After 6 months from the approval by the China Banking Regulatory Commission, Xiaomi is ready to open the doors of its bank, established through the subsidiary Sichuan Yinmi Technology Co., Ltd and thanks to the support of other companies based in the same province. What was once just a start-up is now ready to enter the finance market, serving as a point of reference for consumers, small and medium-sized enterprises and companies belonging to the agricultural sector. One of the largest investors is in fact New Hope Group, the largest Chinese animal feed manufacturer, which holds 30% of the shares, an even greater share than that held by Xiaomi itself, of 29,5%.
As announced by Xiaomi CEO Lei Jun, one of the bank's strengths is its internet banking service, which, together with Xiaomi Wallet and Mi Pay, could ensure greater appeal for consumers looking for a stable financial system. The race of telephone companies to offer "on the fly" payment services is more alive than ever and creating a self-sufficient ecosystem is undoubtedly a smart strategy. The inaugural meeting of the bank has already been held and a new chapter in the history of Xiaomi and internet banking is very close.
