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Singapore blockchain platform PAL Network intends to collaborate with the two Asian giants, having signed a memorandum of understanding for the creation of DLT-based products
The startup, the Singapore-based PAL Network, which operates in the insurtech sector, began 2019, committing itself to collaborate with two major Asian partners: Toyota Tsusho and Allianz Malaysia. To this end, two agreements were signed (memorandum d'understanding).
We are pleased to share that PAL Network has signed two agreements in agreement with Toyota Tsusho and Allianz Malaysia, establishing a point of support in the markets of Southeast Asia through its blockchain technology. $ PAL https://t.co/fcj7ISzQuk
– PAL network (Do not give via ETH) (@PALNetwork_) 9 January 2019
The blockchain company will create the proof-of-concept (POC) for these heavyweights using open-book technology with the intent of developing new insurance products that will work on smart contracts later.
Expansion beyond Singapore
The newly signed agreements obligate PAL Network to provide companies with tools to help them underwrite signing, as well as to develop new insurance contracts based on smart contracts for Toyota Tsusho – a division of Toyota responsible for trade. The products that the PAL network will create will be used in local Asian markets. The southeastern area of the region, to be more precise.
The CEO of PAL Network, Val Yap, confessed in an interview that the startup is eager to get out beyond Singapore and the partnership with Toyota is an excellent way to start an expansion. It is sure that the collaboration will bring benefits to both sides in the long run.
Regarding the MoU contract with Allianz Malaysia, PAL Network will create some new blockchain insurance products for the company's customers in Malaysia, namely, protection coverage and automatic complaints.
PAL greets the Ethereum
On 31 December 2018, as reported by U. Today, PAL Network led the launch of its mainnet, thus leaving the mother-blockchain of Ethereum. Three major cryptographic exchanges have announced that they will support the migration of PAL tokens, KuCoin is one of them.
The company intends to offer new blockchain-based micro-insurance products on its new protocol.
Blockchain insurance
PAL Network is not the only startup that wants to earn profits with blockchain-based insurance. Previously, U.Today reported that VeChain also attempted to enter the insurance industry – collaborating with China's largest insurance company – the Peoples Insurance Company of China (PICC). The Chinese insurance giant hopes to use the blockchain for faster operations.
Position of the PAL market
Since the launch of the mainnet, the PAL token has decreased from position # 509 to position # 526, as per Coinmarketcap.
The token is standing at $ 0.0057 after a 6.64 percent increase in the last 24 hours. The total market capitalization of the asset amounts to $ 2 667 516 at the time of writing.
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