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Ant Group Shuts Mutual Aid Platform Xianghubao Amid Crackdown

  • Program to be shuttered Jan. 28 and cost sharing has stopped
  • Move follows similar closures by peers earlier in the year
Ant Group Headquarters in Hangzhou
Photographer: Qilai Shen/Bloomberg

Ant Group Co. said it will shutter its “mutual aid” health-care platform Xianghubao, following similar moves by other internet giants including Meituan and Waterdrop Inc., amid China’s crackdown on the once-booming fintech business.

Xianghubao, which uses crowd funding to help pay medical costs for critical illnesses, will cease operations Jan. 28 to protect the interests of all participants in the longer run, according to an emailed statement. Existing members will no longer bear claims settlement costs, it said.