Insurer targets Indonesia, Middle East in shift toward AI, blockchain finance
Hanwha Life Insurance is betting on the blockchain as a core pillar of its next growth phase as it seeks to evolve from a traditional insurer into a global financial group, according to its Chief Global Business Officer Kim Dong-wook.
Rather than treating blockchains as a speculative technology play, the insurer sees it as financial infrastructure capable of reshaping cost structures across the industry. “Hanwha Life envisions a future of finance in which blockchain technology securely safeguards customers’ assets and enables transactions with greater convenience,” Kim said in an email interview with The Korea Herald.
“Ultimately, future finance means lowering costs across the financial system and returning those benefits to customers,” he added.
Indonesia has emerged as a key market for translating that vision into practice. Southeast Asia’s largest digital economy had a financial inclusion rate of about 75 percent in 2024, according to official data, leaving roughly a quarter of its adult population unbanked or underbanked.
Hanwha Life this year acquired control of local lender Nobu Bank, becoming the first Korean insurer to gain control of a foreign bank. Through its subsidiary Hanwha General Insurance, the group also controls Lippo General Insurance, expanding its footprint across Indonesia’s financial sector.
Kim said the company aims to combine insurance and banking services in Indonesia to reach new customer segments while lowering barriers to financial access. With a population of about 280 million and a government target to lift financial inclusion to 98 percent by 2045, the country offers both scale and policy alignment.
“If blockchain technology is applied to simplify procedures and reduce financial costs in Indonesia, the country could become a new case study in financial innovation in Asia,” Kim said, adding that Hanwha Life is discussing with Nobu Bank the long-term application of blockchain technology within the scope of local banking regulations.
The insurer’s focus on blockchain-linked financial infrastructure extends beyond Southeast Asia. Hanwha Life joined other Hanwha financial affiliates as an exclusive premiere partner at Abu Dhabi Finance Week, which ran from Dec. 8 to 11, marking one of the group’s most visible appearances at a major Middle Eastern financial forum.
“Our participation in ADFW represents a first step in demonstrating Hanwha Life’s ambition to establish itself as a global comprehensive financial group beyond Korea,” Kim said, calling the forum an “optimal venue” for shaping the group’s future financial strategy.
In the Middle East, Hanwha Life is prioritizing positioning over immediate retail expansion, the executive noted. The company views the United Arab Emirates as a convergence point for capital, technology and regulatory experimentation, particularly in artificial intelligence, blockchain and fintech.
“The UAE has built world-class institutional and technological foundations in AI, blockchain and fintech, and is among the fastest-evolving markets where traditional and digital finance are converging,” Kim said. “Future financial ecosystems require openness and collaboration, and we look forward to developing new global financial models together.”
Rather than pursuing acquisitions, the group is seeking partnerships in the region, drawing on its experience working with Indonesia’s Lippo Group. “Hanwha Life said it is looking to work with local financial institutions and blockchain companies operating under the UAE’s open regulatory environment,” said Kim.
Beyond Indonesia and the Middle East, the insurer continues to broaden its overseas footprint as it moves away from a single-line insurance model. Hanwha Life operates across Vietnam, China, Indonesia and the United States, and this year completed the acquisition of US securities firm Velocity Clearing, becoming the first Korean insurer to enter the US securities business.
Those deals marked a shift toward a multiplatform financial model. In Southeast Asia, the group is expanding retail financial access in high-growth markets, while in the US it is strengthening its links to global capital markets and building investment capabilities and talent.
“We aim to build a financial ecosystem that links insurance with banking and investment functions, grounded in localized strategies,” Kim said. “Our goal is to secure sustainable growth based on customer trust and emerge as a global financial group leading AI- and blockchain-driven finance.”
