One of China’s big six state-owned banks has entered a cooperative agreement with the fintech subsidiary of Chinese mobile phone giant Xiaomi.
On 17 September China Construction Bank and Xiaomi Finance (小米金融) executed a cooperative agreement to establish a “strategic cooperative relationship based on servicing daily life and developing financial inclusion,” as well as to jointly drive “multi-vector, multi-tier comprehensive financial cooperation, and create a new benchmark for the integration and development of finance and technology.”
Key areas of cooperation will include settlements, payments, consumer finance, wealth management and investment funds, electronic accounts, credit cards and insurance, according to a report from Lanjing Caijing.
CCB and Xiaomi Finance have already launched their first cooperative product – the “Xiaomi Lingqian Ka” (小米零钱卡), or the “Xiaomi Spare Change Card.”
The card provides Xiaomi phone users with an electronic bank account based on the Xiaomi Qianbao app, alongside a slew of secure services including payments and wealth management.
“The goal of this cooperation is to provide users with a convenient payments and settlement method,” said Mou Naimi (牟乃密), CCB’s chief supervisor of operations.
“We are confident that by joining hands with Xiaomi Finance, we can jointly provide comprehensive, high-quality financial services to a broad range of users.”