Ant Financial will link up with China Foundation for Poverty Alleviation

Ant Financial Services Group will help provide health insurance for up to 10 million Chinese people living in poverty.

The major e-payment provider and financial arm of e-commerce giant Alibaba Group Holding Ltd has joined forces with the China Foundation for Poverty Alleviation to ease financial hardship by 2020.

“We expect this to cover 10 million people from poor families in the country,” said Sun Lijun, vice-president of Alibaba.

Last month, Ant Financial and Alibaba platforms launched an online fundraising program. So far, they have received nearly 875,000 yuan ($130,000) in donations.

But they eventually hope to raise millions of yuan from the general public, companies and organizations during the next three years.

The China Foundation will then buy health insurance for people between the ages of 20 to 60 from poverty-stricken regions.

“This program (in association with insurance companies) will ease the burden of disease in poor and remote areas and fight poverty,” said Xia Gengsheng, an official from the State Council Leading Group Office of Poverty Alleviation and Development.

Already a similar online funding program from Ant Financial and Alibaba has

This program will ease the burden of disease in poor remote areas.” Xia Gengsheng, an official from the State Council Leading Group Office of Poverty Alleviation and Development people still live below the poverty line.