Cell phone manufacturer Xiaomi, has invested US$115M in founding a new bank that will offer online financial services to young people and small businesses in China. The private bank has just been granted regulatory approval.
Once it launches, Xiaomi’s bank will offer its services nationwide. The new bank has a total registered capital of US$455.8 million. The move comes some time after other Chinese web giants, such as Alibaba and Tencent, opened their own private, online-only banks. Alibaba’s MyBank debuted in mid-2015, while Tencent’s WeBank, tied to its popular WeChat messaging app, popped up earlier last year.