China’s Xiaomi Phone Group Launches on MMF Market
Chinese smartphone manufacturer Xiaomi has made its first foray into money market funds (MMFs), with the launch of an online MMF product as it seeks to benefit from the growing popularity of digital investments.
There are an estimated 100m users of the company’s budget smartphones in China and Xiaomi hopes that the appeal of its MMF will be further increased by the high yield being offered to investors.
Xiaomi, the world’s third-largest smartphone manufacturer, launched the product, which is names HuoQBao on its financial services app this week, following the soft launch of a beta version in March.
The product is being launched in partnership with Guangzhou-based E Fund Management and the service is embedded in the Xiaomi Wallet payment platform and E Fund’s Tiantian MMF.
According to reports, Xiaomi is assessing potential future partnerships with other fund companies, which could lead to it also offering equity index funds, as well as securities brokerage and consumer loans.