Ant Financial’s online healthcare platform Xiang Hu Bao has reached 50 million users since its launch in October. The fintech giant said it aims to provide basic healthcare plans to 300 million people within the next two years with the platform, which is growing at a pace faster than Alipay’s money market fund Yu’e Bao, according to the company.

Xiang Hu Bao (literally, “mutual protection”) is an online mutual aid platform in the Alipay app that provides a basic health plan that covers 100 illnesses. Participants in the plan can receive health care coverage, as long as they agree to pitch in and help out with other participants’ medical expenses—bearing the risks and expenses together as a collective. Anyone with a sesame credit score of 600 or higher that meets the health conditions can join the plan.

Xiang Hu Bao is not a health insurance product, the company said, but it complements other health insurance offerings in the market. For 2019, the amount each participant will have to contribute is capped at RMB 188 (around $28) per month.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.