The logo of Ant Financial Services Group, Alibaba's financial affiliate, is pictured at its headquarters in Hangzhou, Zhejiang province, China January 24, 2018. REUTERS/Shu Zhang
The plan, dubbed Xiang Hu Bao or literally “mutual protection”, is marketed on Ant Financial’s flagship mobile payment app Alipay and provides participants a basic medical coverage with the risks and expenses distributed across all members. About 47 percent of Xiang Hu Bao plan’s 50 million participants are migrant workers and 31 percent are from rural areas and county-level regions, Ant Financial said.
The expansion of Xiang Hu Bao was even faster than Ant Financial’s blockbuster online spare cash management platform Yu’e Bao, which took more than six months to reach the 50 million user milestone after launching in 2013 and has grown to become the world’s largest money market fund with 1.13 trillion yuan in net asset as of end-2018. China has a population of nearly 1.4 billion.
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