SINGAPORE, Jan. 9, 2019 /PRNewswire/ -- PAL Network, Singapore-based InsurTech startup solidifies its network of partners with two new signings of Memorandum of Understanding (MoU) agreements with Toyota Tsusho Corporation (Toyota Tsusho) and Allianz.
From Left: Mr Kengo Kobata, Senior Associate of Toyota Tsusho, Mr Hayashi Toshinori, Executive Vice President of Toyota Tsusho, Ms Val Ji-Hsuan Yap, CEO & Founder of PAL Network and Ms Claire Toh, Business Development Lead of PAL Network at the successful MoU signing on 17 December 2018.
PAL Network will offer its blockchain technology to develop a Proof-of-Concept (PoC) to facilitate underwriting and creation of new insurance products on Smart Contracts customised for Toyota Tsusho group based on the core understanding of respective local markets in the Southeast Asia region.
"PAL Network looks forward to deepening its influence beyond Singapore, starting with Toyota Tsusho employees in Southeast Asia. We are certain that this is the beginning of a mutually-beneficial, long-term collaboration with Toyota Tsusho," said CEO and Founder of PAL Network, Val Yap.
PAL Network also signed a second MoU agreement with Allianz Malaysia, similarly to provide its blockchain technologies and implement PoC on new protection coverage with automated claims for the Malaysian market.
Besides strategic partnerships, PAL Network has simultaneously launched its own blockchain protocol on 31 December 2018. The blockchain protocol will debut personalised, pay-as-you-go microinsurance products to benefit its community of 30,000 global members, as well as a B2B Insurer's Dashboard for insurers to create personalised insurance products and scale distribution network with our APIs on 14 January 2019.
More information about the products and services on the blockchain protocol can be found on the revamped PAL Network site.
About PAL Network
PAL Network is a dual-layered protocol for financial assets that use data to bridge the gap between consumers and insurance providers by providing a new level of accessibility within the financial ecosystem. PAL Network is a member of Singapore Fintech Association and ACCESS. PAL Network's affiliated entity, PolicyPal Singapore, MAS registered insurance broker has an active user base of 50,000 for its app, which helps users to manage, buy and optimise their insurance policies.
About Toyota Tsusho Corporation
Toyota Tsusho Corporation (Toyota Tsusho) is the trading arm of the Toyota Group, having a worldwide presence through its many subsidiaries and operating divisions, including over 150 offices, and 900 subsidiaries and affiliates around the world. Toyota Tsusho enriches society by creating value through 7 international business sections such as Metals; Global Production Parts; Logistics; Automotive; Machinery, Energy, and Project; Chemicals & Electronics; Food & Agribusiness; and Consumer Products & Services. Toyota Tsusho also has a global range of partnerships, the latest one with Microsoft in 2018.
About Allianz Malaysia
Part of Allianz Group in Germany, Allianz Malaysia Berhad (AMB) is an investment holding company and has two wholly-owned subsidiaries. Allianz Life Insurance Malaysia Berhad, one of the fastest growing life insurers in Malaysia offers a comprehensive range of life and health insurance and investment-linked products, while Allianz General Insurance Company (Malaysia) Berhad, one of the leading general insurers in Malaysia with wide-ranging services in motor insurance, personal lines, small to medium enterprise business and large industrial risks.