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 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 its wholly owned subsidiary Sichuan Yinmi Technology, Chinese smartphone maker Xiaomi has a 29.5% stake in the bank, which is based in Chengdu, capital of Sichuan province. Animal feed firm New Hope...

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