10 December 2018

Bank of Beijing, Xiaomi go into online finance, paper says

Bank of Beijing Co. Ltd. (601169.CN) and mobile phone maker Xiaomi Inc. have agreed to establish an online finance business, Shanghai Securities News reported Thursday without citing a source. They will offer mobile payment, loans, product design and channel expansion services. Chinese banks have been working with technology companies to offer internet loans and services amid the rapid rise of online finance. Among these is China CITIC Bank Corp. Ltd. (00998.HK, 601998.CN) which is said to have partnered with internet giant Tencent Holdings Ltd. (00700.HK), the report said.

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