Xiaomi Forced To Close Its Financial Services Business In India

According to foreign media reports on October 28, smartphone maker Xiaomi has been forced to shut down its financial services business in India.

 The company’s Mi Pay app, which allowed users to make bill payments and remittances, is no longer listed on the National Payments Corporation of India’s website as an app with a recognized third-party unified payment interface.

 With India as Xiaomi’s largest market outside Communist China, the company is under investigation by the Indian government for allegedly evading tax regulations. In April, India’s federal financial crimes authority froze $676 million worth of Xiaomi’s assets, accusing the company of making illegal remittances to foreign entities in the name of royalty.

 As of now, India has banned more than 300 apps backed by CCP, including popular apps such as TikTok, due to national security concerns and has also tightened rules for investment from Communist China in India.

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