Hong Kong virtual insurer OneDegree seeks more Middle East growth, eyes Europe and Africa
Hong Kong virtual insurer OneDegree is
gaining ground in the Middle East and has signed 20 contracts since entering the region in 2023, according to one of its founders.
In an interview on June 6, Alvin Kwock Yin-lun said the nine-year-old company was looking for additional growth in the Middle East. It has insured the digital assets of 20 out of the 34 companies licensed by Dubai's Virtual Assets Regulatory Authority, which includes digital asset exchanges and providers of trading and custody services.
OneDegree had reported no claims, losses, or incidents among its clients after debuting its products, which were in line with United Arab Emirates (UAE) regulations, including professional indemnity insurance and directors and officers insurance, Kwock said. He attributed the company's success to its 'cybersecurity technology and comprehensive underwriting framework'.
Kwock said the company was developing new products, including mining risk insurance and smart contract wallets.
In 2023, OneDegree partnered with Dubai Insurance, one of the oldest insurers in the UAE, to insure digital asset firms in the region. Over the past two years, Dubai Insurance had invested in OneDegree twice, Kwock said. He did not disclose the size of the investments.
Since 2016, the company has raised more than HK$90 million (US$11.5 million) in funding.
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