Xiaomi launches money-market app – Mobile World Live

Xiaomi launches money-market app

13 MAY 2015

China’s fast-rising Xiaomi is partnering with a local fund management firm to give consumers access to investment funds via a smartphone app.

The country’s largest smartphone maker is looking to compete against its domestic rival Alibaba, the country’s largest e-commerce company and provider of web-based financial services.

Xiaomi, the fourth largest smartphone maker in the world, is working with E Fund Management and aims to put the app on its MIUI operating system, which has more than 100 million users.

Alibaba’s Yu E Bao is China’s largest money-market fund, accounting for more than a quarter of investments, Bloomberg reported. Alibaba announced in April that its finance arm, Ant Financial, will set up a private internet bank in June.

Ant Financial runs Alipay, the payment method of choice on Alibaba’s e-commerce site and China’s largest online payments system.

But the two firms are also collaborating, announcing in April they are partnering to allow payments via wearable devices.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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