Hong Kong’s insurtech OneDegree has secured an investment from the Dubai Insurance Company for its Series B funding round as part of a partnership to offer digital asset insurance in the United Arab Emirates (UAE). The sum was not disclosed.
The insurtech had previously announced that it had raised US$55 million for its Series B in June from existing investors Gobi Partners, Sun Hung Kai and Bitrock.
This partnership aims to bring innovative insurance solutions to the rapidly evolving digital asset landscape in the MENA region.
The partnership will begin by offering commercial liability insurance, specifically professional indemnity and directors and officers insurance.
Both entities will also be working together to seek regulatory approval for further products that are new to the UAE market especially custodial wallet insurance.
Two years ago, OneDegree unveiled OneInfinity, a comprehensive suite of insurance products tailored for digital asset enterprises.
OneDegree said that it had also “supported clients to successfully obtain regulatory licenses in leading digital asset hubs across the world”.
Alvin Kwock, Co-Founder of OneDegree said,
“We are delighted to partner with Dubai Insurance to bring OneInfinity to the MENA region. OneInfinity products are helping some of the world’s best Web 3.0 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 are a natural fit to identify and support the good actors.”
Abdellatif Abuqurah, CEO of Dubai Insurance added,
“The UAE is a pioneer in the digital asset space. We are honoured to play our part in this development with our partnership with 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 are also committed to innovation. By working with OneDegree to bring Web 3.0 insurance products to the market, Dubai Insurance will be at the cutting edge of global insurance innovations.”
This article first appeared on Fintech News Hong Kong.
