Blockchain InsurTech startup Pal Network has teamed with Toyota Tsusho, the trading arm of the Toyota Group, and Allianz Malaysia to develop blockchain solutions.
Pal Network is a platform built with a twofold vision of addressing key issues that overlap the fields of both insurance and cryptoassets in the world today. Last month, the company launched its blockchain protocol, which will debut personalized, pay-as-you-go microinsurance products to benefit its community of 30,000 global members.
PAL Network signed a memorandum of understanding (MOU) with Toyota Tsusho to help facilitate underwriting and creation of new insurance products on smart contracts, which will be offered by Toyota to local markets within South-East Asia.
“PAL Network looks forward to deepening its influence beyond Singapore, starting with Toyota Tsusho employees in South-east Asia,” said PAL Network CEO and founder Val Yap. “We are certain that this is the beginning of a mutually-beneficial, long-term collaboration with Toyota Tsusho.”
Pal Network’s partnership with Allianz Malaysia will see it provide its blockchain technologies and implement Proof-of-Concept (PoC) on new protection coverage with automated claims for the Malaysian market.
In addition to Toyota Tsusho and Allianz Malaysia, Pal Network has partnerships with insurance companies FWD and Ergo to explore use cases of its decentralized protocol. It is also working with blockchain firms NEM, Qtum, Sentinel Protocol, MediBloc, Digix and traceto.io to offer CryptoProtect, Pal’s cybersecurity service designed to protect crypto assets, and mainstream insurance products.