Ant Group shuts mutual aid platform Xianghubao amid crackdown

China has extended a yearlong campaign to curb the breakneck growth of its Internet sector and what Beijing has termed a 'reckless' expansion. — 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.