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Xiaomi will set up consumer loan company

  • Author:Abby
  • Release on :2015-06-19

China-based smartphone vendor Xiaomi Technology will launch an online consumer loan company in Chongqing, allowing the smartphone vendor to step into China's financial market, according to a Beijing Business Today report.

A Xiaomi's wholly-own offshore subsidiary will invest US$50 million to establish the consumer lending company.

Consumers can apply for loans of up to CNY30,000 (US$4,830) via smartphones, said the paper. But it remains unclear as to whether the credit line is available only to Xiaomi's phone users or to users of other brands.

Xiaomi expects the amount of outstanding loans to reach CNY2 billion by the end of 2015 and to total CNY75 billion by 2017.