Hong Kong virtual insurer OneDegree has made significant progress in the Middle East, securing 20 contracts since entering the region in 2023, according to a recent interview with the South China Morning Post.
In the interview, co-founder Alvin Kwock Yin-lun said that OneDegree is seeking further growth in the Middle East. The company has already insured 20 of the 34 firms licensed by Dubai’s Virtual Assets Regulatory Authority, including digital asset exchanges, as well as custody services and trading providers.
OneDegree had reported no claims, losses, or incidents among its clients after launching its products, which were aligned with United Arab Emirates (UAE) regulations, including professional indemnity insurance and directors and officers insurance, Kwock added.
He credited the company’s success to its cybersecurity technology and comprehensive underwriting framework.
Kwock continued, saying that OneDegree is working on new offerings, such as insurance for mining risks and smart contract wallets.
The company teamed up with Dubai Insurance in 2023 to provide coverage for digital asset businesses in the region. According to Kwock, Dubai Insurance, one of the UAE’s oldest insurers, has made two investments in OneDegree over the past two years, though the amounts were not disclosed.
In 2024, OneDegree grew its global reinsurance footprint by securing a partnership with Walaa Cooperative Insurance in Saudi Arabia.
Looking beyond the UAE and Saudi Arabia, the company said it is exploring opportunities in Qatar, Bahrain, Kuwait, and Oman, viewing the Middle East as a strategic gateway to Africa and Europe.
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