Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [March 30, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Spain and other countries call on EU not to list gas-fired power plants as sustainable investment projects

From 2022, financial product providers in the EU region are required to disclose their investment compliance with the EU sustainable investment classification climate standards. On March 10, 2021, Denmark, Spain, Ireland, Luxembourg and Austria submitted letters to the European Commission, hoping that the commission would insist on not including gas-fired power plants in the plan of sustainable investment. In November 2020, some provisions on natural gas in the European Commission’s sustainable investment classification met opposition from Bulgaria and Poland. Previous original documents showed that gas-fired power plants could be listed as sustainable investments if their carbon emissions reached 100 grams of CO2 equivalent per kilowatt hour. However, today’s gas-fired power plants with the highest environmental protection level are still unable to meet this standard. The European Commission plans to complete the final sustainable investment classification by late April 2021.

[2]. Pie insurance, an American insurance technology company, received $118 million in round C financing

On March 26, 2021, pie insurance, an American insurance technology platform, announced that it had obtained US $118 million in round C financing. This financing is led by Allianz X and acrew capital, and participated by greycroft, SVB capital, siriuspoint, elefund and Moxley holdings. Established in 2017, pie insurance has accumulated financing of more than US $300 million and has been providing compensation insurance services for small business systems since 2018.

[3]. The Australian special committee on technology and finance expects to release its first industry report in October 2021

On September 11, 2019, the Australian Senate decided to establish a special committee on financial technology and regulatory technology, which is responsible for understanding and reporting the following contents: 1) opportunities and scope of Australian financial technology market; 2) obstacles in the application of new technologies in the financial sector; 3) reform of financial technology convenience and establishment of global benchmark system; 4) role of regulatory technology in improving industry compliance and reducing costs 5) financial technology and regulatory technology support mechanism. On March 18, 2021, the committee was renamed “Australian technology and financial center special committee”, and its scope of work will also include: 1) the impact of company law on Australia’s recent investment; 2) the policy environment faced by emerging banks; 3) opportunities and risks in the field of digital assets and encryption; 4) the development of Australian technology and financial center in the post epidemic era. It is reported that the Commission will issue its first industry survey report on or before October 30, 2021.

[4]. The results of the open finance questionnaire released by the HKMA

In December 2019, the financial conduct authority (FCA) launched a questionnaire and consultation on “open finance”. Affected by COVID-19, the deadline for investigation was postponed to October 2020, and eventually 169 replies were received. Statistical results show that open finance can bring many benefits to consumers, such as increasing market competition, improving the level of investment advice, expanding the types and channels of innovative financial products. At the same time, open finance will also bring new risks, causing new problems such as data ethics. Appropriate regulation is necessary to manage risks and increase the proportion of consumers using open financial services. In the future, FCA will join hands with other UK regulators to promote smart data legislation and other industry standards, and encourage more open finance and identity recognition start-ups to participate in the FCA regulatory sandbox program.

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