China's Ant Group to stop operating crowdfunded medical aid service
The programme pools together funds from the general public online and to create a basic health plan covering various critical illnesses
A thermal imaging camera is seen in front of a logo of Ant Group at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo
Alibaba's fintech affiliate Ant Group will cease operation of its online crowdfunded medical aid programme Xianghubao on Jan. 28.
The programme pools together funds from the general public online and to create a basic health plan covering various critical illnesses.
Dubbed as "mutual aid", it has been under regulatory scrutiny as regulators tighten financial business of online platforms.
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