Hong Kong virtual insurer Bowtie Life Insurance has announced the appointment of James Lau as an independent non-executive director. Lau brings to the board an in-depth familiarity with financial policy and financial technology accumulated in his work in the public sector and the government of Hong Kong.
His appointment also serves to bring in an independent perspective at the board level to assist the establishment of trust in the firm as a new category of health insurance brand, with Bowtie being the country’s first virtual insurer.
“I am aligned with Bowtie’s mission of addressing the health protection gap in Hong Kong and look forward to witnessing the growth of a vibrant virtual insurance company. Since authorization, Bowtie has continued to grow and become a health insurer that is trusted by the general public,” Lau said in a statement.
He also said he was excited to participate in the innovative journey of Bowtie as it leverages modern technology to enhance public awareness of health protection, in addition to promoting Hong Kong’s unique advantages as a leading fintech hub.
Lau’s previous tenure saw him serving in the Hong Kong Monetary Authority and the government of Hong Kong for more than four decades. In his time as the secretary for the Financial Services and the Treasury, Lau led several policy and legislative initiatives as well as collaborating closely with various financial regulators to promote the financial development of the state.
He also previously served on the boards of the Financial Services Development Council (Hong Kong), Mandatory Provident Fund Schemes Authority (Hong Kong), MTR Corporation Limited, Airport Authority Hong Kong, and others.
“We are honoured to welcome Mr. James Lau to our board. After stepping down as a public servant, James stays committed to promoting Hong Kong’s financial development through his rich experience from the past decades. He is particularly passionate about financial technology and has taken on leadership roles in both virtual bank and virtual insurance companies. Bowtie will continue to learn and grow under his guidance,” Bowtie co-founder and co-CEO Michael Chan said.
Fred Ngan, Bowtie Life Insurance’s other co-founder and co-CEO, called Lau’s appointment “inspiring news to our team.”
“I believe he will add great credibility to our corporate governance and brand trust,” Ngan said.
Despite Hong Kong’s digital insurance market lagging behind its global peers, Bowtie Life Insurance remains the exception, as the digital insurer ranked second in the world based on the assessment of the digital platforms of 85 insurers across seven global markets.
What are your thoughts on this story? Please feel free to share your comments below.
