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.


To continue reading, please login or register for free

Print Edition

FinanceAsia Print Edition


  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...