Caixin
Nov 29, 2018 08:06 PM
FINANCE

Ant Financial Renames Health Insurance-Like Product After Regulator Says It’s Not Insurance

Ant Financial had to drop “insurance” from the name of its popular health insurance-like product after authorities pointed out that it violated industry regulations. Photo: VCG
Ant Financial had to drop “insurance” from the name of its popular health insurance-like product after authorities pointed out that it violated industry regulations. Photo: VCG

Ant Financial has taken over control of a popular health insurance-like product that it launched with a partner last month after regulators took issue with calling it “insurance,” the fintech company said.

The setback for Ant Financial marks the latest sign that Chinese regulators are stepping up scrutiny on the tech industry’s freewheeling expansion into finance.

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