Zhao Weixing, the President of XW Bank, has been named as the Vice President of Xiaomi Corp’s financial service, Xiaomi Finance. The senior official is a veteran in the banking industry and will help the Chinese tech giant expand its interests in the financial services business.
The announcement arrived from a statement made by the company to a Chinese reporting, Caixin. Zhao was appointed as the Vice President after he completed his three year tenure with XW Bank, a lender backed by Xiaomi. Despite his shift, the official will still be supporting the bank from his new position as well.
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For those unaware, the Sichuan based XW Bank is China’s third internet only bank. In other words, it is completely based online. Zhao has been integral in the company’s growth in inclusive finances and partnerships with other financial institutions. Under his run, the bank had a total asset evaluation coming around 44 billion Yuan, which roughly translates to about 6 billion US Dollars.
Notably, Zhao Weixing has previously worked with other banks in the region like Minsheng Bank, Shanghai Pudong Development Bank, and Bank of Hangzhou as well. Now, only time will tell what new policies or restructuring the Xiaomi Finances will see under his reign.
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