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. Manu Kumar Jain, MD of Xiaomi India, the company is shifting its focus on fin-tech this year. However, to execute this plan, Xiaomi will use its Mi Credit Lending service and Mi Pay application.
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“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”.
Manu Jain, Xiaomi India’s head and global vice president
Mi Credit is an online marketplace to avail instant loans up to rupees one lakh. The idea is to make loan applications faster, easier, and more secure without the need for any hard paperwork. Furthermore, creating an entirely digital experience by Xiaomi.
Xiaomi to focus on fintech business in India
He adds now that things are getting back to normal, business is slowly getting back to where it should be. However, Xiaomi has its task cut out as many Chinese companies and financial app-based quick loans, insurance and mutual fund entities have come under a cloud in India in the last few months. Many are booted out by Google Play Store. Whereas, a few others have been shown the door by Indian law-enforcement agencies.
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According to leaks, Xiaomi is in talks with a few banks and NBFC (Non-Banking Financial Companies) to bolster its fintech presence. It is planning to expand its service to insurance, supply chain financing, and more. Xiaomi already invested in KrazyBee, a Bengaluru-based startup in 2019.
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It has also tied up with companies like Aditya Birla Finance, Money View, EarlySalary, ZestMoney, and CreditVidya. These partnerships and newer ones are expected to help Xiaomi to make further inroads with Mi Credit and Mi Pay. It is betting big on India for its fintech products.
