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.
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.