Chinese tech giant Xiaomi is taking a cautious approach with cryptocurrencies and is not ready to integrate digital assets into its financial services business.
Electronics manufacturer Xiaomi is expanding its financial services business by diversifying into a full-service lending platform. The business, which started with internet services, now operates in Hong Kong, India and China as an independent business.
Xiaomi is working with Axis Bank, IDFC Bank, Aditya Birla Finance Limited, Money View, Early Salary and Credit Vidya to provide lending services. To offer credit cards, Xiaomi has teamed up with Stashfin, and insurance services are offered in partnership with ICICI Lombard.
Manu Kumar Jain, Managing Director of Xiaomi India, when asked by The Economic Times about plans to use cryptocurrency to pay for Xiaomi products and integrate into Mi Credit services, said:
“We want to wait for all the regulatory requirements. Of course, cryptocurrency is an extremely interesting area that is the most fashionable trend and has great prospects. But first, we would like to know more about its regulation. ”
Earlier this month, Mi Store Portugal began accepting cryptocurrencies to pay for Xiaomi products. However, the new payment options were removed shortly after Xiaomi’s Guan Wei stated that Mi Store Portugal was just a third-party reseller.
“We were concerned about the information that Mi Store Portugal accepts payments in cryptocurrency on foreign social platforms. Mi Store Portugal operates independently locally and is not related to Xiaomi’s work. Mi Store Portugal is not an authorized Xiaomi representative in Portugal, but works on its own, ”said Guan Wei.
The Beijing-based tech giant has to contend with many regulatory hurdles in China. Despite the fact that Mi Store Portugal is not formally an authorized Xiaomi representative in Portugal, the situation was quickly replayed.
“We would like to be 100% compliant with all local laws at all levels, be it central government or city government. Right now, we have no plans to use cryptocurrency or any investment in this direction, ”said Jain.
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