What is the relationship between Mi Li Finance and Xiaomi Company?

Xiaomi recently posted the recruitment information of Xiaomi Finance on WeChat WeChat official account "Mi Li II", saying that Xiaomi Finance is "one of the most important services" of Xiaomi, and will "focus on retail finance business, mainly providing consumer loans and wealth management services for consumers, hoping to impress our users with extremely low cost and extreme user experience through digital credit information and operation system".

At present, Xiaomi Finance is recruiting credit policy experts, credit management experts, financial product managers, platform product managers, user product managers, algorithm engineer, JAVA engineers and senior operation specialists.

The recruitment information announced by Xiaomi revealed Xiaomi's plan to enter the field of Internet finance. Judging from the job description of the recruitment position, Xiaomi Finance may involve several fields: installment shopping, personal credit reporting, wealth management product development and third-party payment. Moreover, Xiaomi intends to become an entrance to P2P online lending.

Let me talk about payment first

At the end of last year, Xiaomi had applied for a third-party payment license. According to other applicants, the eighth batch of payment licenses of the central bank has been reviewed and entered the final stage of the process, which will be announced in the near future. If Xiaomi obtains a third-party payment license in this batch of audits, I believe we will soon see Xiaomi's third-party payment platform.

Then there is personal consumption credit.

The central bank's consumer finance is still in the pilot stage. Ali and JD.COM can launch two businesses, "Flower Shop" and "JD.COM". The reason why the first and second domestic e-commerce companies define consumer loans as "accounts receivable management" is that they skip the policies of the central bank. Xiaomi's current e-commerce mainly sells its own products. If they don't want to just let users buy Xiaomi phones in installments, they probably need to get a license that is not easy to get.

Finally, the credit information business.

The central bank first asked eight institutions or companies to carry out personal credit information business, including Ali and Tencent. Xiaomi wants to get involved in this field and must get a license. In addition, the premise of personal credit information service is the massive data generated by paid purchase.

Therefore, Xiaomi's personal credit information system should also be launched after the payment function has developed to a certain period and accumulated enough data. Moreover, in order to face a large number of concurrent data and data precipitation in payment and financial services, Xiaomi's big data and cloud computing capabilities will also be challenged. They have really worked hard in this field since last year, and there is still a big gap compared with BAT.

In order to catch up with BAT or even overtake in corners, Xiaomi may need to use existing resources to provide services that users can perceive and accumulate user reputation and data.

Compared with BAT, which is also developing Internet finance business, Xiaomi's advantage in finance is hardware. Through mobile phones, bracelets and watches to be launched in the future, Xiaomi can go deep into payment scenarios and payment functions that some software companies can't. For example, Xiaomi has launched a bracelet-free payment, and the next generation of mi band and Xiaomi watches are likely to integrate NFC payment functions similar to ApplePay.