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Business deals

Moody's takes stake in Hong Kong fintech startup MioTech

Tighter regulations and coronavirus pandemic spur ESG awareness in greater China

MioTech's algorithm-driven services tap into databases to help evaluate companies -- and their suppliers and shareholders -- on ESG. (Screenshot from MioTech's website)

HONG KONG -- Financial services firm Moody's on Thursday said it acquired a minority stake in MioTech, a Hong Kong-based fintech startup that uses artificial intelligence to generate data for asset managers and investors in the greater China region.

The parent of credit rating agency Moody's Investors Service did not disclose the amount of the investment -- which it made through a new funding round for MioTech -- but said it was financed with cash on hand and that the deal was not expected to have a material effect on its 2020 financial results.

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