Xiaomi, the popular smartphone brand, is now entering the online mutual aid industry in China. The relatively new industry has been growing fast in the region and the Chinese tech giant has launched a new crowdfunding health care platform within the market, which will rival other major tech brands as well.

The new platform is called Xiaomi Huzhu and is now open for preregistration in Mainland China. This new endeavor is headed by Xiaomi Finance, the company’s financial technology branch, and will offer the new platform through its app and the company’s official WeChat account, starting next Monday (15th June 2020). To explain the service in a simple term, members share the cost of a claim only when it has been verified. So for a 1000 Yuan claim, 1 Yuan will be shared by 1000 people.

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Within the new service, customers can opt to join in with no upfront fee and claim up to 500,000 Yuan (roughly 70,000 US Dollars) for critical illnesses. The list of the illnesses includes 82 major diseases and 10 serious ailments specific to children. Members of the platform are also eligible to receive 24/7 medical checkup and consultation in real-time online.

At the moment, it is unknown as to how much revenue Xiaomi is pouring into the platform. Currently, its internet based services have generation 2.5 billion Yuan (roughly 353 million US Dollars) in the first quarter of 2020 (growing by 5.1 percent) and mainly consists of financial technology and gaming. Thus, it is unknown how the new service will contribute to the company’s overall internet services segment, although, the company is expected to reach a massive userbase of 450 million users by 2025.

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