December 28, 2021 Beijing (Reuters)-Ant Group announced that it will close its online crowdfunding medical assistance service Xianghubao on January 28, a decision made during the tightening of China’s financial technology regulations. Ant, a fintech affiliate of retail giant Alibaba, made a decision last year that “the mutual aid industry has undergone major changes,” saying the move is aimed at protecting the interests of its users. rice field. Xianghubao provides users with basic health insurance that covers different types of serious illnesses. Sign-up is free, but all members are responsible for medical expenses in case of illness. The industry, dubbed...