Xiaomi is mainly a smartphone maker for all of us. However, it is actually an electronics company that has the reach of some other businesses too. One of those is fin-tech or financial technology.
The MD of Xiaomi India, Manu Kumar Jain said the Chinese company is shifting its focus on fin-tech this year, and to execute this plan, Xiaomi will use its Mi Credit Lending service and Mi Pay application. Needless to say, India is the biggest market after China.
Last year, Xiaomi’s fin-tech business was impacted massively due to the global pandemic. The partners of it already shifted their focus to this field and gave fresh loans to the needfuls.
Manu Jain said to ET, “Last year, it was really difficult for our fintech business as post the lockdown our entire business came down to zero. The focus then for all our partners on the platform changed from giving fresh loans to ensuring the collections are happening,”
He further added, “…now that things are getting back to normal, business is slowly getting back to where it should be and we’ll soon start focusing on the growth,”
Xiaomi is planning to expand its service in our country by enabling offerings like insurance, supply change financing, and more. In case you don’t know, the smartphone maker already invested in KrazyBee, a Bengaluru-based startup in 2019.
For more financial services, the company is currently in talks with bigger banks and non-bank financial institutions.