Xiaomi doubles down on financial services business; says need regulatory clarity on crypto

NEW DELHI: Handset maker Xiaomi is doubling down on its financial service business with diversification into a full spectrum lending platform with clear focus on payment, lending and insurance verticals. The business, which started under its internet services business, is now operating as an independent business due to the market size and renewed focus.

Under lending, the company has now started offering business loans and will soon launch gold loan. It has also started offering credit line card.

The business was impacted severely due to the pandemic and Xiaomi’s partners shifted focus from giving out fresh loans to recovering the money from customers last year.