A DOMESTIC online bank backed by smartphones and home appliances maker Xiaomi Inc. is set to launch services soon, after being officially established and rebranded recently, one of the venture’s investors said.

    New Hope Group Co. said in a statement Tuesday that shareholders and regulators had approved the name Sichuan XW Bank for the lender.

    “This is an important step in the process, marking [the bank’s] the official establishment,” said the statement, citing an unnamed person in charge at the new bank.

    “[The bank] will be officially open to users in the near future.”

    It is the latest in a string of new online banks backed by Chinese tech companies, which are hoping to tap the country’s underserved market of small enterprises and consumers.

    WeBank, backed by Shenzhen-based Tencent Holdings Ltd., became China’s first operational online-only bank in 2015, followed by MYBank, a venture controlled by Alibaba Group Holding Ltd. affiliate Ant Financial Services Group.

    The new venture comes as Xiaomi has seen its smartphone sales shrink, raising doubts about the worth of the company, which was valued at US$46 billion in its last fundraising in 2014. It is now pinning profit growth hopes on sales from smart home devices as well as revenue from its software eco-system.

    On Tuesday, Xiaomi CEO and chairman Lei Jun revealed the rebranding with a picture of the new bank’s logo posted on Twitter-like social media site Weibo.

    A Xiaomi spokeswoman confirmed the company’s official English name but declined to comment on a potential launch date. (SD-Agencies)