PAL Network, a Singapore-based insurtech startup specifically focusing on blockchain solutions, has announced the signing of two memorandum of understanding agreements with Allianz Malaysia and Toyota Tsusho, the Toyota Group’s trading arm. Through the partnerships, PAL Network will develop blockchain solutions for both companies.
For Toyota Tsusho, PAL Network will help to create and underwrite new smart contract-based insurance products, which Toyota will then sell in local south-east Asian markets. For Allianz Malaysia, the startup will use its blockchain technologies to develop new protection coverage including automated claims capability. PAL Network has also recently entered into partnerships with insurance companies Ergo and FWD.
In December last year, PAL Network debuted its blockchain protocol, which provides personalised pay-as-you-go microinsurance products for the more than 30,000 members in the startup’s global community. The company’s aim is to create an entire ecosystem based on blockchain, within which individual customers and partners can build and customise entirely new financial and insurance products powered by smart contracts, with underwriting, distribution and claims all included under the same umbrella.
“PAL Network looks forward to deepening its influence beyond Singapore, starting with Toyota Tsusho employees in south-east Asia,” said Val Yap, CEO and Founder of PAL Network. “We are certain that this is the beginning of a mutually-beneficial, long-term collaboration with Toyota Tsusho.”