Smartphone Giant Xiaomi Plans to Open Virtual Bank in Hong Kong

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Chinese smartphone giant Xiaomi hopes to expand its presence into the fintech sphere with plans to launch a virtual bank in Hong Kong.

According to domestic media reports Xiaomi plans to apply for a virtual bank license in Hong Kong via local subsidiary Insight Fintech HK (洞见金融科技) before the end of the month.

Xiaomi intends to use the clout of influential local figures to further its ambitions, inviting former HSBC Asia Pacific chairman Zheng Haiquan as well as Timothy W. Tong, president of Hong Kong Polytechnic University, to join the Insight Fintech board.

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