OneDegree, Asia’s first licensed insurer for digital assets, has partnered with Walaa Cooperative Insurance Company, a leading insurance and reinsurance company in Saudi Arabia.
Under this partnership, Walaa will support OneDegree as a reinsurer for its market-leading digital asset products globally. The strategic partnership was revealed during ’24 Fintech’ in Riyadh, Saudi’s flagship fintech event.
Middle East and North Africa (MENA) has transformed into a vibrant and dynamic hub for Web3, with Saudi Arabia playing a crucial role in its growth through the implementation of various innovative initiatives in line with its Vision 2030 program. United by a common vision, the two insurers aim to empower innovators in Web3 while collaborating with regulators to drive a stable and sustainable ecosystem.
With OneInfinity, launched three years ago, OneDegree has become a leading force in Web3 risk management, with innovative solutions spanning cybersecurity, risk monitoring and insurance. OneDegree expanded to MENA in 2023, and has forged strong partnerships with local and international players who choose MENA as their base for developing their Web3 businesses.
Robin Scott General Manager of Middle East – OneDegree
“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.”
Johnson Varughese, the Chief Executive Officer of Walaa, commented that, “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.”
