Xiaomi opens wallet to financial services

Xiaomi Corp, China's rapidly rising mobile phone maker, is beta testing a money market fund service, signaling a strong ambition to expand in the country's booming Internet finance sector.

Lin Bin, co-founder and president of the Beijing-based tech giant, said on Tuesday that it is testing a mobile app that allows users to buy money market funds offering higher interest than typical bank saving accounts.

Lin refused to reveal the timetable of the official launch of the app, being named Xiaomi Wallet, but said that many financial institutions had teamed up with the company for its test.