smart plans to launch a mobile banking service in China in 2H16 , going head to head with Alibaba ’s smart and smart ’s WeChat Pay which have a combined 90 % market share . The news is the latest in a series of moves the smartphone maker has made into financial services . Most recently , Xiaomi announced plans to embed Indian e - wallet MobiKwik into its operating system and acquired a 29.5 % stake in Sichuan mobile Bank . Last year it invested around $ 15.6 m in digital Brokers , a digital brokerage .
Xiaomi plans to launch a mobile payments service in China in 2H16, going head to head with Alibaba’s Alipay and Tencent’s WeChat Pay which have a combined 90% market share. The news is the latest in a series of moves the smartphone maker has made into financial services. Most recently, Xiaomi announced plans to embed Indian e-wallet MobiKwik into its operating system and acquired a 29.5% stake in Sichuan Hope Bank. Last year it invested around $15.6m in Tiger Brokers, a digital brokerage.