BEIJING :Ant Group announced it will shut down its online crowdfunded medical aid service Xianghubao on Jan. 28, a decision that comes at a time of tightening of financial technology regulations in China.
Xianghubao provides users with a basic health plan covering various types of critical illnesses. Signing up is free, but all members share the medical costs of any becoming ill. China's Banking and Insurance Regulatory Commission has said since last year that all online financial activities must be overseen and licensed by regulators. Mutual aid platforms are not licensed by the CBIRC.
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