December 28, 2021
Beijing (Reuters)-Ant Group announced that it will close its online crowdfunding medical assistance service Xianghubao on January 28, a decision made during the tightening of China’s financial technology regulations.
Ant, a fintech affiliate of retail giant Alibaba, made a decision last year that “the mutual aid industry has undergone major changes,” saying the move is aimed at protecting the interests of its users. rice field.
Xianghubao provides users with basic health insurance that covers different types of serious illnesses. Sign-up is free, but all members are responsible for medical expenses in case of illness.
The industry, dubbed “mutual aid,” has been under regulatory supervision since last year as regulators are strengthening their online platform financial business.
The Bank of China and the Insurance Regulatory Commission (CBIRC) has stated that since last year, all online financial activities must be monitored and licensed by regulatory agencies. Mutual aid platforms are not licensed by CBIRC.
Waterdrop Inc, backed by Tencent, one of the other major companies in the mutual aid industry, went out of service in March, and food delivery giant Meituan went out of service in January.
According to Ant, Xianghubao serves more than 100 million members, and since its launch in 2018, 179,127 sick users have been backed by the platform.
(Report by Cheng Leng and Ryan Woo, edited by David Goodman and Pravin Char)
Ant Group in China Closing Crowdfunding Medical Assistance Services
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