What Happened: Multinational electronics company Xiaomi Corp (OTC:XIACF) is open to expanding its financial services business to include cryptocurrency, but only after it is clear on the regulatory environment.
Manu Kumar Jain, managing director of Xiaomi India, told the Economic Times that the company’s financial services business would only venture into crypto after gaining a better understanding of how to be compliant with local laws in India.
“We will want to wait for all the regulatory things. Of course, crypto is an area, which is extremely interesting, and is the biggest buzzword, and is doing exceptionally well. But, we would want to understand more on the regulation side,” he said.
Why It Matters: Xiaomi’s financial services business grew by 95% during the first three months of the year, compared to the last three months of 2020.
In fact, the business now includes a complete spectrum of payment, lending, and insurance verticals. The lending platform also facilitates business loans and is expected to launch gold loans in the near future.
According to Jain, the business is now so big that it can no longer be considered a subset of Xiaomi’s internet service business.
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