According to the Financial Associated Press, in response to the rumors of the integration of the small loan business, Tianxing Digital responded that Xiaomi Consumer Finance is undertaking Tianxing Digital’s personal consumer credit business in an orderly manner.
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In October 2020, Xiaomi Digital Technology, a subsidiary of Xiaomi Group, announced the brand upgrade to Tianxing Digital Technology, focusing on three things – using digital technology to serve the financial needs of real enterprises in the industry, serving the transformation and upgrading of financial institutions and serve individual consumers.
According to the official introduction, Chongqing Xiaomi Consumer Finance Co., Ltd. (referred to as “Xiaomi Xiaojin”) is a nationwide company jointly established by Xiaomi Communication Technology Co., Ltd. and Chongqing Rural Commercial Bank Co., Ltd. with the approval of the China Banking and Insurance Regulatory Commission. The non-banking financial institution, which was approved for opening on May 29, 2020, is the 26th licensed consumer finance company in China.
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