Ant Group Co. is going to shut down its "mutual aid" crowdfunded medical coverage venture, the company said in a statement on Tuesday.
The service, known as Xianghubao, will end on January 28, 2022, the company added, attributing the move to "significant changes" in the "mutual aid industry."
The idea of Xianghubao was that all members who use the service participate equally in the medical costs of other users, which was meant to decrease the amount each participant pays for health coverage. Due to a tightening of regulations on the financial technologies market, Ant Group initially planned to turn the service into a fully regulated business.
