Internet firm Zhongtopia aims to bring financial relief to needy Chinese patients
Internet company to use small sum deposits raised from subscribers to cover medical expenses of underprivileged
Zhongtopia, an internet company backed by private equity firm China Science & Merchants Investment, is planning to set up a huge fundraising platform that will help cover the medical treatment expenses of underprivileged people on the mainland.
Eric Qiao, chief executive of the firm, expressed confidence that the platform would have multibillion-yuan assets at its disposal to cater to the requirements of the needy in China. “Even if ordinary people make small-sum deposits of 10 yuan (HK$11.25) each, we can create a massive funding base,” he said. Such a platform would also alleviate social concerns triggered by the growing exodus of migrant workers to urban areas for jobs.
“We are trying to create a new commercial model to help those who are ignored by the current financial system,” Qiao told the South China Morning Post. “The rising popularity of mobile internet will help us to serve millions of people at minimal cost.”
Zhongtopia, a term evolving from Utopia, reflects the company’s attempt to create an online community or society that can cater to the medical needs of the needy. Since its inception in July this year, the online platform has drawn nearly 4 million users with each individual making a deposit of 10 yuan. A participant in the scheme can receive up to 300,000 yuan to cover his medical expenses. A total of 111 serious diseases such as cancer and leukaemia are covered by the scheme.
We are not a charity organisation. We hope to make profits in the future to support our businesses, but we want to build infrastructure now
Qiao said that Zhongtopia expects to have 100 million depositors in the next three years.
Unlike most of the mainland’s internet-based firms that target the rising middle class, Zhongtopia is among the few technology firms that is targeting the poor.
