Xiaomi shuts down financial services business in India: Report

Chinese smartphone maker Xiaomi Corp is shutting down its financial services business in India, TechCrunch reported on Friday, citing sources familiar with the matter.

The report states that the company recently pulled its Mi Pay and Mi Credit apps from the local Play Store and its App Store in India.

TechCrunch said three years after its launch, Mi Pay, which allowed users to make bill payments and money transfers, is no longer listed among the apps recognized by regulatory body National Payments Corporation of India (NPCI).

Xiaomi and NPCI did not immediately respond to a Reuters request for comment.

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

An Indian court recently refused to lift a moratorium on Xiaomi’s assets worth $676 million, even as the Chinese smartphone conglomerate said the enforcement action “effectively curtailed” its operations in its key Indian market. was stopped”.

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