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Synopsis The handset maker is aiming to become one of the largest players in the country's fin-tech space through its Mi Credit lending service and Mi Pay application. It considers India as the biggest market after China for Mi Credit. Manu Jain, Xiaomi India’s head and global vice president India's top smartphone brand Xiaomi is refocusing on its fintech business, which was hurt severely due to the pandemic last year when the company’s partners shifted focus from giving out fresh loans to recovering the money from customers. “Last year, it was really difficult for our fintech business...

Synopsis The Enforcement Directorate and CIDs have launched probe against more than two dozen China-backed loan apps and directed Paytm and Razorpay to stop processing their transactions and payments. Getty Images Mumbai: The Enforcement Directorate (ED) and Criminal Investigation Departments (CID) of various state police forces are set to launch probes against more than two dozen China-backed fintech lenders, such as SnapIt Loan, Bubble loan, Go Cash and Flip Cash, having directed payment gateways to stop processing their transactions and payments, multiple people aware of the developments t...

ED, police CIDs crack whip on Chinese-backed fintech lenders: Report The ED and police CIDs have also sent written notices to payment gateways such as Razorpay and Paytm, asking them to “stop dealings with such companies” January 22, 2021 / 01:29 PM IST Various state police Criminal Investigation Departments (CID) and the Enforcement Directorate (ED) will launch investigations against financial technology (fintech) lenders who received Chinese investments. The fintech companies, numbering over 24 and including Bubble Loan, Flip Cash, Go Cash and SnapIt Loan, have been asked to stop pr...

Getty Images / WIRED It was a normal day in the Panditi household. On December 16, software engineer Sunil Panditi was getting ready for his first day at a new job while his wife Ramya Sri was bathing their young son. Sunil was expected to leave the house by 10am, instead he texted his new boss that he wouldn’t make it into work. Shortly before 1.30pm Panditi went to his bedroom and took his own life, unable to forget the string of messages that had haunted him for the past week. The 28-year-old, who lived on the outskirts of the Indian city Hyderabad, had taken out Rs 70,000 ($956) in ...