Xiaomi-backed private bank launched

The Chinese smartphone maker has teamed up with a regional store operator and an agricultural heavyweight to target SMEs and online consumers in Sichuan province.

Xiaomi-backed private bank launched

Xiaomi is the latest Chinese technology company to move into banking, having joined forces with the country's biggest animal feed producer and a Sichuan-based convenience store operator to set up a private lender in southwest China.

With a registered capital of Rmb3 billion $450 million, Sichuan Hope Bank aims to target small- and medium-sized businesses and online consumers and is expected to begin trading before year-end.

Through...

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