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Chinese Handset Maker Xiaomi Relaunches MI Credit in India

In India, the lending industry is on an explosive trajectory. As per a recent report from CIBIL, there are over Rs 4 lakh crores worth of personal loans outstanding from nearly 1.9 crore customers, with each user accounting to an almost Rs 2 lakh of outstanding amount

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Xiaomi
Mi Credit by Xiaomi currently services more than 10 states spanning 1,500 pin codes and aims to expand its availability to 100 per cent of the pin codes (which is more than 19,000) by the end of FY2019. Wikimedia Commons

Chinese handset maker Xiaomi on Tuesday relaunched Mi Credit — its digital lending solution in India.

This is Xiaomi’s second Mi Finance solution to be launched in the country after Mi Pay.

According to the company, it disbursed personal loans of up to Rs 28 crore (or Rs 1 crore per day) during the pilot phase which ran though November 2019.

Initially launched in May 2018, Mi Credit is an online curated marketplace for lending, to offer personal loans to Mi Fans, according to the handset maker. The platform is built as the first personal loan choice for aspirational young professionals and millennials.

“Xiaomi’s Mi Finance business started four years ago in China, with an aim to provide fintech innovation for everyone. Today, we have over 300 million Mi Fans in our global community and we see a huge opportunity for consumer lending in India with estimations reaching up to $1 trillion in digital lending by 2023, as per a report from BCG.

“This makes us believe that our Mi Finance business, based on solutions such as Mi Pay and Mi Credit can truly revolutionise the Indian fintech industry,” Hong Feng, Co-Founder and Senior Vice President, Xiaomi Corporation, Chairman and CEO, Xiaomi Finance, said in a statement.

Xiaomi’s current lending partners are primarily non-bank financial institution (NBFCs) or fintechs such as Aditya Birla Finance Limited, Money View, EarlySalary, Zestmoney and CreditVidya.

Xiaomi
Chinese handset maker Xiaomi on Tuesday relaunched Mi Credit — its digital lending solution in India. Wikimedia Commons

“In India, the lending industry is on an explosive trajectory. As per a recent report from CIBIL, there are over Rs 4 lakh crores worth of personal loans outstanding from nearly 1.9 crore customers, with each user accounting to an almost Rs 2 lakh of outstanding amount. We are bringing Mi Credit to India hoping to provide another truly digital solution for their lending needs,” said Manu Jain, Vice President, Xiaomi and Managing Director, Xiaomi India further added.

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Mi Credit currently services more than 10 states spanning 1,500 pin codes and aims to expand its availability to 100 per cent of the pin codes (which is more than 19,000) by the end of FY2019. (IANS)

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Apple Updates its Video Creation App With Animoji and Memoji Support

Clips 2.1 is available as a free update on the App Store and is compatible with iPhone 6s and iPhone SE or later, iPad Air 2 or later and iPod touch (7th generation)

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Apple
The Clips app by Appe is a video editing app that lets users combine video clips, images, and photos with voice-based titles, stickers, music and more to create unique videos that can be shared on social media platforms. Pixabay

Free video creation app of Apple named “Clips” has been updated for the iPhone and the iPad with new Animoji and Memoji support.

This update includes animated stickers and emoji that can “follow the movements of a user’s face” in videos captured with device front-facing cameras.

“Users can now easily share personal video messages, slideshows, school projects and mini movies with more personality than ever. Animated stickers and emoji can now follow the movements of a user’s face for fun selfie videos using the front-facing camera on iPhone and iPad,” the company said in a statement on Thursday.

The new update also introduces new stickers featuring Mickey and Minnie Mouse, along with a new winter-themed poster. Using Animoji and Memoji in Clips requires a device with a TrueDepth camera.

Apple
Free video creation app of Apple named “Clips” has been updated for the iPhone and the iPad with new Animoji and Memoji support. Pixabay

The Clips app is a video editing app that lets users combine video clips, images, and photos with voice-based titles, stickers, music and more to create unique videos that can be shared on social media platforms.

Clips 2.1 is available as a free update on the App Store and is compatible with iPhone 6s and iPhone SE or later, iPad Air 2 or later and iPod touch (7th generation), running iOS 13 or later and iPadOS 13 or later.

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New Animoji and Memoji features, along with the Selfie Scenes feature, require iPhone or iPad Pro with TrueDepth camera. (IANS)