Ant Group Co. is planning to turn its "mutual aid" crowdfunded medical coverage venture into a fully regulated business, rather than to shut it down, The Wall Street Journal reported on Thursday citing sources familiar with the matter.
The service, dubbed Xianghubao or "mutual treasure" and aimed at helping its users acquire resources in the case of medical emergencies and life-threatening illnesses, has attracted more than 91 million users to date, the outlet explained.
"Xianghubao is likely to be turned into a commercial product that falls under the purview of the country's banking and insurance regulator," the report concluded.
