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Xiaomi Opens Its Own Bank

Xiaomi continues to look for new ways of expanding its business. The company tries to push its software and internet services and, as recently revealed, intends to occupy the best seat to provide banking services.

It all started back in June 2016, when a subsidiary of Xiaomi, Sichuan Yinmi Technology Co. Ltd, joined forces with other few companies of Sichuan province in China to establish a private bank. A few weeks ago it received an approval from government. Sichuan Private Bank, that is the name of the bank, had serious investors, including New Hope Group, the Chinese leader in agrarian sector that owns 30% of the company. Xiaomi will manage 29.5% through its subsidiary.

The bank will offer improved financial services to small companies and organizations, involved in farm sector. It will also open its doors to ordinary users with reportedly more services and better payment system. Unfortunately, as with Mi Pay and Xiaomi Wallet, Sichuan Private Bank will only work within China.

Nowadays business diversification is popular among companies. It ensures business stability within a fast-changing economy environment, a flow of new customers and profit increase. As for Xiaomi, no matter what Lei Jun wants to do next — send people into space or open a Chinese restaurant — we are sure it will catch on.