Hanwha Life seeking top-tier local partners in the UAE

Hanwha Life, Korea’s first life insurance company building on its collaboration with Indonesia’s Lippo Group, is seeking top-tier local partners in the UAE who hold deep insights and expertise in the market, its senior official says.

“With openness and collaboration being essential elements of the future financial ecosystem, we look forward to working with the local financial institutions and blockchain technology firms operating under the UAE’s innovative regulatory environment,” Dong Wook (Don) Kim, Chief Global Business Officer, Hanwha Life, said during an interview at Abu Dhabi Finance Week (ADFW) 2025. 

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“Hanwha Life welcomes partners who can contribute to the creation of a ‘New global financial model’ by combining the UAE’s capital capabilities and innovative culture with our global financial capabilities,” he said.

Excerpts from the interview:

Could you briefly introduce Hanwha Life?

Established in 1946 as Korea’s first life insurance company, Hanwha Life boasts a history of over 79 years. It has the most extensive overseas presence among Korean insurers, having established a strong position in the global finance markets in countries including Vietnam, China, Indonesia, and the United States, and has accelerated its global expansion by acquiring Indonesia’s Nobu Bank and Velocity Clearing, a US-based global financial services firm, thus becoming the first Korean insurer to enter both the overseas banking sector and the US securities market in 2025.

In Southeast Asia, the company is focused on entering markets with high growth potential and expanding its customer base. In the United States, Hanwha Life is pursuing a strategy of identifying superior investment opportunities and attracting key talent. Under ‘Hanwha Finance’, Hanwha Life participated in Abu Dhabi Finance Week (ADFW) 2025 together with Hanwha General Insurance, Hanwha Asset Management and Hanwha Investment and Securities as a Premier Partner.

What is the significance of Hanwha Life’s participation in ADFW?

Hanwha Life’s participation in ADFW marks the first step towards establishing itself as a truly global integrated financial group beyond the Korean market. The UAE is rapidly emerging as a global leader in future-oriented financial infrastructure, AI, and blockchain, while serving as a strategic financial hub connecting Asia and Europe.

Hanwha Life is also discussing the long-term application of blockchain in the financial sector with Indonesia’s Nobu Bank, within the scope of local banking regulations. We anticipate that the wide range of digital finance agendas addressed during ADFW 2025 will offer meaningful insights for these ongoing discussions.

What benefits does the blockchain-based future of finance envisioned by Hanwha Life offer to financial consumers?

Hanwha Life’s vision for the future of finance is one in which blockchain technology securely safeguards customer assets and enables seamless asset transactions, providing enhanced convenience. This offers customers tangible advantages such as increased asset liquidity, lower transaction costs, enhanced transparency and security, and simplified intermediary processes. Ultimately, this future of finance signifies a reduction in the overall cost of financial operations across society, with benefits returning directly to customers.

What is the reason behind choosing Indonesia as a future growth hub?

Indonesia is a rapidly developing market in terms of financial infrastructure, with active government-led initiatives such as financial regulatory sandboxes aimed at encouraging the adoption of new technologies.

According to the Financial Literacy and Inclusion Data jointly released in August 2024 by Indonesia Financial Services Authority (OJK) and Statistics Indonesia, the Indonesia’s financial inclusion index stands at 75.02%. This indicates that approximately 25% of the adult population remains unbanked or underbanked. Given Indonesia’s population of 280 million, a substantial number of individuals have yet to gain access to formal financial services. With the Indonesian government aiming to raise the financial inclusion rate to 98% by 2045, significant progress is expected in line with the national policy objectives.

By integrating blockchain technology in Indonesia, the largest digital economy in Southeast Asia, Hanwha Life expects that the country could emerge as a new model of “financial innovation” for Asia by streamlining procedures and reducing overall financial costs.

Why has Hanwha Life selected the Middle East as its next global hub, and what are the goals behind this decision?

Hanwha Life recognises the Middle East as a highly promising environment for its future growth, considering the region’s distinctive pace of financial innovation and its open regulatory environment. The UAE has established world-class institutional and technological foundations in the fields of AI, blockchain, and FinTech, and is regarded as one of the fastest-developing markets where traditional and digital finance are converging. Hanwha Life views ADFW, which brings together global discussions on financial innovation, as an ideal platform for advancing its future finance strategies.