AIA said on Wednesday that it will tie up with Tencent-backed WeDoctor to offer insurance products and other services as competition with rival Ping An Good Doctor intensifies in China’s online healthcare industry.
WeDoctor also said that it had completed a $500m round of fundraising with AIA, Hong Kong property group NWS Holdings and other investors, valuing the company at $5.5bn.
Good Doctor and WeDoctor, both backed by powerful technology and finance conglomerates, have been battling for investors’ cash as well as market share in China’s rapidly growing online health sector for several years.
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