It’s no secret that Chinese smartphone vendor Xiaomi has bigger plans than just making smart hardware, and an important part of its ambition is online finance, a business that has become an absolute must for almost all Chinese internet giants.

As a further move towards the goal, Xiaomi invested 885 million RMB ($115 million USD) in a newly established online bank through its wholly owned financial subsidiary Yinmi Technology.

To some extend, however, the new bank isn’t a “Xiaomi Bank” in the real sense, because the gadget maker only takes a 29.5 percent stake as the second largest shareholder of the joint venture, which has a total registered capital of 3 billion RMB.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

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.