China's Xiaomi Sets Up Mobile Payments Subsidiary
Published on: 10th Feb 2014
Note -- this news article is more than a year old.
Chinese smartphone manufacturer Xiaomi has set up a mobile payments subsidiary although quite what it plans to do with the service is still unclear.
Citing a report, the English language Chinese news site, Ecns said that Xiaomi Pay, a Xiaomi Inc subsidiary, is now operating, conducting R&D on e-payment technology and related services.
The report also revealed that Lei Jun, founder and CEO of Xiaomi, is the legal representative and chairman of Xiaomi Pay.
However, Xiaomi will still need approval from the People's Bank of China to actually provide e-payment service to customers.
That last issue is not expected to prove a significant hurdle with licenses being handed out to a number of internet firms recently.
On the web: Ecns