IP Ventures, Hanwha Life Insurance Partner To Create Blockchain Hub In The Philippinesbr>
Philippines-based investments holdings company IP Ventures has teamed with South Korean insurer Hanwha Life Insurance to establish a regional blockchain network.
Founded in 2005, IP Ventures is an investment holding company focused on the Internet and new media space. Its strategy has been to invest in or incubate value-adding companies in high-growth industries and prepare them for an eventual liquidity event such as a trade sale or initial public offering (IPO). Currently, the company owns the #1 data center company with 3 sites in the Philippines, the #1 and #2 Internet cafe chains in the country with over 100 outlets, a significant stake in the #1 on-line games company in the country with an over 70 percent market share of the industry, and several food and beverage chains.
Hanwha Life Insurance provides various insurance products to individual and corporate customers. It offers child, critical illness, whole life, and variable annuity insurance products. It also offers asset management products, such as unsecured loans, loans secured by property, loans by payment guarantees, and policy loans. It offers its products in South Korea, China, Vietnam, Indonesia, Japan, London, and New York through a network of 570 branches, as well as through face-to-face and online sales channels.
Under the memorandum of understanding (MoU), the two companies will work towards linking each other’s ecosystems to create a larger network that will tap the potentials and opportunities in distributed ledger technology (DLT) across industries. IP Ventures will help the digital transformation of the local FinTech industry and at the same time, gain from Hanwha’s expertise and extensive experience in ensuring the success of young aspiring entrepreneurs.
“The introduction of blockchain education in the Philippines will ensure our next generation of human capital for BPO will be future proof,” said Enrique Y. Gonzalez, Chief Executive Officer of IP Ventures. “The Philippines can be a lead outsourcing hub for global blockchain support and development.”
To identify new businesses and process innovations, Hanwha Life Insurance recently formed a task force with the aim of nurturing and developing the blockchain ecosystem. The partnership will allow Hanwha to share across the region its achievements in fostering the FinTech ecosystem in Korea, including initiatives within the blockchain space.
“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 is part of an estimated $4.9 billion worth of investment agreements that were signed during President Rodrigo Duterte’s official visit to South Korea. These investments are expected to generate 50,000 new job opportunities for Filipinos.