Briefing: Xiaomi Finance appoints ex-GOME as new chief risk officer

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独家!小米金融迎来新任CRO,竟然是…… – 新流财经

What happened: Chinese smartphone maker Xiaomi’s consumer finance subsidiary, Xiaomi Finance, has appointed Cao Qiang as its new chief risk officer. Cao previously served a similar role at electronics appliance giant GOME’s financial services arm.

Why it’s important: Chinese media previously reported that Chen Xi, the head of risk and credit and loan services at Xiaomi Finance, would be leaving his post to lead the company’s new virtual banking business in Hong Kong. Xiaomi set up Xiaomi Finance in 2015, though it is still small, contributing less than 1% of the company’s 2018 revenue. The subsidiary—which provides a range of financial services including payment, wealth management, loans, and insurance—accounted for nearly 14% of Xiaomi’s total assets as of March 2018. According to its prospectus, Xiaomi intends to spin off the financial subsidiary into an independent entity. In October, the Xiaomi’s fintech subsidiary made its foray into India, a market where its smartphone business is thriving.