with UPI’s ‘Tap & Pay’ functionality by January 31 next year, according to a report by Business Standard. However, this is not a ‘deadline’ for members to go live with the facility. The new payment method will help the users of BHIM, Gpay, Paytm, PhonePe, and other UPI apps. Read more
HSBC expands technology scale-up lending by £100 million (Finextra)
HSBC UK has announced the expansion of its ‘Growth Lending’ fund from £250 million to £350 million in response to growing demand from high-growth tech scale-ups. The fund launched last year in response to the UK Government’s call for additional investment in the sector. There is also up to £15 million in financing to support their early stage growth ambitions. Read more
USD 14 million cross-border e-CNY gold transaction completed in Shanghai (The Paypers)
The first cross-border settlement for precious metals using the digital yuan CBDC, known as e-CNY, was completed on 20 December 2023. The Bank of China’s Shanghai branch successfully transferred a e-CNY 100 million (USD 14 million) settlement received overseas for gold via the Shanghai Financial Exchange International Board. Read more
Coinbase secures crypto licence in France (The Paypers)
Cryptocurrency exchange, Coinbase, has secured registration with the French markets regulator, as it seeks to expand globally. France’s AMF watchdog has given Coinbase virtual asset service provider (VASP) approval, a green light for the company to operate digital currency services. Per the official announcement, the registration will allow Coinbase to offer its full suite of retail, institutional and ecosystem products and services to users in the country. Read more
Intermex and Visa join forces to revolutionise money transfers globally (Fintech Global)
International Money Express, a leading omnichannel money transfer services company, and Visa, a global pioneer in digital payments, have announced a significant collaboration. Intermex, renowned for its comprehensive money transfer services, operates across the United States, Canada, and Europe, facilitating digital money movement to over 60 countries. Visa, on the other hand, is acclaimed for transforming the global payment ecosystem with its innovative digital payment solutions. Read more
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