The update brings software version Magic UI 3.1 (3.1.0.180) along with a newer security patch. The latest update brings loads of security patches which fixes different levels of exploits and issues. As per the earlier reports, the update is currently being rolled in some regions via OTA (Over-the-air). Just like any other update, it has been rolled out in a phased manner, so it may take up to a few days for the update to be available on all handsets.
Changelog
Security
Integrates Android security patches released in November 2020 Improves system security