A “regional blockchain hub is soon to rise” in the Philippines after South Korea’s Hanwha Life Insurance inked a cooperation deal with Manila-based holding company IP Ventures (IPVI) to accelerate the adoption of distributed ledger technology in the country.
Hanwha vice president Jong Choon Park commented on the deal:
“Blockchain technology has proven its vaunted capability to transform the fundamentals of existing work processes and business models. 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.”
The memorandum of understanding spells out IPVI and Hanwha’s goal of linking their ecosystems to establish a broader network that will utilize the capabilities of blockchain technology across various industries, Enrique Gonzalez, chief executive officer IPVI, added.
Hanwha is expected to transfer the fintech knowledge it has developed at home, as well as its blockchain technology projects in the region.
Philippines as major blockchain player
The Philippines is establishing itself as a significant player in blockchain and cryptocurrency development.
On Monday, the country’s finance department said it was open to adopting blockchain applications in a number of areas, among them business improvement, tax payments, transparency, and reduction of illegal smuggling.
In an interview with Cryptovest, department spokesperson Paola Alvarez said the country's finance chief is pushing for the application of financial technology and harnessing its potential to improve the business climate.
Last month, Cagayan Economic Zone Authority (CEZA) chief Raul Lambino announced his plan to transform the Cagayan province in the northern Philippines into a fintech hub, with a focus on blockchain and cryptocurrency.
Lambino commented at the time:
“We have a perfect setting for some of the young Filipino generation’s best minds and the world’s leading cryptocurrency companies to engage in the development of the next wave of technological innovations. The best of nature and cutting-edge technology will combine to bring about a new hub in Asia for the world's leaders in the burgeoning global currency of the future.”
This article appeared first on Cryptovest
