Ant Financial’s mutual aid platform Xiang Hu Bao hits 50 million users
- Currently, around 47 per cent of Xiang Hu Bao’s users are migrant workers, with 31 per cent living in rural areas
The mutual aid health product available on Ant Financial’s mobile payment platform has reached 50 million users, the company said in a statement on Thursday.
Xiang Hu Bao, meaning “mutual protection” or literally “lend a helping hand,” was launched by Ant Financial last October in partnership with Trust Mutual Life Insurance Co, China’s first mutual life insurance organisation. Available on the Alipay platform, its aim is to provide basic health plans for 300 million people in the coming two years.
The mutual aid platform is not a traditional health insurance product and does not require any upfront payments. It is available for people aged between 30 days and 59 years old who meet certain credit requirements and basic health criteria.
When someone is ill, you can “lend a helping hand” by contributing to their medical expenses. Conversely, users who fall ill can receive assurance cash, with the amount depending on their age. Those under 40 can receive 300,000 yuan (US$44,670) while the amount for users between 40 to 50 years old is 100,000 yuan.
Ant Financial is an affiliate of Alibaba Group, which is the parent company of South China Morning Post.
