The partnership between OneDegree and Dubai Insurance will also support web3 players in top hubs in the region. This follows support for clients in successfully obtaining regulatory licences in leading digital asset hubs across the world.
Two years ago, OneDegree launched OneInfinity, a number of insurance products for digital asset companies. Through this launch, One Degree aimed to empower good industry actors and help them to thrive.
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Furthermore, the partnership between OneDegree and Dubai Insurance will start by offering commercial liability insurance, specifically professional indemnity and directos & officers insurance.
In addition, the two firms will then work together to seek regulatory approval for more products unique to the UAE market. As part of this, Dubai Insurance has made a strategic investment in OneDegree’s Series B funding round.
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, 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. 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.”
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