Xiaomi enhances consumer finance sector by deploying virtual banking services

The fourth-largest smartphone maker MI recently announced that it would begin trials of its virtual bank Airstar, which will directly compete with other local fintech companies like Ant Financial and Tencent. The new program covers various banking services including deposit and loans accounts. The company also said its production has recovered from the impact of the outbreak, and the domestic market has bounced back 80% to 90%. However, the overseas market where MI has the greatest presence and share is now the company’s major concern.