Hong Kong digital insurer secures partnership, enters UAE market

This partnership aims to bolster support for web3 entities, including banks, custodians, and asset managers across the Middle East.

Hong Kong-based insurtech firm OneDegree has officially announced a strategic collaboration with Dubai Insurance Co. in the United Arab Emirates, marking a significant milestone in the digital asset ecosystem development within the region, OneDegree cofounder Alvin Kwock said in a LinkedIn post.

This partnership aims to bolster support for web3 entities, including banks, custodians, and asset managers across the Middle East.

In a major boost to OneDegree's financial standing, Dubai Insurance Co. has also contributed strategic funding to OneDegree Group's Series B financing round. The collaboration signifies the first-ever partnership with a national insurance company founded in the UAE.

Expressing gratitude, OneDegree acknowledges the pivotal support from key UAE entities, including the Ministry of Economy, Central Bank of The UAE, and the Virtual Assets Regulatory Authority (VARA).

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The company also extends thanks to the Hong Kong Government, Hong Kong Financial Services and the Treasury Bureau (FSTB), Hong Kong Economic and Trade Office, and Cyberport Hong Kong for their efforts in creating and promoting the Hong Kong-Dubai economic corridor. This corridor aims to foster cross-market connectivity and collaboration in fintech and virtual assets.

Aligned with the Memorandum of Understanding (MOU) unveiled at the Belt and Road Summit in September, OneDegree commits to implementing impactful initiatives in insurtech and digital asset risk management. The company aims to contribute to the strategic cooperation framework outlined in the MOU between Dubai and Hong Kong.