The head of one of China’s leading online lenders and private banks has joined the finance vehicle of smartphone giant Xiaomi.
On 23 April Xiaomi Finance (小米金融) announced the appointment of Zhao Weixing (赵卫星) as vice-president of Xiaomi Finance,
Zhao was previously the president of XWBank, which was established by Xiaomi and New Hope Group (新希望集团).
XWBank was founded in December 2016, and is the first private bank in Sichuan province as well as the seventh in China. The lender is also the third internet bank to make its debut in China, following on the heels of Tencent’s WeBank and Alibaba’s MyBank.
According to Xiaomi Zhao “possesses rich banking experience and experience in the expansion of online finance – [he] is an innovator and a practitioner of platform models.”
Zhao holds a PhD in economics from the Shanghai University of Finance and Economics, and prior to working for XWBank held positions at Huaxia Bank, Shanghai Pudong Development Bank, China Minsheng Bank and Bank of Hangzhou.
On 19 March 2015 he was appointed director of XWBank and vice-president, prior to its establishment.
In 2019 XWBank’s operating revenues were 2.681 billion yuan, for YoYgrowth of 100.79%. Net profits were 1.133 billion yuan, for a YoY rise of 207.61%.
In 2019 Xiaomi’s online service revenues were 19.8 billion yuan, for a YoY rise of 24.4%.
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