Xiaomi Establishes Payment Subsidiary
Lieyunwang.com, 2/08/14
According to data from the Beijing Administration for Industry and Commerce (BAIC), Beijing-based Android device maker Xiaomi has established a mobile payment subsidiary, "Xiaomi Payment Technology" ("Xiaomi Zhifu Keji"). The company was registered on December 26, 2013 with an investment of RMB 50 mln. The new company has begun operations, with Hong Feng, head of Xiaomi's MIUI product, acting as GM, and Xiaomi CEO Lei Jun acting as chairman. Hong and Xiaomi president Lin Bin have been appointed as directors of the newly formed company, while Liu De, Xiaomi VP in charge of handset design, has been appointed as an advisor.
According to an industry source, Xiaomi Payment Technology is considering purchasing a third-party payment company in order to obtain a payment license. Xiaomi Payment Technology will reportedly first focus on providing payment services to Xiaomi, and later providing payment services to Chinese online game developer and operator Kingsoft (3888.HK) and other enterprises in which Lei Jun holds a stake.
Lei participated in angel investment funding for Beijing-based e-payment service provider Lakala in 2004.
Keywords: Lei Jun Lin Bin wireless mobile payment BAIC third-party payment Xiaomi Liu De Hong Feng
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