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November 18, 2015

Foxconn banks on finance in China

News: Foxconn Financial Service Platform boss says it will begin repackaging loans in a couple of years.

By Charlotte Henry

Foxconn, the firm famed for manufacturing items for Apple, is moving into financial services.

It has bought a number of firms in the sector in China over the last year, and is providing finance and loans to electronics components suppliers.

Speaking to the Wall Street Journal, Jack Lee, the managing director of Foxconn Financial Service Platform, said that the firm was aiming to be repackaging the loans in financial products in a couple of years.

Lee said: "We know the suppliers’ business statuses better than anyone because we are their customer."

At the moment, the Taiwanese firm currently brings in half its revenue from Apple, but is looking to diversify by joining a variety of firms in China offering financial products.

For example, today search company Baidu has announced that is joining with Citic Bank to offer online lendnig via a new bank, called Baixin Bank.

These tech firms are looking to challenge an sector in China that is currently dominated by the state.

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