Xiaomi Plans To Expand Its Financial Services In India: Report

After grabbing a large chunk of the smartphone market in India, Xiaomi is now trying its hands in other sectors too. The company has launched the Mi Credit which a lending solution and Mi Pay application in the country. Now, it has been reported that the company is planning to expand its financial services, reports Economic Times.

According to the report, the company will launch its insurance and supply chain services in India. The company is also offering this service in China. In fact, the company is talking to many banks and non-banking financial services to launch these services.

"India is the biggest market after China for Mi Credit. We are currently focused on the Indian market. We want to make it more successful and scale it up in the next 12 months...we want to be a significant player in this space," Hong Feng, Co-Founder and Senior Vice President, Xiaomi Corporation / Chairman, and CEO, Xiaomi Finance was quoted by ET. "The company has around 45 million active users for Mi Credit in China," he added.

Apart from that, the company is looking for fin-tech startups for collaborations. The company has invested in KrazyBee, a Bengaluru-based startup, to start a pilot project of Mi Credit. Meanwhile, a new report by research firm Canalys pointed out that the Redmi K20 Pro is the number one smartphone in its price segment. This is the first time that a Xiaomi smartphone has done well in the above Rs.20, 000 segment.

In addition, another research firm IDC highlighted the same. "The OnePlus 7, Redmi K20 Pro, and Vivo V15 Pro had good traction. $200-300 was the second-fastest-growing segment with 47.8 percent YoY growth in 3Q19, with strong shipments of the Galaxy A50, Redmi Note 7 Pro and Vivo Z1 Pro. The ASP for the overall smartphone market was $159, with 2.7 percent YoY growth in 3Q19," IDC said in a statement.

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