Hanwha Life Korea solidifies its position as a comprehensive global financial group with strategic partnerships, enhancing its AI and ICT capabilities and expanding its reach in international markets, particularly in Asia.
On January 21, 2025, Hanwha Life Korea signed an agreement with SBVA (formerly SoftBank Ventures Asia), a prominent player in artificial intelligence (AI) and information and communications technology (ICT). SBVA boasts a strong global network, focusing on early-stage investments in AI and ICT startups, as well as fund creation and management worldwide. This partnership aligns perfectly with Hanwha Life’s commitment to AI innovation and promises to yield significant results in the future.
According to Mr. Yeo Seung Joo, Vice Chairman and CEO of Hanwha Life Korea, “The main theme of this year’s WEF is ‘Cooperation in the Intelligent Era,’ so it is essential for Hanwha Life Korea to establish global partnerships for AI innovation.”
Mr. Yeo Seung Joo further added, “Through our collaboration with SBVA, we aim to create new growth opportunities, reinforce our leadership in AI, and take a significant step forward in our journey to becoming a comprehensive global financial group.”
Subsequently, on January 22, Hanwha Life Korea signed another MOU with Celadon Partners, an investment management firm with extensive experience in cross-Pacific restructuring and investment strategies. This collaboration will enhance Hanwha Life Korea’s presence in the Asian market, bringing new opportunities for the development and improvement of financial services.
Mr. Yeo Seung Joo, Vice Chairman and CEO of Hanwha Life Korea (left), and Mr. Donald Tang, CEO of Celadon Partners (right), commemorate the signing of the MOU for AI innovation at the World Economic Forum in Davos, Switzerland.
At the WEF, Hanwha Life Korea also actively promoted innovation initiatives through discussions with global financial leaders, reinforcing its role as a trusted partner for international investors. The company emphasized its commitment to enhancing Korea’s economic presence on the world stage and fostering new cooperation opportunities.
With a rich history of over 78 years, Hanwha Life Korea has continuously innovated and expanded its international market presence. From May to November 2024, Hanwha Life Korea agreed to acquire 40% of Nobu Bank in Indonesia, 100% of Hanwha Savings Bank in Korea, and 75% of Velocity Clearing, a US financial company. In December 2024, Hanwha Life Korea, along with two other financial companies in the Hanwha Group, inaugurated the Hanwha AI Center in San Francisco, USA. This center is considered the group’s global AI hub, positioning its financial subsidiaries as industry leaders.
These moves have allowed Hanwha Life Korea to expand its scale and enhance its capabilities in strategic markets. Subsequently, Vietnam was identified as a key market in the roadmap for expanding the financial and banking sector in Southeast Asia.
Moving forward, Hanwha Life Korea will continue to actively seek long-term and sustainable cooperation and investment opportunities in Vietnam through Hanwha Life Vietnam.
As of the end of December 2024, Hanwha Life Vietnam had total assets of over VND 20,600 billion, demonstrating strong financial prowess.
In the past two years, Hanwha Life Vietnam has proven to be the first foreign member of the Hanwha Group to successfully expand its international business, achieving impressive results. The company successfully eliminated accumulated losses and increased its total assets to over VND 18,300 billion by the end of 2023. By the end of December 2024, total assets had grown to over VND 20,600 billion, an increase of more than 12.5% compared to the end of 2023, placing the company among the top insurance companies in terms of asset size.
Hanwha Life Vietnam has actively promoted digitization alongside the Hanwha Group’s digital solution development trajectory. Initially, the company’s digitization journey has yielded positive results. As of the end of December 2024, over 96% of insurance requests were made online by customers, and the company has reduced the processing time for insurance benefit claim requests from over three days to less than two days.
“With our long-term vision, sustainable development strategy, and valuable experience inherited from our parent company in Korea, Hanwha Life Vietnam is gradually affirming its position in the local market, delivering superior performance and becoming a trusted brand for Vietnamese customers and investors,” shared Mr. Hwang Jun Hwan, Chairman of the Board of Members and CEO of Hanwha Life Vietnam.
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