Xiaomi announced that the company would release smartphone and home appliances products in the Japanese market on December 9, 2019.
With this move, Xiaomi will enter the Japanese market ahead of its original schedule. Prior to this, the Chinese smartphone maker planned to enter Japan in 2020.
Chinese smartphone manufacturers Huawei and Oppo have already entered the Japanese market.
According to the latest smartphone quarterly tracking report released by IDC, in the third quarter of 2019, China's smartphone market shipment decreased by 3.6% year-on-year to about 98.9 million units. Therefore, the Chinese smartphone companies accelerated their overseas expansion.
Based on sales statistics of the Japanese mobile phone market, in the second quarter of 2019, Apple ranked first with 50.8% market share, followed by Samsung and Sharp.
Online lending service launches in India
Xiaomi has seperately launched its online lending service in India on Tuesday, widening its offering of financial products in one of the world’s biggest web services markets.
Xiaomi’s Mi Credit connects smartphone users with lending firms, giving them access to quick loans of up to 100,000 rupees ($1,393.34), the company’s India head Manu Jain told reporters.
The company has partnered with five shadow banking and fintech firms for the service, which will audit the creditworthiness of customers and disburse loans.
Mi Pay has already pitched the firm against global tech giants Amazon and Alphabet’s Google, which offer similar services in India.
“We have strong data protection agreements with each of our partners that they cannot use this data for any other purpose, apart from giving loans to users,” he added.