PROMISING PROSPECTS:Hon Hai is expanding into the financial market under its trading name, Foxconn, in a bid to be more than a contract manufacturer of handsets
Date: Nov 19, 2015
By: Lauly Li / Staff reporter
Electronics contract manufacturer Foxconn Technology Group (富士康) is reportedly to set up six financial services companies in China to extend its reach into the financial sector.
A Foxconn executive familiar with the matter, was quoted by the Wall Street Journal as saying that the Foxconn Financial Service Platform has been providing loans and other financing services to electronics component suppliers in China over the past year.
The platform has two offices, in Beijing and Shanghai, said the executive, who declined to be named.
Foxconn, known as Hon Hai Precision Industry Co (鴻海精密) in Taiwan, is the main assembler for Apple Inc’s iPhones and Xiaomi Corp’s (小米) handsets.
Foxconn is upbeat about the financial services business in China, the executive said, adding that Foxconn knows the electronics suppliers’ business better than others. [FULL STORY]