The company launched a micro-credit lending marketplace in 2019. Credit: ar130405 from Pixabay.

Chinese technology company Xiaomi has revealed plans to launch a full suite of financial services across lending, payment, and insurance in India.

Xiaomi India head Manu Jain told PTI that the company will join forces with financial institutions such as Axis Bank, IDFC Bank, Aditya Birla Finance, Stashfin, Money View, Early Salary and Credit Vidya to offer these services.

The company launched a micro-credit lending marketplace in 2019, dubbed Mi Credit.

It offered credit up to INR100,000 and the firm claims to have disbursed over 100,000 loans so far. However, the pandemic pushed the lending partners away.

Jain added: “Many quarters went into re-thinking about the future of Mi Credit or Mi Financial Services should look like. We are now back to growing this particular platform. Q1 2021 versus Q4 2020, we grew 95%, and Q1 2021 versus Q1 2020, we saw 35% growth.”

The firm plans to expand its offering by adding gold loans, credit lines cards and SME loans and will offer the higher pre-approved loan of $33703.75 for up to 60 months.

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The Credit Line cards have been launched in partnership with Stashfin.

Jain stated that the majority of the company’s credit product users are salaried employees and 40% of them are self-employed. The firm plans to diversify this and provide 20% of the loan to MSMEs.

Xiaomi India financial services head Ashish Khandelwal told that the firm has partnered with ICICI Lombard to offer health insurance solutions.

It also has a cyber insurance offering that covers over 25,000 people, the firm added.