The world's third-largest smartphone manufacturer will be a “bank”

The world's third largest smartphone manufacturer the Xiaomi follows the path of its Chinese competitors, and the technology firm enters the market of financial services: creates an online money market fund – the portfolio.hu wrote after the Financial Times.

Following in the footsteps of Web giants Alibaba and Tencent, the company has teamed up with E Fund Management on Huoqi Bao, a money market fund that will be offered via an app bundled on its handsets, and plans to expand into other services such as personal lending, securities brokerage and index funds are in the pipeline, says Xiaomi, the world's third largest handset maker. (portfolio.hu)