John Tsang joins Bowtie Life Insurance as senior advisor

Former financial secretary of the HKSAR government John Tsang (pictured middle) has joined virtue insurer Bowtie Life Insurance as a senior advisor, according to South China Morning Post.

(Photo credit: John Tsang's Facebook page)

Tsang said in the news report that Bowtie Life Insurance was not aiming to compete with traditional insurance companies, but to serve the Hong Kong community, bringing them better protection and security.

Though Tsang said he would be giving Bowtie Life Insurance advice on business strategies, he declined to reveal the salary he will receive in his new position. He said Bowtie is a young, passionate and professional outfit in line with his beliefs of adopting digital technology, which can bring benefits to financial services and the society.

Following his failed chief executive election run in 2017, Tsang has become increasingly involved in financial technology. He was appointed as vice-chairman of fintech-focused merchant and investment bank Ion Pacific and last year joined financial technology startup Benefit Vantage Limited (BVL). BVL develops technologies on cyber security, data protection and backup, and mobile identity verification.

It’s believed that Tsang's appointment will help Bowtie compete with big names in the industry such as AIA and Manulife, and attract people to visit Bowtie's online platform.

Bowtie is was one of 25 insurance companies approved by the Hong Kong government to offer the Voluntary Health Insurance Scheme (VHIS), which came into effect on Monday.  The company also won the first virtual insurance licence from the Insurance Authority in December last year. Under the licence, the insurer is required to operate solely online and cannot sell through any agents or banks.