Korean insurer to help propagate blockchain in the Philippines

Firm seeks to spread acceptance of the technology to regional neighbours

Korean insurer to help propagate blockchain in the Philippines

Insurance News

By Gabriel Olano

Korea’s Hanwha Life Insurance and local investment firm IP Ventures, Inc. (IPVI) have signed a cooperation agreement to develop and promote blockchain technology in the Philippines.

As part of the agreement, the two companies will work towards linking their networks to harness benefits and opportunities in distributed ledger technology across industries.

“Blockchain technology has proven its vaunted capability to transform the fundamentals of existing work processes and business models,” said Jong Choon Park, vice president of Hanwha Life Insurance. “Hanwha is looking forward to further advance the long-term integration of blockchain solutions in digital business processes in the region and we are proud to partner with IP Ventures in our initiative, newly launched brand ‘Upground’ which is a pan-Asia blockchain hub, to propagate blockchain technology, particularly in the Philippines.”

The partnership will allow Hanwha to share knowledge and experience from a more advanced market, such as South Korea, with its emerging Asian neighbour.

“IPVI and Hanwha aim to link each other’s ecosystems to create a larger regional network that will utilize distributed ledger technology across various industries with the aim of creating widespread adoption as well as enterprise acceptance,” said Enrique Gonzalez, chief executive officer of IPVI.

Aside from insurance applications, blockchain can also see use in the business process outsourcing (BPO) sector, a major industry in the Philippines.

“The introduction of blockchain education in the Philippines will ensure our next generation of human capital for BPO will be future-proof,” Gonzalez said. “The Philippines can be a lead outsourcing hub for global blockchain support and development.”



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