The company aims to boost its presence on the market, competing with such Chinese players as Ant Financial and Tencent

Xiaomi pilots its first digital bank. Source: shutterstock.com

Xiaomi has announced the pilot of its virtual bank called Airstar in Hong Kong. This bank is a joint venture with Asia’s largest investment banking company AMTD Group, meanwhile, Xiaomi owns 90% of the shares.

According to the statement, 2,000 Airstar, Xiaomi, and AMTD Group employees, along with their friends and relatives will test the digital banking features and give feedback afterward.

As to the main offerings, Airstar enables Hong Kong residents to launch an account within 5 minutes, requiring no minimum deposit. Besides, the digital bank’s users can also put their savings in time deposits, choosing the deposit maturity dates themselves.

Airstar provides transparent loan prices and an interest rate that is compounded daily. It allows customers to repay in advance without charging any extra fees.

Xiaomi has revealed the Airstar digital bank will start its activity in July 2020.

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