Digital insurance specialist OneDegree describes its services as the security layer of the future. The group has already established strong footholds in East Asia and the Middle East – regions where fintech tools and markets are gaining traction – accelerating its rollout with support from the Hong Kong Trade Development Council.
“The market for specialized risk management is growing at a fast pace,” says Robin Scott, general counsel and Middle East general manager.
The insurtech pioneer continues to invest in the Middle East, despite the current instability in the region. “While there is short-term disruption, we believe the Gulf countries remain ideally placed to capitalize on the global megatrends we are currently experiencing, such as AI and Web3,” Mr Scott says.
OneDegree’s B2B arm OneInfinity set up a regional office in Dubai in 2023, shortly after the city’s Virtual Assets Regulatory Authority published its first rulebooks to license Web3 companies. These rules require applicants to hold comprehensive insurance, which was not available in Dubai at the time. That opened a window of opportunity.
With time being of the essence, the HKTDC’s Dubai office connected OneDegree with relevant ministries and government authorities. These connections provided invaluable insights and facilitated introductions to key players, including future partner Dubai Insurance Company. The two companies joined forces to launch the region’s first digital asset insurance in December 2023.
More successes followed. In August 2024, OneInfinity became the first insurer in the United Arab Emirates to obtain approval from the Central Bank of the UAE for custodial risk insurance, covering digital assets held by financial institutions on behalf of their clients.
In December that year, Dubai Insurance Company board chairman Obaid Buti Almulla joined the group’s board of directors, strengthening the partnership. The tech company has also broadened its exposure to stakeholders through flagship HKTDC events in Hong Kong, such as the Belt and Road Summit and the Asian Financial Forum. The next edition of the Belt and Road Summit, a leading platform for policy dialogue and business collaboration, will be held at the Hong Kong Convention and Exhibition Centre on September 9 to 10.
“HKTDC has also been extremely proactive in introducing us to relevant companies in their network,” Mr Scott says.
OneInfinity and Dubai Insurance continue to roll out new products together, recently introducing a cyber insurance product to address growing demand for protection against artificial intelligence-specific risks.