Amid COVID-19 pandemic, the Indian government recently announced its decision to scrutinise Chinese investments closely over fears of possible hostile takeovers. India has made prior government clearance mandatory for all forms investments, even indirect ones, from all countries sharing land border with the country.

The new rules could cause trouble for the fin-tech plans of Xiaomi and OPPO. In December last year, Xiaomi launched its Mi Credit service in India to offer online lending to its customers. On the other hand, OPPO had launched the OPPO Kash fin-tech service in March, days before the company went under lockdown due to COVID-19.

Both the companies have partnered with Indian financial companies to provide the funds for services offered on their platforms as they cannot directly lend to consumers without a shadow banking licence in India.

To improve the margins, the companies are keen to establish their own non-banking financial company (NBFC). But the license may be very difficult to come by given that the Indian government has made changes in the FDI (Foreign Direct Investment) rule adding an extra layer in the already slow and difficult approval process.

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As per the report, Xiaomi and OPPO have been waiting for around a year to get an NBFC approval from the Reserve Bank of India. Even if the RBI were to grant an NBFC permit to Xiaomi and Oppo because they applied prior to rule change, they may face delay in getting approval for the fund raise.

Xiaomi is currently the leading smartphone brand in the Indian market, having around 30 percent market share. OPPO, on the other hand, has captured around 12 percent of the Indian smartphone market share. Combined, both the companies have more than 100 million users in India.

Since the profit margin for the smartphones are thin, an NBFC would give Xiaomi and Oppo access to user data and spending patterns which can be used to boost revenue for other services. But given the current situation, it’s unlikely for the Chinese companies to get NBFC license anytime soon.

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Today, OPPO announced its own payment services for India. Dubbed OPPO Kash, the services will provide users with products such as Mutual funds, Freedom SIP (in partnership with ICICIC Prudential Mutual Funds) Personal Loans, Business Loans, and Screen Insurance.

The OPPO Kash app is still in beta but can be downloaded from the Google Play Store and from OPP App Market. Users will be able to apply for personal loans from INR 8000 to INR 10 lakhs. While business loans start at INR 50,000 and go up to INR 10 crore. Personal loans can be paid back between 3 to 6 months while business loans go up to 36 months.

OPPO also announced two earphones at its Indian launch today. The Enco Free wireless earbuds which already launched in China last December. The truly wireless earbuds are priced at INR 7,990 (~$110). That is just about $10 more than the price in China. The earbuds will be available for purchase starting March 4. OPPO says the first 1000 customers to pre-order the new Reno3 Pro will get a free pair.

The OPPO W31 is a more affordable pair of TWS earbuds as it is priced at INR 4,499 (~$61). The design is different and it has a bass mode and a balanced mode. OPPO says it is the first TWS headphones with 13.4 mm ultra-dynamic speakers. The earbuds will be available in black, pink, and white.

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(Sources: 1, 2, 3)

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Chinese electronics giant OPPO is en route launching its very own financial services app in India, claims a new report on 91mobiles. Dubbed OPPO Kash, the app is likely to go live by the end of June 2020, a person familiar with the program revealed recently to the publication. The Beta version of the app is currently undergoing tests and will roll out as soon as all creases are ironed out.

Like Realme PaySa, OPPO Kash will offer hassle-free micro-loans at flexible repayment schedules to users. The app will be available on both Android and iOS platforms and will come pre-loaded in all future OPPO smartphones. OPPO Kash will feature UPI integration and allow users to purchase smartphones at east EMIs. The benefits of OPPO Kash can be reaped online as well as offline purchases.

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With OPPO and Realme being flag bearers of parent firm BBK Electronics, OPPO Kash was designed by FinShell, the same team behind Realme PaySa. With Reliance Jio recently introducing UPI payments to its popular app JioMoney, OPPO’s future is yet to be decided. The competition in the online payment realm is real with Google Pay, formerly Tez, securing the most popularity in 2019 with over 36 million downloads, and recording 50% YoY growth.

In related news, OPPO is scheduled to unveil the much-awaited Find X2 at the Mobile World Congress (MWC) in February 2020. The device is rumored to flaunt a 6.5-inch curved OLED display with a resolution of 3168 x 1440 pixels and draw power from a Snapdragon 865 SoC. The highlights of the OPPO X2 include the display with a 120Hz refresh rate and new Sony sensors such as Sony IMX689 and Sony IMX708. OPPO has also used its patented crescent-shaped camera at the rear, with a unique rotating mechanism. According to a report by Counterpoint, OPPO currently enjoys a steady market share in India, recording a 9 percent increase in popularity in 2019.

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