Alipay says mutual aid healthcare platform attracts 100M in first year

https://www.mobilepaymentstoday.com/news/alipay-says-mutual-aid-healthcare-platform-attracts-100m-in-first-year/
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Alipay says mutual aid healthcare platform attracts 100M in first year

Alipay said its Xiang Hu Bao mutual aid healthcare platform has attracted more than 100 million participants in its first year of operation. 

The service allows lower income and rural consumers to use the platform to cover the cost of healthcare for major illnesses. More than 10,000 people in China used the platform to get financial aid to help cover specific treatments as of Nov. 22, with the funds contributed by other members on the platform. 

“Xiang Hu Bao was designed with inclusiveness in mind,” Ming Yin, vice president of Ant Financial, the parent of Alipay, said in a company release. “We hope Xiang Hu Bao can support participants to help one another by providing a trustworthy platform in addition to the medical care protection provided by China’s social security and premium health insurance companies.”

More than two thirds of consumers using the platform earn less than RMB 100,000 ($14,000) per year and about one third of users are from rural China.

The platform was launched in October 2018 and provides basic protection against 100 types of critical illnesses, including thyroid cancer, breast cancer, lung cancer, critical brain injury and other health problems. 

Cover image: Alipay.


Topics: Mobile Apps, Mobile/Digital Wallet, Region: APAC, Regulatory Issues

Companies: Ant Financial, Alipay


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