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00:00Give us a little bit of more details when it comes to your expansion plans. Because I understand that you actually need those local insurance licenses in each individual country. So how do you plan to leverage Mitsui 80 hospitals across Asia. That's a great question. I think we'd start by actually having some life as our core shareholder DAX through our cornerstone shareholder who also participated in a series Be Around. So between Sun Life and Mitsui we now have one the largest insurance companies in the world. And what did he largest. Asia healthcare portfolios are behind us. So between those two we're really looking at how do we innovate on the health plus insurance business model. We are trying to figure out how do you how does an insurance company really work properly with health care providers. Historically in Asia health insurance companies have sort of had a antagonistic relationship with health care providers. And we're really trying to change this really show to friends. We will be evaluating different markets. But right now the focus is still on Hong Kong. Hong Kong still has a six point nine trillion Hong Kong dollar insurance protection gap. So we think that we still have a long way to go in the Hong Kong market alone. Just staying a little bit longer with those foreign markets. When do you plan to apply for those local licenses. Do you also plan to hire locally. What are the plans. Yeah we are. We are actually talking to some of the different governments and regulators. We are studying the different markets. Obviously Asia is not one market right now. Every market has its own special regulations and different attitudes towards digital insurance and readiness towards digital insurance. We are very focused on health insurance. So what we're really focused on is how can we actually deliver affordable health care accessible healthcare in different markets in which markets actually have the most need. Where do you go in terms of further fundraising and what's the plan to deploy capital what are the next expansion plans ahead. Yeah so as I mentioned before Hong Kong still has a six point nine trillion dollar insurance protection gap and digital insurance and Hong Kong is still less than two point one percent of the market. So just between 84 virtual insurers demand of many virtual banks we still see a very very long runway. Most of the capital we will be going towards growth capital and Hong Kong. So we'll be spending it on technology and acquisition and a lot of health care innovations. Beyond that we'll be looking at how do we expand into different markets. Again talking to the different regulators on that already. We've seen reports that some virtual banks have invested and seen losses when it comes to Chinese assets. Bonds on our own for example. Can I ask what kind of exposure you have to the Chinese market. We have a very very safe investment portfolio predominantly. Cash and the main purpose was really to fund the operating cash flows. Maybe if I take a step back our first of all in fundraising was really about trying to prove whether or not a digital life insurance company or a digital health insurance company. Does that business model even exist. No one's been able to show that in Hong Kong. No one's been able to show traction in Hong Kong. So I thought I was the first company that was launched. Do you have any exposure to those Chinese corporate bonds. Well there is wrong ever. Brad Stone. Obviously you don't. So let me ask you a little bit about the expansion plans when it comes to the Greater Bay Area. What do you plan to do over there and what are the opportunities that you're seeing especially as you connect Hong Kong to the mainland. I think we're were talking closely with the regulators on that. Also our degree of air is very much policy here and at this stage. The health care systems are quite different between the two to two areas as well as the insurance system. So right now I think there's a lot of trying to figure out how do you regulations between the two places work. How does health insurance actually finance the health care. It is one of the one of the core focus areas for the health connector has been something that's been discussed beyond the walls connect. I just make sense if we want to encourage more mobility between the two markets getting people's auto insurance and health insurance connected is actually one of the key key policy objectives.

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Hong Kong’s Bowtie Life Secures Funding to Fuel Growth Plans

Michael Chan, co-founder and co-chief executive officer at Bowtie Life Insurance Co., discusses the company’s expansion plans, the main focus of the firm and where he’s finding opportunity. He speaks exclusively on “Bloomberg Daybreak: Asia.” (Source: Bloomberg)

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