According to Xiaomi’s regulatory disclosure, the company is planning to foray into consumer finance and business-to-business (B2B) lending in India by floating a non banking financial company (NBFC), Xiaomi Financial Services India. In this regard, the new entity is going to seek for an approval from the Reserve Bank of India (RBI).

Meanwhile, Xiaomi Financial Services had been incorporated as a subsidiary of Xiaomi Finance HK Ltd and Xiaomi Singapore Fintech on October 10, 2018 and would focus on providing loans to consumers for purchasing electronics, home appliances and give credit to firms for purchase and acquisition of goods, merchandise and assets. The firm will be operating these services through online platforms.