IP Ventures, Korean firm sign deal to establish blockchain network

IP Ventures, a Filipino investments holdings company, and Hanwha Life Insurance, a Korean life insurer and an affiliate of Hanwha group, have agreed to cooperate in catalyzing widespread adoption as well as enterprise acceptance of blockchain technology.

Photo shows (from left) Jong Choon Park, VP of Hanwha Life Insurance; President Rodrigo R. Duterte, administrator and CEO of Cagayan Economic Zone Authority Raul L. Lambino, and IP Ventures CEO Enrique Y. Gonzalez.

IP Ventures and Hanwha Life aim to link each other’s ecosystems to create a larger network that will tap the 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.”

Enrique Y. Gonzalez, chief executive officer of IP Ventures, shared the same optimism.

“IPVI and Hanwha aim to link each other’s eco-systems to create a larger regional network that will utilize distributed ledger technology across various industries with the aim of creating wide spread adoption as well as enterprise acceptance,” he said.

The new partnership allows Hanwha to share across the region its achievements in fostering the fintech ecosystem in Korea, including initiatives within the blockchain technology space.

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

Recognizing early on the potential of blockchain to disrupt the finance industry, the Fortune Global 500 South Korean company spearheaded many initiatives to adopt and develop blockchain under its subsidiary, Hanwha Life.

Hanwha Life Insurance recently formed a task force to identify new businesses and process innovations with the aim of nurturing and developing the blockchain ecosystem.

IP Ventures invests in or incubates value-adding companies in high-growth industries and prepares them for an eventual liquidity event such as a trade sale or IPO.

Through the collaborative arrangement with Hanwha, 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.

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