OneDegree, a Hong Kong-based insurer specializing in digital assets, has formed a strategic alliance with Dubai Insurance Company to introduce digital asset insurance in the United Arab Emirates (UAE).
This partnership includes Dubai Insurance’s investment in OneDegree’s Series B funding round.
The collaboration aims to bolster the Middle East and North Africa (MENA) region as a key global player in the digital asset ecosystem, with a focus on the UAE.
Initial offerings will include commercial liability insurance, covering professional indemnity and directors and officers insurance, with plans to expand to new products, such as custodial wallet insurance, pending regulatory approval.
MENA has been emerging as a prominent web3 hub, with Abu Dhabi Global Markets among the first to regulate digital asset companies.
Dubai has recently established VARA, the world’s inaugural independent digital asset regulator, further solidifying the region’s position in the digital asset space.
OneDegree views Dubai Insurance, a leading UAE insurance firm, as an ideal partner to further the UAE’s standing as a secure and well-regulated global web3 hub.
Alvin Kwock, Co-Founder of OneDegree, highlighted the synergy between OneInfinity products and the MENA region’s growing digital asset landscape.
OneDegree, recognized for its tech-driven digital asset insurance and risk management solutions, launched OneInfinity two years ago, gaining prominence in web3 risk management.
This suite of products, tailored for digital asset companies, aligns with OneDegree’s mission to support compliant and secure business growth in the web3 domain.
Abdellatif Abuqurah, CEO of Dubai Insurance, expressed pride in contributing to the UAE’s pioneering role in digital assets through the partnership with OneDegree.
He emphasized the alignment of OneInfinity products with Dubai Insurance’s focus on business and innovation.
Founded in 1970 by Sheikh Rashid Al Maktoum, Dubai Insurance stands as the first national insurance company in the UAE, combining decades of experience with a commitment to innovation in the insurance sector.