Former Hong Kong Financial Secretary John Tsang joins virtual insurer Bowtie as a senior adviser
- Analysts believe a big name like Tsang could help the digital start-up to compete with traditional insurers
Former Financial Secretary and Chief Executive hopeful John Tsang Chun-wah has joined Hong Kong’s first virtual insurer, Bowtie Life Insurance, as a senior adviser.
Analysts said the appointment of a well-known figure like Tsang could give the digital start-up a secret weapon as it battles for market share with big, established insurance companies.
Speaking to the South China Morning Post after his appointment, Tsang declined to disclose how much he would be paid for the new role. He said he would be giving Bowtie advice on business strategies.
“We don’t aim to compete with traditional insurance companies. We have different roles to play. We aim to serve the Hong Kong community, bringing them better protection and security,” Tsang said.
Tsang, who will turn 68 this month, said he opted to join Bowtie because it is a “young, passionate and professional outfit” and consistent with his beliefs that adopting digital technology is sure to bring benefits to financial services and society.
