Xiaomi has become the latest Chinese tech giant to seek to expand its financial capabilities following the submission of an application for related trademarks by its consumer finance vehicle.
Official registration data indicates that Chongqing Xiaomi Consumer Finance Co., Ltd. applied for a range of finance-related trademarks with Chinese authorities on 11 March, including “Xiaomi Pay” (米易付), “Xiaomi Loan” (米易贷), “Xiaomi Finance” (米易融) and “Xiaomi Spend” (米易花).
Xiaomi Consumer Finance officially commenced operation on 30 May 2020 with registered capital of 1.5 billion yuan. Chinese electronic devices giant Xiaomi is the largest shareholder in the company with a 50% stake. Chongqing Rural Commercial Bank also holds a 30% stake in the firm.
It’s not unusual for Chinese tech giants to expand into the provision of other products and services once they establish a beachhead in a given corner of the economy.
Other Chinese tech platforms to recently apply for their own payments trademarks include Pinduoduo and ByteDance.