Chinese smartphone manufacturer Xiaomi is looking to enter into the consumer finance and business-to-business lending by floating a non-banking financial company (NBFC), The Economic Times reported.
The new company, which will be called Xiaomi Financial Services India, will seek the Reserve Bank of India’s nod to operate as an NBFC soon, the report said citing Xiaomi's latest regulatory disclosure.
Data from the Registrar of Companies (RoC), accessed by the paper, showed the company was incorporated on October 10 as a subsidiary of Xiaomi Finance HK Ltd and Xiaomi Singapore Fintech and the directors will include Xiaomi Corp cofounder Feng Hong and Xiaomi India MD Manu Kumar Jain.
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