13 May Xiaomi, the Chinese Top Smartphone Vendor, Launches Online Bank
Xiaomi, one of China’s top smartphone vendors, launches money market fund. With the fund it is competing against tech rivals like Alibaba and Tencent. Xiaomi offers a new personal finance service, called Huoqi Bao, available within the Xiaomi app on its handsets.
Xiaomi partners with third party institution E Fund Management, one of China’s largest wealth managers. Xiomi users will be able to purchase financial products managed by E Fund Management. The new personal service will offer deposit rates higher than traditionals banks and is accessible via the mobile app of Xiaomi. The services gives Xiaomi the opportunity for pushing smart device sales with the integration of installment, credit loans, financial products and third-party payment options.
The company said in a statement that Xiaomi Finance is also planning to construct a mobile data platform and develop a user data-based credit scoring system. By leveraging the user data from MIUI and various smart devices, Xiaomi’s platform hoping to construct a reliable data source.
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