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China’s Ant Group to Close Mutual Aid Platform – SCMP

Xianghubao will cease operating on January 28 next year, according to a notice Ant Group sent to users on Tuesday, amid Beijing’s ongoing regulatory crackdown


Ant Group
Multiple measures should be taken to meet residents' festive needs, including ensuring the supply of daily necessities, providing more contactless services and helping senior citizens enjoy convenient transportation to reunite with their families, said the notice. Photo: AFP

 

Ant Group, the fintech company affiliated with e-commerce giant Alibaba Group Holding, said it will close its Xianghubao mutual aid platform next month, the South China Morning Post reported.

Xianghubao will cease operations on January 28 next year, according to a notice Ant Group sent to users on Tuesday, amid Beijing’s ongoing regulatory crackdown on financial services in the technology sector.

Read the full report: South China Morning Post.

 

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.