Xiaomi steps on the accelerator to enter the banking market

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Brian Adam
Professional Blogger, V logger, traveler and explorer of new horizons.

In the last year we have been able to see how technology companies have been approaching the financial system from different angles. Not only has Facebook been trying to develop its cryptocurrency Libra, we have also experienced other advances such as Apple with its Apple Card or Movistar with the online loans Movistar Money … In short, as we developed earlier, it seems that all the world wants to be a bank.

From Xiaomi too we started to see some important movement at the end of 2019, when its own online credit system was announced in countries like India, the one known as Xiaomi Mi Credit. An aspect that already predicted future progress.

Only happens to carry out Xiaomi Mi Credit had to partner with companies that ensure their reliability in the banking sector and, incidentally, help them quickly obtain the necessary permits. Some of them were KreditBee, Aditya Birla Finance Limited, Money View, EarlySalary, CreditVidya and ZestMoney.

From the Chinese medium Caixin have given the exclusive to the new Xiaomi movement with the signing of the manager Zhao Weixing. This important addition will arrive with the aim of being the vice president of Xiaomi’s financial services unit, a part of the company that is in full expansion, both geographically and projects.

Zhao Weixing comes from XW Bank, China’s third largest online bank, where he has achieved significant growth, and has a long career in different projects in the sector, such as China Minsheng Bank, Shanghai Pudong Development Bank and Bank of Hangzhou. Now it is expected to help Xiaomi to lift a project that will go beyond the country’s borders.

From Xiaomi the next movements that will be made in the sector have not been advanced, but progress is expected from different angles of a company that has not stopped growing in no way since it was founded in 2010. Credit cards? Cryptocurrencies? Banking services per se? Online microcredit? An option cannot be ruled out.

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