Xiaomi shuts down financial services in India: Here’s why

Xiaomi, a Chinese technology company on Friday said it was shutting down Mi Financial Services in India as part of a strategic review and to focus more on its core business services. in India.

Tech giant debuts I pay in the Indian market in 2019, attracting more than 20 million users in India. The company also launched Mi Credit later.

Xiaomi India claims that the move is to better focus on the company’s core business services. A company spokesperson said, “We closed down Mi Financial Services in March 2022. In a short span of 4 years, we were able to connect and support thousands of customers. We are working with our partners and supporting consumers throughout this process. “

Moreover, Xiaomi India announced that the company will continue to bring the latest technology and innovation to everyone with its products and services in the future.

Mi Credit was initially launched in May 2018 and then relaunched on December 3, 2019. It is an online lending marketplace curated to provide personal loans to Mi Fan.

According to the company, it has disbursed personal loans of up to 28 crore (or 1 crore per day) during a trial period that runs until November 2019.

The company led the Indian smartphone market in the third quarter of this year. According to a report by market research firm Canalys, Xiaomi held the first place with 9.2 million units as the brand gained traction from online sales in July before the festive season.

Meanwhile, Xiaomi has announced the Xiaomi Book Air 13 in its home country, alongside the Redmi Note 12 series. According to the company, it is the thinnest Xiaomi laptop with 360-degree rotation, equipped with default modes. position, an Intel EVO certified laptop with a slim design, high performance, and long battery life.

Xiaomi Book Air 13 is priced at 5999 CNY ( Around 68,336) for the i5 variant while the i7 variant is priced at CNY 6999 ( 79,753 approx. It is not yet clear whether the laptop will be launched in India or not.

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