Chinese smartphone manufacturer Xiaomi is moving into the financial services world with an interest-bearing mobile wallet account.
Speaking at a trade conference in Beijing, Xiaomi president Bin Lin revealed details of a beta programme for the mobile app, which allows users to earn interest of 3.058% for money transferred from their bank accounts into the fund.
The money market-like fund, which is offered by Guangzhou-based E Fund, appears in the latest version of Xiaomi's own phone firmware, Miui, according to local press reports.
The launch follows fellow-Chinese tech giant Alibaba's foray into the same waters with the 2013 launch of its money-market fund Yu'e Bao in a partnership between Alipay and fund manager Tianhong.