On December 28, mutual treasure announced that the mutual aid plan would stop running on January 28. From the date of announcement, members will no longer participate in mutual assistance and sharing. Sick members diagnosed before shutdown can still initiate mutual assistance application, and the mutual assistance fund will be borne by the mutual treasure platform. Since its launch in 2018, mutual treasure has accumulated more than 100 million registered users, becoming the world's largest mutual aid platform. Since this year, many mutual aid platforms such as meituan mutual aid, waterdrop mutual aid and easy mutual aid have been shut down. It seems that even the mutual treasure relying on Ali was not spared in the end. As early as 2020, baidu mutual aid platform had been shut down. In the first year, the number of registered members of Baidu lighting mutual aid platform was less than 500000. Therefore, the mutual insurance platform was closed in August 2020. Meanwhile, waterdrop insurance supported by Tencent holdings closed its mutual aid business on March 31. In May this year, waterdrop insurance raised $360 million in an initial public offering (IPO) in New York. The takeout giant meituan closed its 18 month meituan mutual assistance platform on February 1 this year. In essence, the network mutual aid platform has the characteristics of commercial insurance, but there is no clear regulatory body and regulatory standards, so it is in an embarrassing situation of no supervision. Looking back in 2018, ant and Xinmei life jointly launched products, and the number of users exceeded 20 million more than a month after they were launched online. However, less than 50 days after the launch of the product, it was stopped by supervision because it was suspected of using the recorded terms and rates in accordance with the regulations. In November 27th of the same year, Xin Mei withdrew from each other. "Mutual protection" was renamed "mutual treasure" and the main body of operation turned to Alipay. Mutual insurance is insurance, while mutual treasure is an online mutual assistance plan, which is also known as "financial innovation". The target users are groups that cannot be covered by commercial insurance, especially those in third and fourth tier cities and rural areas. In the first year of mutual treasure's operation, each member paid an average premium of 29.17 yuan, lower than the price of a Starbucks coffee. Last year, ant group set the maximum cost of each member to 188 yuan, expanded the scope of service, and provided up to 100000 yuan of free insurance for covid-19 treatment. As a collective claim mechanism, the mutual aid platform provides basic health plans for those facing major diseases. It is very popular among low-income families in rural China. These families often lack high-quality hospitals and good medical services. Only after the claim is verified can the members share the claim expenses. Therefore, 1000 personnel participating in the plan can receive 1000 yuan of medical claims and each person needs to pay 1 yuan. Since 2019, mutual treasure has been pushed to the forefront because of the increasing cost of sharing and frequent refusal of compensation. It is recalled that ant financial services was pressed by the regulatory authorities to pause immediately before its listing in 2020. In January this year, Yin Ming, vice president of ant group and President of ant group's insurance business group, resigned, becoming the first senior executive to resign after the regulatory authorities suppressed the financial technology industry. In December 2020, the China Banking and Insurance Regulatory Commission issued a document proposing stricter supervision on the sales of insurance products on the Internet. The network mutual insurance platform has no license, so it faces a series of supervision. At present, due to the commercial insurance attribute of network mutual assistance and the large number of participants, some pre charging mode platforms form precipitated funds, which has financial risks, so the shutdown is inevitable. (Xinhua News Agency)