The Philippines’ IP Ventures, an investment holdings company, signed a Memorandum of Understanding (MoU) with South Korea’s Hanwha Life Insurance. The partnership will help boost blockchain adoption in the country especially in terms of enterprise acceptance.
The partnership of the two companies aims to tap the potential of distributed ledger technology (DLT) by linking their ecosystems to create a bigger network.
Mr. Jong Choon Park, vice president of Hanwha Life Insurance, said that blockchain is continuously proving how effective it is in transforming the fundamentals of work processes and business models. He also expressed his excitement about the partnership between the two companies.
Hanwha and IP Venture’s Initiative, which is called “Upground” is a blockchain hub that aims to propagate blockchain technology in the Philippines.
The chief executive officer of IP Ventures (IPVI), Mr. Enrique Y. Gonzalez, also shared his optimism about the digital transformation that will happen in the country. He said that by linking each other’s eco-systems, they will be able to create a larger regional network. This will then create a widespread adoption and enterprise acceptance.
“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,” – Mr. Enrique Y. Gonzalez, Chief Executive Officer, IP Ventures