Alipay-Owned Insurance Platform Extends Help to Coronavirus Victims

An Alipay-owned insurance platform has offered to support families and medical staff affected by the ongoing coronavirus outbreak.

The platform will help affected medical staff apply for coverage of 100,000 yuan ($14,000) each and 500,000 yuan ($72,000) for families of deceased victims. This follows Alibaba co-founder Jack Ma’s decision to donate $14.5 million through charitable foundations to support the development of a vaccine for the deadly virus.

Various Alibaba-linked entities continue to expand their efforts to combat the epidemic including the group’s offer of $144 million to purchase medical materials for hospitals in the Hubei province and Wuhan – the origin of the outbreak. Alibaba Health Information Technology also said it would offer some of its services for free during the outbreak and has already provided free advice to 2.8 million people in the last week.

Alibaba is not alone in the relief efforts with more than 30 technology and other new economy companies, including Tencent and Meituan Dianping, collectively donating more than $430 million to related causes. Altruism and branding aside, pundits believe that a move to support the government in the current crisis will bode well for the future as such new economy firms require significant amounts of funding for development which is often provided by state-backed lenders.