Chinese language smartphone maker Xiaomi Corp is winding down its monetary companies enterprise in India, TechCrunch reported on Friday, citing sources aware of the matter.
The corporate just lately pulled its Mi Pay and Mi Credit score apps in India from the native Play Retailer and its personal app retailer, the report stated.
Three years after its launch, Mi Pay, which allowed customers to make invoice funds and cash transfers, is now not listed among the many acknowledged apps by regulatory physique Nationwide Funds Company of India (NPCI), TechCrunch stated.
Xiaomi and NPCI didn’t instantly didn’t reply to a Reuters request for a remark.
In India, Xiaomi’s strongest market outdoors of China, the corporate has been topic to authorities probes for allegedly dodging tax regulators.
An Indian courtroom just lately declined to elevate a freeze on Xiaomi’s $676 million price of property, even because the Chinese language smartphone group stated this enforcement motion had “successfully halted” its operations in its key Indian market.
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