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Xiaomi-backed consumer finance company approved to open in Chongqing

June 01, 2020


Abstract : The China Banking and Insurance Regulatory Commission (CBIRC) has lately nodded the opening of Xiaomi's consumer finance company in southwest China's Chongqing Municipality.

BEIJING, June 1 (Xinhua) – The China Banking and Insurance Regulatory Commission (CBIRC) has lately nodded the opening of Xiaomi's consumer finance company in southwest China's Chongqing Municipality.

The consumer finance company, mainly funded by China's tech giant Xiaomi, has a registered capital of 1.5 billion yuan, according to the approval document by CBIRC’s Chongqing bureau.

Other funders include Chongqing Rural Commercial Bank (CRCB) and three Chongqing-based companies.

In the first quarter of 2020, Xiaomi reported 13.6 percent year-on-year revenue growth despite the COVID-19 pandemic.

(Edited by Yang Yifan with Xinhua Silk Road,yangyifan@xinhua.org)

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Keyword: Xiaomi CBIRC

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