KeySafeBank, Singapore’s most secure third-party institutional-grade custodian digital assets vault, signed MOUs with NEM Singapore and PAL Network at the Singapore FinTech Festival last November 12, 2018.
Owned by DataPost & 5M Holdings, KeySafeBank has appointed NEM Singapore to power its platform using NEM’s world-class blockchain security solution.
KeySafeBank also signed an MoU with PAL Network, a dual-layered protocol for financial assets that utilizes data to bridge the gap between consumers and financial providers, which owns a blockchain platform for decentralized insurance. PAL Network will give insurance coverage for cryptocurrencies and digital assets that customers will hold with KeySafeBank when it is launched.
“KeySafeBank is very excited with our partnership with NEM and PAL Network. With NEM’s Smart Asset Blockchain platform and PAL Network’s leading crypto asset insurance, this partnership brings an enhanced value proposition to our crypto customers in secure custody and protection,” said KeySafeBank Director Anthony Ong.
“NEM is proud to have security domain expert KeySafeBank partnering with us to harness the power and benefits of our technology. NEM Singapore is constantly looking for prestigious partners, and the MoU with KeySafeBank represents a critical piece in the security domain to our ecosystem jigsaw,” said NEM Singapore Lead William Tan.
“PAL Network has been collaborating closely with NEM on blockchain projects since the first half of the year, and we are excited to extend our partnerships to KeySafeBank. I believe InsurTechs are here to stay and as enablers, we introduce new innovative insurance products for this industry,” said PAL Network CEO and Founder Val Ji-Hsuan Yap.
About KeySafeBank Pte Ltd
KeySafeBank is a newly-formed joint venture company by DataPost and 5M holdings. It is a third-party, institutional-grade custodian vault that can keep digital assets and cryptocurrencies securely. The partnership will leverage the competitive strengths of DataPost in secure data handling and 5M holdings in blockchain security to create an industry cutting-edge digital asset storage solution.
DataPost is a majority-owned subsidiary of Jing King Group, a financial technology services group with interests in biometric digital identity, artificial intelligence, secure data handling, data analytics, and smart technologies.
5M Holdings is a blockchain security company working to unlock and protect wealth on the blockchain for everyone. The company aims to implement the best practices and technology from the banking and payment card industry, to the blockchain ecosystem. 5M is focused on bringing greater awareness of blockchain security to the industry and enabling all stakeholders to deploy blockchain security in every process.
About PAL Network
*PAL Network is a dual-layered protocol for financial assets that use data to bridge the gap between consumers and insurance providers by offering a new level of accessibility within the financial ecosystem. The company also works with insurers to provide CryptoProtect insurance coverage for digital assets and smart contracts. PAL Network is a member of Singapore Fintech Association and ACCESS. PAL Network’s affiliated entity, PolicyPal Singapore, MAS registered insurance broker has an active user base of 50,000 for its app, which helps users manage, buy, and optimize their insurance policies.
Currently, PAL Network has partnerships with insurance companies, FWD, Ergo and Munich Re, to explore potential use cases of their blockchain protocol together. PAL has also established collaborations with blockchain projects NEM, QTUM, Sentinel Protocol, MediBloc, Digix and traceto.io to offer CryptoProtect and mainstream insurance products for the projects themselves, along with their respective communities.
About the NEM Blockchain Platform
NEM is an "out-of-the-box", enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features which include: multi-signature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. Companies with legacy systems can "plug 'n play" with NEM.
About the NEM.io Foundation Ltd
NEM.io Foundation is registered in Singapore, operating globally. It was launched to promote NEM's blockchain technology worldwide. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.