Ant Group to Close Top Mutual Aid Health Platform Xianghubao

若离

若离

· 2021.12.29

Prior to Xianghubao, ten mutual aid platforms in China have ceased operation since the regulator in January said would move to understand risks related to operations in the industry by internet firms and then take corresponding measures.

BEIJING, December 28 (TMTPOST)— Alibaba’s fintech unit Ant Group announced on Tuesday to stop cost-sharing of Xianghubao from that day and shut down this biggest mutual aid health product on January 28, 2022, ending the more than three years’ old product once attracted over 100 million users joined in.

Source: Visual China

Xianghubao said the decision was made to protect all the users’ interests in the long run, citing “significant changes” in the industry in the past year. Prior to the closure, the platform would shoulder all the members’ medical costs that set to be shared in this month and January. To prevent protections suspended in the future, the platform pledged that members can indecently choose appropriate insurance medical insurance products as alternatives.

Excluding Xianghubao, a total of ten mutual aid platforms in China including Tecent-backed Waterdrop and the platform of the food delivery giant Meituan and the one owned by the leading smartphone maker Xiaomi, have ceased operation since Xiao Yuanqi, vice chair of the Banking and Insurance Regulatory Commission (CBIRC), the top banking and insurance regulator, said in January that his agency would focus more on internet companies which have operations in mutual aid industry to understand the business mode and relevant risks and then take corresponding measures.

In a research paper posted in September, 2020, CBIRC’s Anti-Illegal Financial Activities Bureau said the online mutual aid platforms had features of commercial insurance but warned that these booming platforms, like the Wild West, were unregulated since there didn’t exist any clear regulation subjects or regulatory standards at the moment. In the last April, Xiao cautioned mutual aid’s potential risks again. “Any internet business, if under the cover of mutual aid to be engaged in financial or insurance operation, requires rectification as it deviates from the mutual aid nature. All the financial activities shall be ‘licensed-driving ’,” he noted.

It was said in June that Xianghubao was soon to announce to close. Ant declined to comment on the rumor but admitted in prospectus that it didn’t rule out future regulations imposed on products like Xianghubao.

本文系作者若离授权钛媒体发表,并经钛媒体编辑,转载请注明出处、作者和本文链接
本文观点仅代表作者本人,钛媒体平台仅对用户提供信息及决策参考,本文不构成投资建议。
想和千万钛媒体用户分享你的新奇观点和发现,点击这里投稿 。创业或融资寻求报道,点击这里

敬原创,有钛度,得赞赏

”支持原创,赞赏一下“
钛ae5u70 满级钛宝16422180875 马洋928 钛小超16395556011 钛粉25713 钛粉91858
513人已赞赏 >
513换成打赏总人数513人赞赏钛媒体文章
关闭弹窗

挺钛度,加点码!

  • ¥ 5
  • ¥ 10
  • ¥ 20
  • ¥ 50
  • ¥ 100

支付方式

确认支付
关闭弹窗

支付

支付金额:¥6

关闭弹窗
sussess

赞赏金额:¥ 6

赞赏时间:2020.02.11 17:32

关闭弹窗 关闭弹窗
  • hi若离老师,我是Longbridge Securities的员工,很高兴看到您引用Longbridge Securities的观点,请问能否建立下联系~后续关于中概股的报道,有需求的话也可以联系我们安排一些comment~谢谢

    2022-01-11 15:12 via pc
  • 2022-01-11 15:11 via pc

Oh! no

您是否确认要删除该条评论吗?

注册邮箱未验证

我们已向下方邮箱发送了验证邮件,请查收并按提示验证您的邮箱。

如果您没有收到邮件,请留意垃圾邮件箱。

更换邮箱

您当前使用的邮箱可能无法接收验证邮件,建议您更换邮箱

账号合并

经检测,你是“钛媒体”和“商业价值”的注册用户。现在,我们对两个产品因进行整合,需要您选择一个账号用来登录。无论您选择哪个账号,两个账号的原有信息都会合并在一起。对于给您造成的不便,我们深感歉意。