Ant Group Co., which has pledged to get all its financial services fully regulated, is exploring ways to revamp a popular and controversial product that nearly 91 million Chinese citizens count on.
Ant’s Xianghubao “mutual aid” service is a type of crowdfunded medical coverage. Signing up is free, and members are entitled to receive lump-sum cash payouts of up to $45,000 in cases of certain critical illnesses or life-threatening injuries. It was built on the premise that there is safety in numbers: Members have been contributing the equivalent of less than a penny toward each claim.
Ant is in