Xiaomi dips toes into lending in India

Business | 23 Aug 2019 4:56 pm

Xiaomi (1810) is poised to launch a consumer lending business in India in the coming weeks, making an ambitious tilt at the booming financial services market where data privacy concerns and fierce competition present formidable challenges,  Reuters reports.

Xiaomi’s new Mi Credit service in India, offering loans of up to 100,000 rupees (HK$10,933) with interest rates starting at 1.8 percent, is scheduled to debut in the coming weeks.

The Xiaomi spokesman told Reuters that Mi Credit was operating in “beta phase” but declined to share details.

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