A marketing message promoting a "20.88 yuan reward" for loan completion from Xiaomi's Wallet-Tianxing Lending has recently come to light, touting a "million-dollar subsidy" campaign.
While this appears to be a standard user acquisition effort by Xiaomi Finance (Tianxing Digital Technology) in a fiercely competitive market, a deeper look beyond the front-end customer rush reveals a troubling picture involving cross-provincial regulatory violations, user data trafficking, and a lack of audit responsibility.
Xiaomi's Tianxing Lending, in building its consumer finance empire, may be paying a heavy price in reputation for the questionable actions of its partner institutions.
The Alluring Rewards and Extensive Partner Network of Tianxing Lending
Tianxing Lending is a key financial service product within the Xiaomi ecosystem, with broad access points including the Tianxing Finance App, Xiaomi Wallet App, and Xiaomi Mall App.
It operates as a typical online loan facilitation platform, where Xiaomi itself does not act as the primary lender but partners with institutions to provide credit services.
This partner network includes prominent names such as Duxiaoman Finance, Xiaomi Consumer Finance, XW Bank, Bank of Ningbo, JD Jintiao, and aibank.
This model allows Xiaomi to rapidly expand its financial product offerings and cater to diverse user borrowing needs, while providing a traffic gateway for its financial partners.
The "million-dollar subsidy" mentioned in the message, though likely a marketing tactic, underscores the intense competition and high costs of user acquisition in the current loan facilitation market.
For the average user, the 20.88 yuan reward is a genuine lure, but critical details like the "annualized interest rate (simple interest) of 20.08%" and the complex network of partners behind the platform are often overlooked.
The Questionable Practices of "Jiajiarong" and the Grey Area
While Tianxing Lending represents the "formal face" of Xiaomi Finance, the behind-the-scenes operations of some partners reveal a different, more unorthodox approach. The detailed case of "Jiajiarong" serves as a prime example.
Cross-Regional Violations: Licensed in Shenzhen, Operating in Beijing
The advertising for "Jiajiarong" is run by Shenzhen Fanhua Microfinance Co., Ltd.
However, according to the "Interim Supervision and Administration Measures for Microfinance Companies" implemented in January 2025, micro-lenders must "operate locally within the approved regional scope," with cross-provincial operations being strictly prohibited.
Despite this, "Jiajiarong" ads are specifically targeted at "Beijing users only," and after submitting information, users receive calls from intermediaries claiming to be from a "Beijing Credit Center." This "Shenzhen license, Beijing lending" model is a clear violation of territorial regulatory boundaries.
Misleading Advertising and Traffic Redirection
The advertisement lists China Foreign Economy and Trade Trust Co., Ltd. as the lender, but users ultimately deal with offline loan intermediaries, turning the actual funding source into a mystery.
This practice is deceptive to consumers, and phrases like "fastest one-hour disbursement" potentially violate regulations prohibiting the use of inducement language in online financial product marketing.
Personal Data Trafficking and Harassment Marketing
After users provide their phone numbers, they are immediately bombarded with calls from multiple intermediaries, even during holidays.
This indicates that user data is being transferred to third-party agencies without clear or sufficient authorization, infringing on user privacy and potentially violating the Personal Information Protection Law.
Xiaomi Finance's Audit Responsibility and Ecosystem Challenges
What role does Xiaomi Finance play in this chain? While Xiaomi Finance may not be the direct advertiser for "Jiajiarong," its presence as a partner within the Tianxing Lending product page for "Tianxing Housing Loan" makes the connection undeniable.
The issue deepens as Xiaomi Finance's partner network proves more complex than it appears on the surface.
Not only is "Jiajiarong" listed, but Hangzhou Jixin Information Technology Co., Ltd. also appears in multiple partner rosters: it is both an operational partner for Xiaomi Consumer Finance's online loan facilitation and a contractual partner for Xiaomi's auto loan product (alongside Sichuan XW Bank).
This suggests that Xiaomi's "Tianxing" suite of products (lending, auto loans, consumer finance) shares a vast and interconnected partner network.
The critical question is whether Xiaomi Finance, by providing a traffic gateway and implied endorsement to partners like "Jiajiarong" and "Hangzhou Jixin" through products like Tianxing Lending, has fulfilled its duty to conduct substantive compliance audits.
Previous reports indicate that Shenzhen Fanhua Microfinance, the company behind "Jiajiarong," received a C-grade in its 2024 regulatory rating and was listed as an abnormal business operation in July 2025.
Why would an institution with such a troubled record gain access to Xiaomi Finance's partner list and be featured under the "Tianxing" brand?
Furthermore, how do these potentially non-compliant ads pass through large traffic platforms like WeChat's Moments? According to regulations, platform operators are responsible for verifying financial advertising qualifications and reviewing content. The "Jiajiarong" case also exposes potential gaps in the financial ad review processes of third-party platforms like WeChat.
Xiaomi Finance is working diligently to build a "Tianxing" financial ecosystem, with its brand reputation being one of its most valuable assets.
However, when partners within this ecosystem repeatedly face compliance issues, the "ecosystem" itself can become an amplifier of risk. Users trust Xiaomi and use Tianxing Lending, yet their personal information may be sold without their knowledge, and their borrowing needs may be directed to non-compliant offline intermediaries.
Ultimately, this damages not only user interests but also the very foundation of Xiaomi Finance's brand.
Conclusion: Subsidies Are Easy, Trust Is Hard to Build
The million-dollar reward campaign from Tianxing Lending might drive user growth for Xiaomi Finance, but this growth will be fragile without rigorous screening and strict control over partner loan facilitators.
In an era of tighter financial regulation and heightened user awareness about data privacy, a platform's responsibility extends far beyond simply providing a traffic gateway. It must encompass the supervision and control of its partners' entire compliance process.
For Xiaomi Finance, it is time to critically re-evaluate its network of partners. Cleaning out non-compliant entities and strengthening entry and exit mechanisms will do far more to secure long-term user trust than distributing thousands of rewards.
Otherwise, every marketing campaign for Tianxing Lending risks paying for the non-compliant actions of its partners, ultimately eroding the credibility of the "Tianxing" brand itself.
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