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PAL Network, a blockchain InsurTech startup based in Singapore, has announced that it has signed two Memorandum of Understanding (MoU) agreements with Toyota Tsusho, the trading arm of the Toyota Group, and Allianz Malaysia, which is a part of the Allianz Group in Germany.
Incepted in 2017, 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. Last month, it launched its blockchain protocol, which, it said, will debut personalised, pay-as-you-go microinsurance products to benefit its community of 30,000 global members.
Under its MoU with Toyota Tsusho, PAL Network will offer its blockchain technology for a proof-of-concept (PoC) aimed at facilitating underwriting and creation of new insurance products on smart contracts. It said that these products will be 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.
Under its MoU with Allianz Malaysia, PAL Network will provide its blockchain technologies and implement PoC on new protection coverage with automated claims for the Malaysian market.
According to the official website, PAL Network is backed by Fenbushi Capital, Block Asset, Blockchain Investment Club, Blockwater Capital and others. Partners includes the likes of NEM, Digix, and Qtum among others.
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