Ant Fi­nan­cial will link up with China Foun­da­tion for Poverty Alle­vi­a­tion

China Daily (Hong Kong) - - BUSINESS - By FAN FEIFEI fan­feifei@chi­nadaily.com.cn

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.

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