China’s health grey zone is hazardous for fintech

Chinese online insurance company, Waterdrop, issued an apology on Dec. 5 after a local media report exposed wrongdoing on its crowdfunding site. The company also suspended the service.

In a public statement, founder Shen Peng said there would be an in-depth investigation into earlier claims made by media outlet Pear Video, which reported Waterdrop staff went into hospitals to ask patients to use the company's crowdfunding services to ask for donations, in order to meet internal quotas.

The report also alleged that the company did not properly verify the patient's financial needs or details, and said it did not check how donations were spent. Three-year old Waterdrop, also known as Shuidi in Chinese, raised a total of 1.5 billion yuan in two separate funding rounds this year. It counts Tencent, Meituan Dianping, and private-equity firm Buy Capital as backers. The company was last valued at $1 billion in April, according to media reports.

ReutersBiz mak_robyn 'bln'? It's just 'bn'

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