South Korean insurer Hanwha Life Insurance is collaborating with a Filipino investments holdings company IP Ventures to boost widespread adoption and enterprise acceptance of blockchain technology.

According to the official release, the companies have signed a Memorandum of Understanding (MoU).

Under the partnership, they 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 facilitate the digital transformation of the local fintech industry, while gaining 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. The Philippines can be a lead outsourcing hub for global blockchain support and development,” Enrique Y. Gonzalez, Chief Executive Officer of IP Ventures, said.

Hanwha Life Insurance recently set up a task force to identify new businesses and process innovations in order to nurture and develop the blockchain ecosystem. The new partnership will see Hanwha sharing its achievements in fostering the FinTech ecosystem in Korea, including initiatives within the blockchain technology space.

“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,” said Jong Choon Park, vice president of Hanwha Life Insurance.