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Weekly Roundups

NVIO: First Regulated Fintech in Mexico

By MBN Staff | Thu, 12/03/2020 - 10:35

In early 2021, NVIO will officially start operations as the first regulated fintech, after having completed its auditing process by the National Banking and Securities Commission (CNBV) and Banxico. "We are very excited, as we are offering users a new way to manage their money through a 100 percent Mexican platform, without commissions, with absolute control 24 hours a day and all from one place, using their computer or smartphone," said NVIO Director of Risk and Corporate Affairs Felipe Vallejo in a statement. 

Due to the pandemic, Mexican financial authorities carried out the first audit to initiate operations of a Financial Technology Institution (ITF) remotely. This authorization from the CNBV allows NVIO to offer services involving the issuance, management, redemption and transmission of electronic payment funds through computer applications, interfaces, websites or any other electronic or digital communication media.

NVIO was the first of the 85 Fintech companies to apply to the CNBV. Sixty applications were submitted as Electronic Payment Fund Institutions and 25 as crowdfunding companies. In November 2019, Bitso changed its name to NVIO, which is currently chaired by José Pablo González and directed by Daniel Vogel.

More news below:

  • Libra, the digital currency behind Facebook, changed its name to Diem, to obtain regulatory approval by emphasizing the project's independence. Plans for Libra, presented by Facebook last year, changed after regulators and central banks expressed concerns that it could disrupt financial stability, erode control over monetary policy and threaten privacy. The name change seeks to emphasize a simpler, revamped structure, said Stuart Levey, CEO of the Geneva-based Diem Association, which is behind the digital currency project.

  • Female entrepreneurs do not have the same opportunities as men. Biases are a significant barrier when raising capital. Mexico has one of the lowest levels of access to training and credit for women entrepreneurs among OECD countries. Only 17.2 percent of women say they would have access to credit to start a business if they needed it.

  • Salesforce announced that it will pay US$27.7 billion to buy the software developer Slack, in what is the largest acquisition by the cloud software provider in its 21-year history. The purchase, according to CNBC, marks one of the largest in the software industry. The largest was IBM's US$34 billion acquisition of Red Hat in 2018, followed by Microsoft's US$27 billion acquisition of LinkedIn in 2016.

  • Cyber-physical systems can suffer unnatural failure by someone injecting malware that alters the operations of the system or extracts data or intellectual property, said to MBN David Rocha, Managing Director and Director General Latin America and Brazil of SparkCognition. The company uses AI and machine learning models to provide reliability, safety, efficiency and security in cyber-physical systems. Read the full conversation here.

  • IBM raised the alarm about cyber-attacks targeting vital companies in the distribution of COVID-19 vaccines. The firm said in a statement that it has uncovered "a global phishing campaign" focused on organisations associated with the COVID-19 vaccine logistics cold chain.

  • A new labeling system for video games will come into effect in May 2021. Games rated C and D may only be purchased by people over 18 years of age. Labels will range from A for the whole family to D, which can only be bought by people over 18. This new system will replace the old Entertainment Software Rating Board (ESRB) grading, which features the letters E, T, M and A, making reference to the ratings 'Everyone', 'Teen', 'Mature' and 'Adult'. 

  • Amazon Web Services (AWS) recently announced the release of its new supercomputing service based on its self-designed processors using Arm technology. This makes Arm a strong contender against leaders Intel and Advanced Micro Devices. The chip market was mainly led by these two companies until 2018, when Amazon released its own chip brand called Graviton, using technology from Arm, a company in line to be acquired by Nvidia.

  • Amazon is also in talks to buy the Wondery podcast startup. According to sources, Wondery is estimated to be worth more than US$300 million, thrice the value it registered in the last round of financing in June 2019, when the company was valued at US$100 million, revealed The Wall Street Journal this week.

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