Original title: Lei Jun falls againmilletFinancial trial of virtual bank

Duan Jiuhui, a reporter from the Securities Times

After being approved for establishment last year, Hong Kong virtual banks are now entering the opening fast lane one after another.

On June 11th, Star Bank, which is 90% owned by XIAOMI Financial, officially opened, becoming the second Hong Kong virtual bank to officially open after Zhongan Bank.

From the point of view of people in the industry, virtual banking licenses are tickets for the comprehensive development of financial business, such as non-bank financial institutions and financial technology companies. they have many advantages, such as having a foothold in Hong Kong and radiating the Greater Bay area, but Hong Kong's financial institutions have sufficient competition. therefore, before applying for a license and starting business, we should also consider our own resource endowment, so as to avoid weak innovation ability and "launch a price war to seize market share with traditional banks."

On the morning of the opening day, Lei Jun personallymicro-blogAccording to the news release, "this is a new milestone for XIAOMI's financial business."

Star Bank is formerly known as Insight Fintech, in which XIAOMI Group holds 90% of the shares.Shang ChengThe group accounts for 10%) and was granted a virtual banking licence issued by the Hong Kong Monetary Authority on May 9 last year. The reporter learned that Star Bank began trial operation as early as March 31 this year, opening up about 2000 places for relatives and friends of employees of the Star Bank and XIAOMI Hong Kong monk Group to participate in the trial operation.

In terms of specific business, Star Bank has launched two deposit products. Among them, Hong Kong dollar demand deposits will be priced at a tiered interest rate, and customers with deposits of between HK $500000 and HK $1 million will enjoy an annual interest rate of up to 1 per cent. Time deposit customers can flexibly set their own deposit maturity dates, such as August, 19th, 27th, etc., customers can settle the time deposit in advance at any time without charging any fee.

According to the official website, Lei Jun, founder and chairman of XIAOMI Technology, was appointed Chairman of the Board of Tianxing Bank. Other board members include Zheng Haiquan, Zhou Shengzi, Liu Xueqiao (CEO), Mao Zhenhua, Tang Weizhang and Wang Shunde. It is reported that Liu Xueqiao is the vice chairman of Shangcheng Group.

Recently, XIAOMI Group has made a lot of actions in the financial layout. On May 31st, Chongqing XIAOMI Consumer Finance Co., Ltd., a consumer finance company under XIAOMI Finance, officially launched its business. On May 20th, XIAOMI payment operator also set up a subsidiary of the network mutual assistance program, Beijing Shouwang Mutual Assistance Technology Co., Ltd., and XIAOMI Mutual products will be launched on June 15.

What is worth mentioning is XIAOMI consumer finance. Judging from the reply of Chongqing Banking and Insurance Regulatory Bureau, as the 26th consumer finance company in China, its 13 executives include Chairman Hong Feng and President Zhou Bin. Zhou Bin, previously vice president of Changshu Bank, grew all the way from loan officer of Changshu Bank's small loan center to general manager of the bank's small and micro finance department.

According to public data, XIAOMI Finance, a financial technology service platform of XIAOMI, was officially launched in May 2015. At present, XIAOMI Finance has covered a number of financial business licenses, such as third-party payment, network small loans, virtual banks, insurance brokers, commercial factoring, financing guarantee, consumer finance and so on.

According to XIAOMI's previously released annual financial report, revenue from the "Internet service business", which includes Internet advertising, games, finance and e-commerce, reached 19.8 billion yuan in 2019, an increase of 24.4% over the same period last year. In 2019, the growth rate of Q4 Internet revenue reached 41%. After the epidemic, Internet revenue also has a strong rigidity, with 2020Q1 growth reaching 38.6%.