Smartphone giant Xiaomi launches online China MMF
Chinese phone manufacturer Xiaomi aims to expand into equity index funds after launching its first mobile money market fund this week. It comes after several years of explosive growth in the sector, led by Alibaba.
Chinese smartphone maker Xiaomi has launched its first online money market fund product, in a bid to capitalise on the surging popularity of digital investments.
With 100 million users of its low-cost smartphones in China, Xiaomi is counting on its market reach as well the high yield offered by its MMF.
However, analysts have warned that the firm will find it hard to compete against the MMF dominance of e-commerce giant Alibaba’s hugely popular Yu’EBao fund product.
Xiaomi, th…
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