Xiaomi has launched an online money-market fund in China to compete with similar products from Alibaba and Tencent, as technology companies continue to make inroads into finance.
The world’s third-largest smartphone maker yesterday said it would team up with E Fund Management, an asset manager, to sell a money-market fund through a finance app bundled with its own operating system.
Xiaomi said its new financial unit was planning to offer other products such as index funds, securities brokerage and loans. “We’re aiming to build a smart platform to help financial partners find high-quality clients, while helping our users earn money and borrow money,” said Hong Feng, co-founder and vice-president.
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