Xiaomi to bring full range of financial services in India through partners
Category: #business  By Pranali Mehta  Date: 2021-08-24
  • share
  • Twitter
  • Facebook
  • LinkedIn
Xiaomi to bring full range of financial services in India through partners

Chinese multinational electronics firm Xiaomi Corporation intends to expand its reach in India’s consumer credit market via offerings like insurance products, credit line cards, and gold loans.

In this context, Xiaomi India Chief, Manu Kumar Jain, mentioned that they would offer these financial services in partnership with organizations such as Credit Vidya, Early Salary, Money View, Stashfin, Aditya Birla Finance Ltd., IDFC Bank, and Axis Bank.

Mi Credit, the company's micro-credit offering gained popularity in 2019 and claims to have disbursed over one lakh loans so far, with a maximum credit limit of Rs. 1 lakh for personal loans. The outbreak of the pandemic last year, however, negatively impacted participation from lending partners.

Jain further stated that they have been rethinking what Mi Financial Services or Mi Credit should look like in the future. They have resumed their efforts to expand this platform and grown by 95% in Q1 2021 compared to Q4 2020, and by 35% in Q1 2021 compared to Q1 2020.

Xiaomi is expanding its insurance vertical, as well as its lending category, with new services such as gold loans and credit line cards, he added.

Mi Credit will now offer a pre-approved credit of Rs 25 lakh (up from the previous limit of Rs 1 lakh) with a term of up to 60 months. Further, the organization has begun offering SME Loans and credit line cards.

Adding to this development, Xiaomi India Financial Services Head Ashish Khandelwal expressed that they have launched credit line cards in partnership with Stashfin. The company will soon launch a gold loan service in the next few weeks, he continued.

Khandelwal also stated that the organization joined hands with ICICI Lombard to provide health insurance solutions.

Xiaomi's Mi Pay service, which debuted in 2018 and surpassed 20 million registered customers in a year, currently boasts of over 50 million users, sources cited.

Source Credit –

https://www.moneycontrol.com/news/trends/xiaomi-to-offer-full-spectrum-of-financial-services-in-india-via-partners-7371931.html

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Petrofac collabs with Hitachi over offshore joint grid integration
Petrofac collabs with Hitachi over offshore joint grid integration
By Pranali Mehta

Petrofac, an international energy services company, and Hitachi Energy have recently collaborated to provide a joint grid integration and linked infrastructure for supporting the fast-growing offshore wind market. As per sources, this collaboratio...

Street Lighting Control System Market Size, Share to Generate Lucrative Revenues By 2028
Street Lighting Control System Market Size, Share to Generate Lucrative Revenues By 2028
By Pranali Mehta

The research report on Street Lighting Control System market Added by Market Study Report proposes a comprehensive study on the recent industry trends. In addition, the report presents a detailed abstract of the growth statistics, revenue estimation,...

Medical Crowdfunding Platform Market Size, Share to Witness Notable Hike Over 2022-2028
Medical Crowdfunding Platform Market Size, Share to Witness Notable Hike Over 2022-2028
By Pranali Mehta

The latest report on ' Medical Crowdfunding Platform market' Added by Market Study Report provides a concise analysis of the industry size, revenue forecast and regional spectrum of this business. The report further illustrates the major challenges a...