Moody’s garners minority stake in Chinese fintech MioTech
Moody’s Corporation, the world leader in risk assessment services today acquired a minority stake in a Chinese fintech called MioTech. The fintech provides AI-driven data insights into upcoming sectors.
MioTech serves the clients in the Greater China region, who are looking for specialized data in the environmental, social, and governance markets. Additionally, the company is also an expert in providing data for a client’s KYC (Know Your Customer) services.
Apparently, MioTech’s vast database is what must have caught Moody’s eye. The fintech provides its services using a database comprising more than 800,000 public and private enterprises in China.
Moody’s will aim to use these data-producing services in their own mainstream portfolios and risk assessment programmes. Additionally, this partnership will increase Moody’s presence in China.
MioTech’s services were in great demand this year due to the Covid-19 pandemic. Regulators in the country mandated every enterprise to keep ESG data at hand, which boosted the demand for MioTech.
“The investment from Moody’s gives us credibility and deepens our industry know-how. It is strategic, as it gives us funding and the opportunity to tap into the company’s decades of global experience and footprint in ESG,” said Jason Tu, MioTech founder and CEO.
He also stated that the company was expecting more investment from its existing and new investors in the coming months. The Moody’s investment forms a part of the company’s Series B investment round. The funds coming in from these investments are expected to drive expansion, R&D, and product and data coverage.
MioTech’s leading technology platform collates and analyzes an impressive range of…data from a variety of public sources to provide relevant information to customers,” said Min Ye, managing director and head of international for Moody’s about the investment.