2023-12-18 04:59:37
The two companies plan to support players in the thriving decentralized web sector Web3 in the UAE.
Dubai: OneDegree, the first licensed digital asset insurance company in Asia, has entered into a partnership with Dubai Insurance Company with the aim of providing digital asset insurance solutions in the United Arab Emirates and supporting entities active in the Web3 sector in regional centers active in this field, especially in the UAE. OneDegree has succeeded in helping many clients obtain the necessary regulatory licenses within the scope of its work in various leading countries in the field of digital assets.
Two years ago, OneDegree launched a suite of insurance products specifically designed for digital asset companies called OneInfinity, transforming it into an influential and leading risk management company for the Web3 sector, as it seeks to empower its players and enable them to thrive.
In a first step, the new partnership between OneDegree and Dubai Insurance seeks to provide commercial liability insurance, specifically professional indemnity and directors and officers insurance. After that, the two parties will cooperate to obtain regulatory approval for more insurance products entering the UAE market for the first time, the most important of which is central cryptocurrency wallet insurance. Moreover, as part of the cooperation between the two companies, Dubai Insurance Company made a strategic investment in the Series B financing round for OneDegree.
In this context, Mr. Alvin Kwok, one of the founders of OneDegree, said: “We are pleased to cooperate with Dubai Insurance Company to offer the OneInfinity insurance product package to customers in the Middle East and North Africa region, which are qualitative products that help an elite group of companies operating in the field of the decentralized Web Web3 in the world.” To grow and develop its business in a safe manner and in compliance with established systems. We are confident that Dubai Insurance Company’s provision of the OneInfinity product suite to support actors in the Web3 decentralized web sector constitutes a successful and integrated equation, especially with the continued growth of the Middle East and North Africa region, especially the United Arab Emirates. To grow and attract leading digital asset companies.
For his part, Mr. Abdul Latif Abu Qura, CEO of Dubai Insurance Company, added: “The UAE is a pioneer in the field of digital assets, and we are honored to play our role in this sector in cooperation with our new partner, OneDegree, as the OneInfinity product package is integrated with our insurance solutions.” For companies.” Abu Qura continued, saying: “There is no doubt that we are proud of our long history, as Dubai Insurance Company was the first national insurance company in the United Arab Emirates, but we are also proud of our adherence to the concept of innovation to keep pace with everything new in the insurance sector. Thus, cooperation with OneDegree enables us to bring insurance products tailored to the Web3 sector to the market, which strengthens Dubai Insurance’s leadership position and places it at the forefront of innovators of insurance solutions at the global level.”
It is worth noting that over the past decade, the Middle East and North Africa region has turned into an effective incubator for the digital assets sector and everything related to it, which has strengthened its position as a major active center in the field of the decentralized Web Web3. The Abu Dhabi Global Market is considered one of the first entities to introduce regulations for digital asset companies, and Dubai is currently following suit by launching VARA, the first independent digital asset regulator in the world. As one of the leading insurance companies in the UAE, Dubai Insurance is the ideal partner for OneDegree, as the two companies share the same vision of strengthening the UAE’s position as a secure and highly regulated global hub in the Web3 decentralized web sector.
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About OneDegree Company
OneDegree provides technology-enabled digital asset insurance and risk management solutions globally. With tailored insurance solutions for end-to-end digital asset players (including trading platforms, custodians, asset managers, banks, family offices and technology providers), OneDegree’s OneInfinity suite of insurance solutions enhances the competitive advantage of its clients. By enabling them to adopt best practices within a coherent and effective risk management framework.
The OneInfinity solution suite relies on highly advanced technologies in the field of cybersecurity developed by Cymetrics, a sister company of OneDegree, whose mission is to monitor the clients’ cybersecurity system with the aim of studying and identifying intrusion risks that may arise in the areas of cybersecurity, Blockchain, and digital assets.
OneInfinity’s suite of solutions includes digital asset portfolio insurance (crime and coins) and corporate liability coverage (professional indemnity, directors and officers insurance, investment management and cyber).
About Dubai Insurance
Dubai Insurance Company was established in 1970 by a special decree by His Highness the late Sheikh Rashid bin Saeed Al Maktoum, to be the first national insurance company in the United Arab Emirates. Over the decades, Dubai Insurance Company has played a pivotal role in shaping the insurance sector in the region and has been known for its financial stability and excellence in customer service. Dubai Insurance offers a diverse range of insurance products and services tailored to various sectors, becoming over the years the trust of individuals and companies alike. The company received a rating of “A- (Excellent) with a positive outlook” from AM BEST, in addition to a rating of “A3 with a stable outlook” from Moody’s, which reflects its strong position in the market, the high reputation of its brand, and the strength of its performance.
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