Xiaomi has launched Mi Credit, its new service that acts as a platform for users to initiate financial lending. Financial loan providers are listed on Mi Credit, and Xiaomi users can log onto the platform to apply for quick loans.
Mi Credit is currently available in partnership with KreditBee, an instant personal loan platform for young professionals. Currently, Mi Credit is available only for MIUI users where KreditBee is offering loans from INR 1,000 up to INR 100,000.
The loan can be initiated in less than 10 minutes with a simple KYC verification. All verification and user information input is done on partner platforms, with Mi Credit currently only listing all agents.
Mi Credit is the third value-added internet service for Indian Mi Fans after Mi Music and Mi Video, which were recently announced in May 2018.
Adds Ashish: Given Xiaomi’s reach – this is indeed a great opportunity to sell lending. The question is how deep is Xiaomi in this partnership? Is it purely a lead gen model or are they planning to stay in the process end-to-end? Also, what about data ownership? Are Mi servers located in India to do this business (not mandatory by the government, but isn’t it high time)?