Bytedance-owned content aggregator Jinri Toutiao has removed a medical insurance product from its platform, highlighting the government’s tightened control over financial services provided by content platform operators.

Launched within the Jinri Toutiao app in December, healthcare insurance product Hejiabao was mainly positioned to provide financial protection to Chinese families without government insurance in the event of life-threatening conditions, the Paper reports (in Chinese).

Chinese internet companies have rushed to diversify their businesses by entering the financial services industry. Chinese e-commerce titan JD followed a similar path. However, its two P2P lending services were shut down in December after operating for less than 10 days. Following the company’s plan to restructure its ride-hailing business, Didi launched a series of in-app financial services at the beginning of January, which include insurance and wealth management products.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Jill Shen

Jill Shen is Shanghai-based technology reporter. She covers Chinese mobility, autonomous vehicles, and electric cars. Connect with her via e-mail: jill.shen@technode.com or Twitter: @yushan_shen