OneDegree, Asia’s first licensed insurer for digital assets, has partnered with Saudi Arabia’s Walaa Cooperative Insurance Company, an insurance and reinsurance company where Walaa will support OneDegree as a reinsurer for its market-leading digital asset products globally. The partnership was announced during 24 Fintech event in Riyadh KSA.

As per the press release, Middle East and North Africa (MENA) has emerged as an increasingly vibrant and dynamic hub for Web3. Saudi Arabia in particular has implemented various initiatives to support the growth of the Web3 sector in line with its Vision 2030 program. The two insurers share a vision to support the good actors in Web3 and work closely with regulators to create a stable and sustainable ecosystem. 

OneDegree launched OneInfinity three years ago and has become a leading force in Web3 risk management, with innovative solutions spanning cybersecurity, risk monitoring and insurance. OneDegree entered MENA in 2023 and works with a large number of local and international players who choose MENA as their base for developing their Web3 businesses. Walaa is the perfect partner to support OneDegree with this business. 

Johnson Varughese, the Chief Executive Officer of Walaa, said “Saudi Arabia is taking a leading role in digital developments in MENA and worldwide. Gaining exposure to Digital Asset Insurance as a reinsurer puts Walaa at the forefront of this development. We identify OneDegree as the perfect partner to help us realise our goals in line with Vision 2030.”

Robin Scott, General Manager of Middle East of OneDegree, said, “We are thrilled to embark on this strategic partnership with Walaa Insurance. OneInfinity by OneDegree’s products are empowering leading Web3 companies worldwide to expand their operations securely and in compliance with regulations. Collaborating with Walaa Insurance, OneInfinity by OneDegree aims to enhance support for VASPs in the region and beyond.”

In January 2024, OneDegree, announced it was expanding its offering to the UAE through a local partnership with Dubai Insurance Company. Both UAE local entity and OneDegree will insure digital asset firms in the UAE using its OneInFinity product offering.