Latest news with #MichaelChan
Fintech News ME
a day ago
- Business
- Fintech News ME
Zand Partners with Mastercard to Enhance Cross Border Payments in UAE
Zand, a Dubai-based AI powered fintech and financial services group, has signed an agreement with Mastercard to work together on improving cross border payment solutions. Using Mastercard Move's money movement services, the collaboration aims to provide secure and efficient international transfers for Zand customers. In the first stage, Zand will offer payment services such as deposits into bank accounts and digital wallets in several markets, along with cash collection options, through Mastercard Move's capabilities. The initiative reflects both companies' focus on advancing the digital economy and supporting financial inclusion in the region. J K Khalil, Executive Vice President and Division President, East Arabia, Mastercard, said: 'At Mastercard, we are committed to driving innovation across the region's payments landscape. Our collaboration with Zand will connect more people and businesses to the financial system, helping drive greater financial inclusion and economic opportunity in the UAE and across the region.' Michael Chan, Chief Executive Officer at Zand, said: 'We are thrilled to collaborate with Mastercard to help drive the future of cross border payments, and this exciting opportunity represents a significant milestone in Zand's mission to accelerate the growth of the digital economy. The payments ecosystem is rapidly growing and evolving in the region and offers compelling potential to accelerate the applications of AI, blockchain and payments technology.' Mastercard Move is the company's suite of money movement services, designed to support fast and secure transfers for various needs including person to person payments, business transactions, and disbursements. It offers different payout options such as bank accounts, cards, and mobile wallets. To serve unbanked and underbanked communities, cash payouts are also available through Mastercard's network of cash collection points.
CairoScene
2 days ago
- Business
- CairoScene
Zand Partners With Mastercard to Expand Cross-Border Payment Services
Licensed UAE fintech Zand has signed a strategic agreement with Mastercard to enhance cross-border payments using Mastercard Move, enabling customers to send money worldwide. Aug 14, 2025 Zand, an AI-powered financial services group in the UAE, has signed a strategic agreement with Mastercard to enhance its cross-border payment offerings. The partnership will see Zand integrate Mastercard Move's money movement solutions to provide secure global transfers for its customers. In the first phase, Zand will roll out services such as direct deposits into bank accounts, wallet top-ups in multiple markets, and convenient cash pick-up options. The integration aims to simplify international transactions for both individuals and businesses, expanding Zand's capabilities in a growing digital payments market. 'We are thrilled to collaborate with Mastercard to help drive the future of cross-border payments, and this exciting opportunity represents a significant milestone in Zand's mission to accelerate the growth of the digital economy," Michael Chan, CEO at Zand, said. "The payments ecosystem is rapidly growing and evolving in the region and offers compelling potential to accelerate the applications of AI, blockchain and payments technology.' Licensed by the Central Bank of the UAE and holding a BBB+ investment grade rating from Fitch Ratings, Zand positions itself as a bridge between traditional finance and decentralised finance, leveraging AI to support the digital economy. The rollout of the enhanced payment services will begin in the UAE, with plans to expand reach and accessibility across more markets in the future.
Yahoo
21-07-2025
- Business
- Yahoo
Hong Kong's Bowtie Life Insurance raises $70m in Series C round
Hong Kong-based Bowtie Life Insurance Company has secured $70m (HK$549.49m) in its Series C funding round led by Sun Life Hong Kong. The virtual insurer reported annual recurring revenue (ARR) of $80m on a year-over-year basis, Bowtie said. In a LinkedIn post, the company insurer said it registered more than 100% growth year-over-year, exceeding $80m in ARR, and aims to reach $100m by the end of the year. The insurer plans to use the funding to support its growth in the medical insurance sector and expand its preventive healthcare services. Bowtie co-founder and CEO Michael Chan said: 'Sun Life's continued partnership reinforces Bowtie's position as a mission-driven insurer, leveraging technology to better serve customers through simple and transparent products in a friendly digital setting. 'Going forward, Bowtie will continue to benefit from Sun Life's strong capital base and shared purpose of helping clients achieve lifetime financial security and live healthier lives.' Since its establishment in 2018, Sun Life has been investing in all the funding rounds of Bowtie, increasing its equity stake. Bowtie will continue operations under the existing leadership team and remain an associated company of Sun Life with its own brand identity. Sun Life Hong Kong CEO Clement Lam stated: 'Sun Life has been a long-term, committed partner to Bowtie for almost seven years. We are very pleased to strengthen this partnership to support the next phase of growth. 'Through our collaboration with Bowtie, we are combining cutting edge technology with deep insurance expertise, to set standards in delivering meaningful and innovative transformation within the Hong Kong health insurance industry.' To date, Bowtie has secured more than HK$1bn in funding from investors including Sun Life Financial and Mitsui & Co. "Hong Kong's Bowtie Life Insurance raises $70m in Series C round " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
18-07-2025
- Business
- Yahoo
Bowtie Secures Series C Fundraising From Sun Life
New Funding Fuels Growth in Medical Insurance and Innovation in Preventive Healthcare HONG KONG, July 18, 2025 /PRNewswire/ -- Bowtie, Hong Kong's first virtual insurer[1], is proud to announce securing up to US$70 million in its Series C funding round. Led by Sun Life Hong Kong Limited ("Sun Life"), this marks the largest funding round for digital health insurers in Asia with a direct-to-consumer model. Bowtie continues to lead in Hong Kong's digital insurance market, ranking first in the direct channel[2], and securing the 9th position across all distribution channels in terms of new individual non-single premium policies sold[3]. With over US$80 million in Annual Recurring Revenue ("ARR")[4] and more than 100% year-over-year growth, Bowtie is on track to exceed US$100 million ARR by 2025; In just six years, Bowtie has provided over US$16 billion in total protection amount for families in Hong Kong. Recognized as a top high-growth company in Asia by the Financial Times[5] and ranked number one in Hong Kong, Bowtie is positioned among the fastest-growing tech companies globally. The investment aligns with Sun Life's broader strategy to collaborate with innovative digital companies and enhance insurance accessibility. With Sun Life's continued support and backing, Bowtie will continue to operate under its current leadership as an associated company of Sun Life, with its own brand identity, distinctive culture and dedicated employee base. "Bowtie is simultaneously achieving larger scale and faster growth which validates our unique business model and reflects the public's strong trust in our commitment to treating customers fairly," said Michael Chan, CEO and Co-Founder of Bowtie. "Sun Life's continued partnership reinforces Bowtie's position as a mission-driven insurer, leveraging technology to better serve customers through simple and transparent products in a friendly digital setting. Going forward, Bowtie will continue to benefit from Sun Life's strong capital base and shared purpose of helping clients achieve lifetime financial security and live healthier lives. We are grateful for Sun Life's continued trust and support." Bowtie takes pride in its operational efficiency and policy economics, generating over US$100 million in protection amount per employee, US$500,000 ARR per employee, and maintaining the same level of strong unit economics despite the continued growth and scaling, reflecting strong pricing and marketing discipline together with exceptional customer retention. "These results demonstrate the ability of our digital model to deliver exceptional efficiency and impact to customers, especially as we scale. We're doubling down on our core strengths, focusing on agentic artificial intelligence, health innovation, and talent development. Our investments in these areas will further enhance the customer experience and keep us ahead of the curve." said Fred Ngan, Co-Founder of Bowtie. "Sun Life has been a long-term, committed partner to Bowtie for almost seven years. We're very pleased to strengthen this partnership to support the next phase of growth," said Clement Lam, CEO of Sun Life Hong Kong Limited. "At Sun Life, we believe in creating possibilities through innovation and creativity. Through our collaboration with Bowtie, we are combining cutting edge technology with deep insurance expertise, to set standards in delivering meaningful and innovative transformation within the Hong Kong health insurance industry." This strategic investment will enable Bowtie to achieve ambitious goals, including securing a top 5 position in medical insurance in Hong Kong, measured by the number of new medical insurance customers, scaling preventive healthcare initiatives, and expanding into international markets. The funding will further solidify Bowtie's role as a rising insurer and digital health leader. [1]Bowtie Life Insurance Company Limited is Hong Kong's very first virtual insurer authorized by the Insurance Authority under the fast track pilot scheme. [2]According to Insurance Authority's Provisional Statistics for Long Term Business 2024, in the fourth quarter of 2024, Bowtie Life ranked first in terms of the number of new individual non-single premium policies sold through Direct channel in Hong Kong. [3]According to Insurance Authority's Provisional Statistics for Long Term Business 2024, in the fourth quarter of 2024, Bowtie Life ranked in no.9 in terms of the number of new individual non-single premium policies sold through all channels in Hong Kong. [4]Data as of May 2025. [5]Bowtie is recognized by its No.1 ranking in Hong Kong and No. 65 placement in the Financial Times High-Growth Companies Asia-Pacific 2025 list: About Bowtie Bowtie Life Insurance Company Limited is an authorized life insurance company and Hong Kong's very first virtual insurer authorized by the Insurance Authority under the fast track pilot scheme. Its vision is to bridge the health protection gap and transform the way people access healthcare in Asia. Through digital technology, Bowtie makes health insurance more affordable and accessible for individuals and small-medium enterprises. To date, Bowtie has raised over HK$1.0 billion from Sun Life Financial and Mitsui & Co., providing more than HK$100 billion in protection amount to families. Learn more at About Sun Life Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2025, Sun Life had total assets under management of C$1.55 trillion. For more information, please visit Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF. Sun Life Financial Inc. is the holding company of Sun Life Assurance Company of Canada. Sun Life Hong Kong Limited is a wholly-owned subsidiary of Sun Life Assurance Company of Canada. View original content to download multimedia: SOURCE Bowtie Life Insurance Company Limited Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Spinoff
10-07-2025
- Entertainment
- The Spinoff
How do you follow up a Wellington icon like KC Cafe?
For owner and chef Michael Chan, the answer is Hei – the restaurant he always dreamed of opening. One of the many problems with modern TV cooking shows is the obsession with 'elevating' food from non-Western cultures. You'll recognise the kind of moment I mean: a contestant on Masterchef, My Kitchen Rules, or some other food-adjacent programme will announce they are cooking something from their home country's repertoire of dishes. The middling TV-man-chef will confidently announce he's not worried about flavour, but fears the dish may end up looking a bit too 'rustic'. He makes the classic error of thinking a lack of physical height in a dish is the result of a lack of skill. I do get why. So much of the world has been influenced by the French principles of cookery, and it is easy to look past a dish that does not conform to some of these ideals: height, texture, colour, placement, contrast. Of course, I love a bit of clever plating. When it's done well, it's a visual treat and helps you navigate the flavours. But do we really want our nasi goreng served in a tower, with sphericated shrimp, spring onion espuma, chilli crisp floss and 'textures of lotus root'? Actually, maybe that does sound quite fun? But probably not. When I first heard of Hei, the new 'refined' Chinese restaurant on Cuba Street, I had my worries. In a city bursting with exceptional South East Asian restaurants, who was this supposed elevation really appealing to? Then I realised it was being opened by Michael Chan and the whole family from legendary Courtenay Place eatery KC Cafe. So, I parked my cynicism, went for dinner and had a chat with Michael about opening that difficult second restaurant. Michael first thought of opening Hei during the 2020 Covid lockdown. Like all of us, he had time to lean into that vague existential dread of what he was doing and where he wanted his life to go next. The result of that panic is Hei: his dream restaurant. 'I always loved cooking, but it was a bit hard at KC as the aim for that was to just make a living for the family. I haven't really had the chance to be creative with my dishes there,' he says. Too many of the things he was dreaming up simply 'weren't really suited for KC.' He ended up with dozens of notebooks filled with more complex and playful dishes, ones that would simply clog the well-oiled machine at KC Cafe. Opening a more formal, docket-based restaurant has been no easy task. Michael had zero experience in front-of-house service; at KC the process is to 'yell out the orders' and hope for the best. And like so many in hospitality, he's had to stare down waves of self-doubt. 'It's taken this long to build up the courage to do it,' he says. 'But I wanted to model for my kids that it's OK to fail. I mean, it's not great. But you learn and adapt.' Michael's speciality has always been Chinese cookery, especially from the Guangdong region. When designing the new venture, he wanted to try to change the Kiwi mentality. 'When people think of Chinese food, I think most people think of cheap takeaways. There is so much more to the cuisine,' he says. Take, for example, the pomelo and prawn salad (fun pub fact: pomelo is officially the largest citrus fruit). It is a dizzying combination of ingredients that is at once chaotic yet purposeful: tart green apple and bitter pomelo sit among red onion and fistfuls of vibrant, fresh Asian herbs: Thai basil, coriander, lemongrass, kaffir lime. There is heat from sambal and texture from peanuts and thinly sliced red onion. It is the epitome of elegance yet demonstrably flavour-led. It is exactly what Hei is designed to be. Inspiration for his dishes is drawn from many places, from videos he saw online to meals he has eaten overseas. He works backwards from what he has seen and tasted and reverse engineers the dishes in his own style. Like the golden pork chop and rice on the lunch menu, which is a classic in Hong Kong cafes, or the fried prawn balls his son became obsessed with in Singapore. Michael tried many times to recreate them, and found they were 'delicious with chilli oil velouté.' Char siu, too, has been developed further than is traditional. Instead of its conventional luminous pink, Micahel's sits deep and earthy with black flecks where the flames have licked at its extremities. Rather than using the customary pork butt, he opted for the much leaner loin. A move that in lesser skilled hands would have proven dry, but here it is unctuous and luxurious with its citrus and honey glaze singing sweetly. Another thing that sets Hei apart is the drinks list: a showcase of biodynamic and organic wines from producers like Bryterlater in North Canterbury and Decibel Wines from Hawke's Bay. This place is certainly not a BYO. The cocktail list is just as exciting. It was made in collaboration with Dee's Place, the bar downstairs that has a very strong claim to being the best bar anywhere in the city (if you haven't been before, go there right now and ask for a whiskey and freshly juiced green apple). The drinks incorporate many of the ingredients Michael uses in his cooking – for example, the Smacked Eastside has sesame oil and coriander in it. It is this level of care that speaks to Michael's passion for delivering something unexpected in the Chinese restaurant space. All of this is not to say that any of this elevation or refinement makes it inherently better than any other Chinese restaurant in town. What makes it so compelling is that this restaurant is truly a passion project. One where every single last decision has been painstakingly made by someone who understands food and hospitality. The velouté under the prawn balls is not a gimmick; it is there because Michael is absolutely certain that is where it should be. The cut selection on the various meat dishes has been made because he knows it will work and become something special. Hei means happiness in Cantonese, and after eating there and chatting with Michael, I cannot think of a more appropriately named restaurant anywhere in the world.
