BEIJING (Reuters) – 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.
(Reporting by Cheng Leng and Ryan Woo; Editing by David Goodman)
