Sunday, December 4

Xiaomi discontinues financial services business in India – TechCrunch


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Chinese smartphone maker Xiaomi Corp is winding down its financial services business in India, TechCrunch reported on Friday, citing sources familiar with the matter.

The company recently pulled its Mi Pay and Mi Credit apps in India from the local Play Store and its own app store, the report said.

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Three years after its launch, Mi Pay, which allowed users to make bill payments and money transfers, is no longer listed among the recognized apps by regulatory body National Payments Corporation of India (NPCI), TechCrunch said.

Xiaomi and NPCI did not immediately did not respond to a Reuters request for a comment.

In India, Xiaomi’s strongest market outside of China, the company has been subject to government probes for allegedly dodging tax regulators.

An Indian court recently declined to lift a freeze on Xiaomi’s $676 million worth of assets, even as the Chinese smartphone group said this enforcement action had “effectively halted” its operations in its key Indian market. (Reporting by Rittik Biswas in Bengaluru; Editing by Savio D’Souza)



financialpost.com