Fintech Daily Briefing

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The following is the Fintech Daily Information Briefing on [March 05, 2021] recommended by And this article belongs to the classification: Fintech Daily Briefing.

[1]. Minu, a Mexican compensation services startup, received $14 million in financing

Recently, minu, a Mexican compensation services start-up, announced a $14 million financing. This financing is led by fintech collective, with the participation of VEF, XYZ ventures, FJ labs, QED investors, next billion ventures and village global. Founded in 2019, minu has accumulated financing of US $20 million. The company mainly provides round the clock paid withdrawal service for users’ employees, with a fixed fee of $2 per transaction. At present, the company has obtained more than 100 large enterprise users including totalplay, Telefonica, Scotia bank, OfficeMax, RAPPI and Adecco. In the future, the company will continue to expand its service scope to finance, education, savings, insurance and other fields.

[2]. Payfuzz of Indonesia invested 30 million US dollars to xfers to set up the fuzz financial group

Paybuzz, a Jakarta based agency financial technology start-up, announced that it has invested $30 million in xfers. Through this strategic investment, the two companies will form a new company called fuzzy financial group (FFG). As a part of the merged enterprise, xfers will become the B2B Department of the group and obtain the huge agent network of paybuzz in Indonesia. At the same time, paybuzz can leverage xfers’ enterprise solutions, regulatory compliance, and infrastructure.

[3]. Singapore insurance technology company symbo gets $9.4 million financing

Recently, Singapore based insurance technology platform symbol platform holdings announced that it has received US $9.4 million in financing. This financing is led by Yixin financial technology industry fund and think investments, with the participation of existing investors such as Integra partners, insignia ventures and AJ capital. Symbo plans to use the funds to continue to invest in its core technology and leadership team, recruit in technology and product functions, and employ senior business developers in Singapore, Malaysia, Indonesia and their branches in India. Founded in 2017, symbol’s technology supports agents, brokers, businesses and insurance companies in purchasing, distributing and managing insurance in India and Southeast Asia.

[4]. BIS releases report on the use of big data and machine learning of the central bank

On March 4, 2021, the bank for International Settlements (BIS) released a special report entitled “big data and machine learning in central banking”. In the past few decades, policy makers and the private sector have often relied on data released by official statistical agencies to assess the state of the economy, according to the report. It takes a lot of effort to collect these data, and the release of the documents may be delayed for months or even years. However, in the past few years, the amount of data, related analysis software and technology that are easy to obtain have increased significantly. These developments have increased the interest of the central bank in the field of big data and machine learning. The report mainly puts forward four opinions:
the central bank’s definition of big data includes both unstructured and non-traditional data sets and expanded structured data sets;
in the past few years, the central bank’s interest in big data and machine learning has increased significantly, and about 80% of the central banks have formally discussed the topic of big data in their institutions, up 30% compared with 2015;; The vast majority of central banks are now carrying out big data projects. These institutions use big data and machine learning to carry out research in the fields of financial stability, monetary policy and regulatory technology;
the emergence of big data will bring new challenges, involving data quality, privacy, algorithm fairness, confidentiality and budget constraints. Cooperation between institutions may reduce the constraints on data collection, storage and analysis.

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