Xiaomi Co-Founder and & Vice Chairman of the Board Bin Lin at the Mi 10 announcement |
Mi 10 to come with SD865!
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Xiaomi Co-Founder and & Vice Chairman of the Board Bin Lin at the Mi 10 announcement |
Chinese tech giant Xiaomi began venturing deeper into the financial sphere earlier this year when it initially launched the Mi Credit pilot in India. Now, it looks like the company is re-launching the service as it moves out of beta.
In a tweet by Xiaomi’s Mi Money Twitter account, the company calls the service “a curated marketplace for lenders.” Xiaomi claims Mi Credit is 100% digital, and it promises a short application process, high acceptance, low interest, free credit checks, and encrypted user data.
Here’s introducing #MiCredit a curated marketplace for lenders.
– 100% Digital
– Apply for loan in 5 minutes
– High success rate, higher loan amount, low interest rate
– Free Credit Score
– Encrypted data locally storedGet it on @googleplay and GetApps #MoneyWhenYouNeedIt pic.twitter.com/jc1oAqOn9k
— Mi Money (@MoneyWithMi) December 3, 2019
To no one’s surprise, Xiaomi Mi Credit’s target audience is Indian Millennials. The company is working with several lending partners to make the service possible, offering loans between Rs. 5,000 (~$70) and Rs. 100,000 (~$1,400).
This isn’t the only time this year a tech company of Xiaomi’s magnitude has further branched out into the financial industry. Both Apple and Google also recently took similar leaps in the form of a credit card and checking account, respectively.
Read also: Xiaomi launching more expensive phones in India in bid to shed cheap image
Xiaomi’s Mi Credit financial tech initiative launches right between the two American behemoths’ endeavors. Apple made its credit card available earlier this year, while Google will launch its checking account next year.
All three services cater to different needs in different markets, so they don’t directly compete with one another. But it does make you wonder what other tech companies will make similar business moves in the coming months and years. Only time will tell.
Snapdragon 865 |
If you want 5G, pair it with Snapdragon X55 |
Mozilla has been working on a brand new version of Firefox for Android based on a revised rendering engine for some time and aims to publish it to the stable channel next year. For now though, Firefox Preview 3.0 has arrived, and it brings along enhanced tracking protection, an updated overflow menu, the ability to move the navigation bar to the top, and many other improvements.
Read MoreFirefox Preview 3.0 comes with enhanced tracking protection, optional toolbar on top, and more (Update: additional features) was written by the awesome team at Android Police.