Apr 24, 2020 04:50 AM

Exclusive: Virtual Bank Chief to Head Xiaomi’s Financial Unit

What’s New: Zhao Weixing, president of internet-only lender Sichuan XW Bank, was named vice president of Xiaomi Corp.’s financial service unit Xiaomi Finance.

Zhao, a banking industry veteran, will help Xiaomi Finance expand its internet-based financial services business, the company said in a statement to Caixin.

Background: The appointment came as Zhao completed a three-year tenure as president of XW Bank, a lender backed by Xiaomi Corp. and Sichuan-based New Hope Group. Zhao will continue supporting the bank’s development in his new position, XW Bank told Caixin.

Established in December 2016, XW Bank is China’s third internet-only bank. Zhao has pushed the bank’s growth by engaging in inclusive finance and partnerships with other institutions. By the end of 2019, the bank had total assets of more than 44 billion yuan ($6 billion).

Zhao previously worked at Minsheng Bank, Shanghai Pudong Development Bank and Bank of Hangzhou.

Quick Takes are condensed versions of China-related stories for fast news you can use. To read the full Caixin article in Chinese, click here.

Related: In Depth: Cheers and Fears in $283 Billion Bank-Tech Lending Tie-Up

Contact reporter Han Wei ( and editor Bob Simison (

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