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

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.

READ MORE:

Jack Ma’s Ant Group Rebrands Some Credit Offerings: WSJ

Ant Group-Backed Paytm Raises IPO Size To $2.44bn

New STAR Market listing rules dim hope of Ant Group IPO

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.

You Might also Like

China’s Ant Closing in on $200m Deal to Buy Dutch Payments Firm

Jack Ma’s Alipay Reign Officially Over, IPO Back on Track

China Tightens Rules for Non-Bank Payment Firms Like Alipay

Shock Reversal on Cloud Unit Wipes $20bn Off Alibaba Shares