The collaboration aims to support players in the thriving web3 sector in key hubs, particularly the UAE, following OneDegree’s successful facilitation of regulatory licenses for clients in leading digital asset hubs worldwide.
Two years ago, OneDegree launched OneInfinity, a suite of insurance products meticulously crafted for digital asset companies, establishing itself as a trailblazer in web3 risk management. Through OneInfinity, OneDegree seeks to empower and bolster ethical industry players, fostering an environment for them to flourish.
The insurtech also raised US$55 million earlier this year in its Series B round – following the insurtech’s strategic partnership formation with Microsoft Hong Kong
The initial phase of the partnership focuses on offering commercial liability insurance, specifically targeting professional indemnity and directors & officers insurance. Following this, the collaborative effort aims to obtain regulatory approval for pioneering products in the UAE market, with a special emphasis on custodial wallet insurance. Additionally, as a pivotal aspect of this partnership, Dubai Insurance Co. has strategically invested in OneDegree’s Series B funding round.
The collaboration marks a significant stride in fortifying the digital asset insurance landscape in the UAE and underscores the commitment of both OneDegree and Dubai Insurance Co. to innovate and cater to the evolving needs of the web3 sector.
Evolving insurtech market in MENA
Over the past decade, the Middle East and North Africa (MENA) region has undergone a remarkable transformation, emerging as a vibrant global hub for the digital asset ecosystem and solidifying its reputation as a prominent center for web3 innovation. Abu Dhabi Global Market took the pioneering step of implementing regulations for digital asset companies, paving the way for the region’s growth. Following suit, Dubai has now introduced VARA, the world’s inaugural independent digital asset regulator. In this evolving landscape, Dubai Insurance, a leading insurance company in the UAE, stands as an ideal partner for OneDegree. The collaboration between these insurers is rooted in a shared vision to elevate the UAE’s status as a secure and well-regulated global web3 hub.
OneDegree partnership in Dubai
Alvin Kwock, Co-Founder of OneDegree, said, “We are delighted to partner with Dubai Insurance Co. to bring OneInfinity to the MENA region. OneInfinity products are helping some of the world’s best web3 companies to grow their businesses in a secure and compliant manner. With MENA, and especially the UAE, continuing to grow and attract leading digital asset companies, OneInfinity and Dubai Insurance Co. are a natural fit to identify and support good actors.”
Abdellatif Abuqurah, CEO of Dubai Insurance Co., added, “The UAE is a pioneer in the digital asset space. We are honoured to play our part in this development with our new partner, OneDegree. The OneInfinity products are a perfect complement to our existing business-focused offerings. Dubai Insurance is proud to be UAE’s first national insurance company with many decades of history, but we also pride on our commitment to innovation.”
He added: “By working with OneDegree to bring web3 insurance products to the market, Dubai Insurance Co. will be at the cutting edge of global insurance innovations.”
