The company was incorporated on October 10 as a subsidiary of Xiaomi Finance HK Ltd and Xiaomi Singapore Fintech, data accessed from the Registrar of Companies (RoC) showed. As per the memorandum of association of the company, the directors include Xiaomi Corp cofounder Feng Hong and Xiaomi India MD Manu Kumar Jain.
Xiaomi Financial Services plans to provide loans to consumers for purchasing electronics, home appliances, lifestyle products, vehicles, furniture, tools, utensils and office equipment, and give credit to firms, corporates or any other entity “for the purpose of purchase and acquisition of goods, merchandise, assets of any nature”, according to the Chinese firm’s RoC disclosure.
Xiaomi globally sells all these consumer products and has plans to launch most of them in India over the next two years, having already forayed into TV, smart home and lifestyle products. The firm has indicated that it will operate these services through online platforms.