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Xiaomi-backed online bank set to start operations soon

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Xiaomi-backed online bank set to start operations soon

A Xiaomi-backed online bank is expected to kick off operations soon after recently being rebranded with a new English name, Reuters reported Dec. 28, citing one of the bank's shareholders.

New Hope Group Co. Ltd., which owns a 30% stake in the bank, said the new bank has received regulatory and shareholder approvals for its new English name, Sichuan XW Bank. The bank initially received regulatory approval in June under the provisional name Sichuan Hope Bank.

The bank has a registered capital of 3 billion yuan and is the latest in a series of new online banks backed by Chinese tech firms.

Xiaomi subsidiary Sichuan Yinmi Technology Co. Ltd. owns slightly less than a 30% stake in the bank, while Chengdu Hongqi Chain Co. Ltd. owns a 15% stake.

A Xiaomi spokeswoman confirmed the official English name of the bank but declined to give details on the launch date.

As of Dec. 27, US$1 was equivalent to 6.95 Chinese yuan.