Expanding its financial services portfolio, Chinese electronics maker Xiaomi on Tuesday announced the Mi Credit – an app-based credit lending service with a limit of up to Rs 1 lakh on personal loans. Being an online marketplace for lenders, the app debuts with support from five non-banking financial companies (NBFCs) and fintech firms — Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya. Apart from lending services, the company also partnered with Experian to provide credit score report free of cost on the Mi Credit app.
According to Xiaomi, the Mi Credit service is currently available in more than 10 states, covering around 1,500 pin codes, and the company aims to roll our services across all pin codes by the end of this financial year (March 2020). The Mi Credit app is now available on Google Play Store, Xiaomi app store and GetApps platform for Android smartphones. Besides, it will come preloaded on the company’s MIUI operating system-powered smartphones.
“Today, we have over 300 million Mi Fans in our global community and having understood their consumption behaviour - it is one of the strengths we aim to leverage to build a stronger Mi Finance business globally. We see a huge opportunity for consumer lending in India with estimations reaching up to $1 trillion dollars in digital lending by 2023, as per a report from BCG. This makes us believe that our Mi Finance business, based on solutions such as Mi Pay and Mi Credit can truly revolutionise the Indian FinTech industry.” said Hong Feng, co-founder and senior vice-president, Xiaomi Corporation, and chairman and CEO, Xiaomi Finance.
The Mi Credit is the company's first such app since the Mi Pay, which was announced in March earlier this year, in the company’s financial services portfolio. According to company, the app-based platform allows it and its partner lending platforms to provide an end-to-end digital experience, including paper-less process to upload documents for know your customer (KYC) process and bank account linking.
Speaking on the platform’s security, Xiaomi India Managing Director Manu Kumar Jain said all user data on Mi Credit was stored securely in an encrypted format in India through the company’s partner Amazon Web Services' cloud Infrastructure.