Xiaomi winds down financial services business in India



Xiaomi has quietly discontinued its financial services business in India, less than three years after launching payment and lending apps in the global market. The company has pulled the apps Mi Pay and Mi Credit from the local Play Store and its own app store, according to reports. This comes amid a $1 trillion opportunity for the Indian startup ecosystem. Earlier this year, Xiaomi launched its first app that lent customers between $70 and $1,400 at low interest rates


Xiaomiは、グローバル市場で支払いと貸付アプリを開始してから3年も経たないうちに、インドで金融サービス事業を静かに中止しました。報告によると、同社は地元のプレイストアと独自のApp StoreからアプリMi PayとMiクレジットを引き出しました。これは、インドのスタートアップエコシステムにとって1兆ドルの機会の中にあります。今年の初め、Xiaomiは、低金利で70ドルから1,400ドルの顧客を貸し出した最初のアプリを立ち上げました


Xiaomi has quietly discontinued its financial services in India, less than three years after launching payment and lending apps in the key global market, two sources familiar with the matter told TechCrunch, retreating from what analysts say is a $1 trillion opportunity.


The Chinese giant recently pulled the Mi Pay and Mi Credit apps in the country from the local Play Store and its own app store. Mi Pay, which allowed users to make transactions on the nation’s UPI payments network, is also no longer listed among the recognized UPI apps by NPCI, an industry body that oversees UPI.

中国の巨人は最近、地元のプレイストアと独自のアプリストアから国内のMI給とMIクレジットアプリを引っ張りました。ユーザーが国のUPI Paymentsネットワークで取引を行うことを許可したMI Payは、UPIを監督する業界団体であるNPCIによる認識されたUPIアプリにもリストされなくなりました。

NPCI did not respond to a request for comment.


The abrupt wind down of the financial services business is a setback for Xiaomi India, which commands the smartphone market in the country and has aggressively expanded its offerings to increase profits as the company’s hardware business operates on razor-thin margins.

金融サービス事業の突然の巻き上げは、国内のスマートフォン市場を指揮するXiaomi Indiaのset折であり、同社のハードウェアビジネスがレイザーの薄いマージンで運営されているため、利益を増やすために積極的に拡大しました。

“As part of the annual strategic assessment activity and as a response to enhanced focus on our core business services, we closed the 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 our consumers during this process,” a Xiaomi India spokesperson told TechCrunch in a statement after the story was published.

「年次戦略的評価活動の一環として、またコアビジネスサービスへの焦点の強化への対応として、2022年3月にMI金融サービスを閉鎖しました。。Xiaomi Indiaの広報担当者は、ストーリーが公開された後、TechCrunchに声明でTechCrunchに語った。

Xiaomi launched Mi Pay in India in March 2019. The app had amassed over 20 million registered users in the country that year itself, company executives said at the time.

Xiaomiは2019年3月にインドでMI Payを立ち上げました。このアプリは、その年自体で2,000万人以上の登録ユーザーを集めていました。

Later in the year, the company launched Mi Credit, an app that lent customers between $70 to $1,400 at low interest rates. It accessed users’ texts and call logs to look for transaction information and some other details to determine their credit-worthiness and approved loans to them through partners in a matter of minutes.


In August last year, Xiaomi India’s then head Manu Jain told media outlets that the company was aiming to become one of the largest players in India’s fintech space through Mi Credit and Mi Pay apps. The company considered India as the biggest market for Mi Credit after China, he said.

昨年8月、Xiaomi Indiaの当時のManu Jainはメディアに、MIクレジットとMIの給与アプリを通じてインドのフィンテックスペースで最大のプレーヤーの1人になることを目指しているとメディアに語った。同社は、インドを中国後のMIクレジットの最大の市場と見なしたと彼は言った。

Scores of giants, including Facebook and Google, have entered India’s digital loan market, offering small businesses loans via partners. Digital lending is expected to be worth $1 trillion by 2025, according to estimates from the Boston Consulting Group.


Jain, who has transitioned to a different role within the firm since, said last year that the company was looking to bring several more financial services, including gold loans, credit line cards and insurance to the South Asian market.


It’s unclear why Xiaomi discontinued the financial services offerings in the country, but the move comes at a time when India’s central bank has proposed stringent rules surrounding lending in India, mandating what data they can access on a customer’s phone and broader disclosures about the terms of their credit agreement.


Xiaomi has also been at the center of intense scrutiny from the Indian government agencies. The Indian Enforcement Directorate earlier this year seized bank accounts of Xiaomi India after finding that the company had remitted $725 million to three foreign-based entities “in the guise of royalty” payments.

Xiaomiは、インド政府機関からの激しい精査の中心にもいました。インドの執行局は、今年初めに、同社が「王族を装って」3つの外国ベースのエンティティに7億2,500万ドルを送金したことに気付いた後、Xiaomi Indiaの銀行口座を押収しました。

Executives of Xiaomi, which has refuted the charges and has legally challenged the ruling, faced threats of “physical violence” during their investigation with the ED, Reuters reported earlier.


Update (October 28, 3:00 PM IST): Story updated with Xiaomi’s statement.


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