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Nur Atifi · · 1 min readIn brief: Hong Kong insurtech nabs $30m in series A funding led by Sun Life
Bowtie Life Insurance Company Limited (Bowtie) announced that it has been granted the first virtual insurance company license by Hong Kong’s insurance authority under its “fast-track” pilot scheme. As a homegrown insurtech and a fully licensed virtual insurance company, Bowtie is set to offer insurance protection directly to customers, without any insurance intermediaries.
Source: Press release
Bowtie has reportedly secured Hong Kong’s “largest series A funding of 2018.” The virtual insurance startup raised US$30 million in a round led by insurance firm Sun Life Hong Kong. Also participating in the round was Hong Kong X Technology fund, a platform that counts Tencent’s Pony Ma and Sequoia China’s Neil Shen as backers.
Bowtie will use the capital to enable new distribution modes through technology and digital innovations. It will introduce health insurance products in the first half of 2019, pending approvals from Hong Kong’s Food and Health Bureau.
Currency converted from Hong Kong dollar. Rate: US$1 = HK$7.83
Editing by Eileen C. Ang
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