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Chinese smartphone maker Xiaomi launches money market fund

13 May 2015  |  3853 views  |  0 Chinese Flag

Smartphone maker Xiaomi has become the latest Chinese technology firm to enter the financial services arena, establishing an online money market unit.

Following in the footsteps of Web giants Alibaba and Tencent, the company has teamed up with E Fund Management on Huoqi Bao, a money market fund that will be offered via an app bundled on its handsets.

Plans to expand into other services such as personal lending, securities brokerage and index funds are in the pipeline, says Xiaomi, the world's third largest handset maker.

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