Xiaomi halts financial services business in India – TechCrunch

(Reuters) – Chinese smartphone maker Xiaomi Corp (1810.HK) is shutting down its financial services business in India, TechCrunch reported on Friday, citing people familiar with the matter.

The company recently removed its Mi Pay and Mi Credit apps in India from the local Play Store and its own app store, the report said.

Three years after its launch, Mi Pay, which allows users to make bill payments and send money, is no longer listed as an approved app by the National Payments Corporation of India (NPCI) regulator, TechCrunch said.

Xiaomi and NPCI did not immediately respond to Reuters’ requests for comment.

In India, Xiaomi’s strongest market outside China, the company is under government investigation for allegedly evading tax regulators.

An Indian court recently refused to lift a freeze on Xiaomi’s assets worth $676 million, even though the Chinese smartphone group said the enforcement action “effectively halted” its operations in its key Indian market.read more

Reporting by Rittik Biswas in Bengaluru; Editing by Savio D’Souza

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