The banker replaces Chew Show Zi, who will become president of Xiaomi's international operations.

Chinese consumer electronics company Xiaomi has hired Alain Lam as its new chief financial officer, according to people familiar with the matter.

Lam was previously the head of technology for Credit Suisse's investment banking and capital markets group in Asia Pacific. He has over two decades of experience at Morgan Stanley and Credit Suisse, with stints in New York, London, Silicon Valley and Hong Kong. He worked on more than 140 transactions with an aggregate value of more than $60 billion, including the public listings of Alibaba Group, Google and Pinduoduo, said «Bloomberg,» which reported the move.

With his appointment, Xiaomi is expected to create new revenue streams from companies in its vast ecosystem and portfolio of startups.

Burgeoning Banking Business

Founded in 2010, Xiaomi is currently the world’s fourth-largest smartphone brand, and has an established consumer IoT platform, with products ranging from smart air filters to rice cookers.

Xiaomi has recently been growing its consumer finance unit to compete with other Chinese technology players that have entered the space. Its financial product portfolio includes consumer loans, supply chain finance, fintech, third-party payments, online insurance, and digital banking. Earlier this year, Chinese regulators gave the firm the green light to establish a consumer finance company in Chongqing, from where it is expected to roll out services across the country.

The company has also been eyeing fintech markets abroad: in December, the smart-device maker also launched consumer lending services in India, currently it's biggest market outside China. The same month, it also announced that it partnered with AMTD Group, SP Group and Funding Societies to apply for a digital wholesale banking license in Singapore. In April, Airstar – the virtual bank it runs with AMTD – rolled out pilot operations in Hong Kong.

Replacement Lined Up

According to the source who leaked the news, Credit Suisse named Allan Chu as a replacement for Lam. An internal note said he will report to Zeth Hung and Edwin Low, co-heads of Credit Suisse’s investment banking and capital markets group in Asia Pacific.

Chu is a managing director in Credit Suisse's APAC Investment Banking & Capital Markets department and the co-head of Corporate Finance, Greater China, responsible for originating and executing corporate finance transactions in the Greater China region.