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Smartphone maker Xiaomi launches own money market fund

By Ian Chee & Kenny Yeo - on 13 May 2015, 11:07am

Smartphone maker Xiaomi launches own money market fund

Xiaomi recently launched its new Mi 4i smartphone in India.

Apart from smartphones, Xiaomi also sells numerous other products including headphones, fitness trackers and even TVs. However, the company is now thinking of venturing into a completely new industry, finance.

The company just announced that it is launching an online money market platform called Xiaomi Huoqibao. Xiaomi will collaborate with E Fund Management Co. to offer investments and financial services through its bundled finance app that comes with Xiaomi's handsets.

This would not be the first time in China that a tech company ventures into finance. Both Alibaba and Tencent, already provide finance services, and reports state that in 2014, customers of Alibaba's Yu'ebao service deposited some US$93 billion into their accounts.

Xiaomi also plans to introduce other financial products such as loans and exchange-traded funds soon.

Source: Bloomberg