Hanwha Life signs MOUs with global investment firms at Davos forum

Hanwha Life Vice Chairman and CEO Yeo Seung-joo, left, and Chief Global Officer Kim Dong-won, center, pose with SoftBank Ventures Asia CEO JP Lee after signing a memorandum of understanding on the sidelines of the World Economic Forum in Davos, Switzerland, Tuesday. Courtesy of Hanwha Life

Hanwha Life has signed a series of partnerships with global investment firms, including SoftBank Ventures Asia (SBVA) and Celadon Partners, on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, the company said Thursday.

The insurance firm said it signed a memorandum of understanding (MOU) with SBVA at the Hanwha office in Davos, Tuesday (local time), to promote innovation in the fields of artificial intelligence (AI) and information and communications technology (ICT).

The signing ceremony was attended by Hanwha Life Vice Chairman and CEO Yeo Seung-joo and Chief Global Officer Kim Dong-won, as well as SBVA CEO JP Lee and other key representatives from both firms.

SBVA was set up in 2000 as a venture capital firm under SoftBank Group to focus on early-stage investments. It was acquired by The Edgeof in 2022.

Leveraging its global network, SBVA engages in direct investments and manages funds worldwide. In particular, the company specializes in investing in AI and ICT startups and venture companies.

“As the main theme of this year’s WEF, 'Collaboration for the Intelligent Age,' suggests, global partnerships are essential for driving AI innovation,” Yeo said.

“Through the partnership with SBVA, we aim to create new growth opportunities, establish AI leadership and take a significant step toward becoming a global comprehensive financial group.”

The following day, Hanwha Life signed another MOU with Celadon Partners at the same place.

Celadon operates primarily in markets in the Pacific Rim, employing turnaround and special situations strategies. Through this partnership, Hanwha is outlining a vision to further strengthen its presence in the Asian market, the company said.

Additionally, James Landay, head of Stanford University’s Human-Centered AI who collaborates with Hanwha Life AI Research Center, visited the Hanwha office for the second consecutive year. During his visit, he held in-depth discussions on AI collaboration plans for this year.

The insurer has been strengthening its AI capabilities across various business sectors in order to evolve into a global comprehensive financial group.

The company has been investing in AI research since 2014 and has been leading digital innovation and transformation by filing AI-related patents annually since 2020.

In December, Hanwha Life and two other financial affiliates of Hanwha Group — Hanwha General Insurance and Hanwha Asset Management — opened the Hanwha AI Center in San Francisco, with the goal of closely collaborating with the local ecosystem in the heart of the AI industry.