Smartphone company Xiaomi will soon be seen in a new avatar in India. The company has announced its foray into financial services in the country. It has been said on behalf of the company that it will provide a variety of financial services through partners in India. Under this, Xiaomi will introduce gold loans, credit line cards and insurance products in India as part of its endeavor to provide a range of financial services in the areas of payments, loans and insurance. Manu Jain, the head of the Indian unit of Xiaomi gave this information.
Will partner with many banks and financial institutions
The company is partnering with several banks and institutions to launch new financial services. He said that these financial services will be offered in partnership with organizations like Axis Bank, IDFC Bank, Aditya Birla Finance Limited, StashFin, Money View, Early Salary and Credit Vidya.
Good response was shown on Mi Credit
Manu Jain said that 2019 saw a lot of enthusiasm with ‘Mi Credit’, a curated marketplace for personal loans up to Rs 1 lakh and more than one lakh loans have already been disbursed. However, as soon as the pandemic hit, its lending partners started to back down.
“The future of MI Credit or MI Financial Services was reconsidered in the past quarters. We are now developing this particular platform again. We registered a growth of 95 percent in the first quarter of 2020-21 as compared to the fourth quarter of the financial year 2019-20 and 35 percent in the first quarter of 2020-21 as compared to the first quarter of the financial year 2019-20.
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