Most people know Xiaomi as an upstart smartphone sensation that elbows its way through a stiff market to become the world’s largest startup. But like other Chinese tech giants, Xiaomi is fast expanding into industries outside of hardware, now making new strides in finance.

Xiaomi has just launched a money-market fund Huoqibao inside its homegrown mobile app Xiaomi Finance. After registering with one’s national ID, Xiaomi users  who are 18-years old or above will be able to purchase financial products managed by E Fund Management, a third-party financial institution in China.

The fund also supports debit cards of 12 national banks, including, Industrial and Commercial Bank of China, Bank of China and China Construction Bank.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.