Chinese smartphone maker Xiaomi Inc is looking to expand its product portfolio in the Indian market beyond phones and connected devices to enter the financial services space.

In an interview with BusinessLine , Xiaomi’s co-founder, Chairman & CEO, Lei Jun said: “We are exploring the possibility of providing financial services in India. But this sector is highly regulated. It requires different licences. If we could obtain such licences then we are more than happy to be part of financial services innovation in India. We need to understand if there are limitations on foreign entities.”

Xiaomirecently floated a digital bank, Sichuan XW Bank, to offer online financial services in China.

Alibaba, the other Chinese Internet giant, is also looking at entering the Indian mobile payments space actively.

$2 billion mark ahead

Lei said that the Indian market is growing rapidly for the Chinese company and it will soon cross the $2 billion revenue mark. “Our India team has promised us 100 per cent growth every year. The possibility of crossing 2 billion is 99%,” he said.

Asked if India can catch up with China in manufacturing, Lei said the Government should study best practices followed in other manufacturing hubs.

“If the Government focuses on this then I believe India can be at a very good level one day. It would be great if the Government can come up with more policies that attract global players,” he said

Interview p7

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