Alipay’s blockchain-based mutual aid platform Xiang Hu Bao has attracted over 100 million participants in the year since its launch. As of November 22, the platform provided financial aid to over 10,000 people.
Launched in October 2018, Xia Hu Bao, which translates to ‘mutual protection’, provides participants with a health plan against 100 types of critical illness. It is not a health insurance plan but complements premium health insurance plans with broader coverage. The risk is shared between all participants who bear the claims payouts collectively.
“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,” said Ming Yin, Vice President of Ant Financial.
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