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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.
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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.
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