Sina Technology News on the evening of May 9, XIAOMI Group and Shangcheng Group jointly announced today that their joint venture, Insight Financial Technology Co., Ltd. (Insight Fintech HK Limited), has been granted a virtual banking licence by the Hong Kong Monetary Authority. Insight Financial Technology is jointly funded by XIAOMI Group and Shangcheng Group, of which XIAOMI Group accounts for 90% and Shangcheng Group accounts for 10%.
According to reports, Insight virtual bank will take "innovative finance, inclusive finance and green finance" as its purpose, "promote Hong Kong to build a smart city, promote financial technology to benefit the public" as its mission, and "make friends with users, be the coolest bank in users' hearts" as the vision, combining innovative financial technology with traditional banking business. Provide personalized, intelligent and convenient smart banking services for Hong Kong residents and small and medium-sized enterprise users, and launch the service in about 6 months.
At the initial stage of business, Insight virtual bank will focus on the integration of financial technology and traditional banking business, using cutting-edge technologies in the fields of artificial intelligence, big data, cloud computing and blockchain to enhance user experience; combined with the advantages of shareholders of both sides, through the upstream and downstream industrial chain of XIAOMI as a breakthrough, to create a panoramic supply chain of financial services for the real economy. At the same time, Shangsheng will also provide value based on its understanding of Hong Kong's financial markets, especially in terms of localized customer demand.
As the two major shareholders of the joint venture, XIAOMI and Shangcheng will integrate their accumulated resources and experience and devote themselves to creating a unique virtual banking business. XIAOMI also has a good user base in Hong Kong, accumulating nearly 1.6 million mobile phone active devices in Hong Kong.
In the field of financial science and technology, XIAOMI also continues to make efforts. With the help of cloud services and other technologies, XIAOMI has set up credit core, supply chain management and other platforms at the application layer, integrating big data, machine learning, Internet of things and other technologies, and has created a leading financial technology support system. What is worth paying attention to is that XIAOMI is also a shareholder of Xin.com Bank, one of the three Internet banks in China.
Shangsheng Group, as a co-sponsor, is a local financial institution in Hong Kong and has gradually developed into a comprehensive group of financial institutions in Asia, including the largest private independent investment bank in Asia and one of the largest asset management companies in Hong Kong.
Referring to the original intention of setting up a virtual bank in Hong Kong, Hong Feng, co-founder and senior vice president of XIAOMI, chairman and CEO of XIAOMI Financial, said that under the macro background of Hong Kong moving towards a "new era of smart banking", XIAOMI is very happy to co-launch a virtual bank and create more tailored and more competitive products to cover more user groups and constantly enhance the user experience. "our virtual bank will be designed to enable everyone to enjoy the fun of financial technology."
He said that traditional financial services are often difficult to reach the long-tail customer base, and adhering to the concept of inclusive finance, based on the respective advantages of both sides, will radiate to more individual retail users and provide them with financial services with high-quality user experience through scientific and technological means. at the same time, it is also committed to solving the core problems encountered in the development of small and medium-sized enterprises, such as financing difficulties and high financing, so as to help small and medium-sized enterprises develop better and faster. (Zhang Jun)