Hong Kong virtual insurer OneDegree expands digital asset insurance offering to UAE as city boosts ties to Middle East
- As part of OneDegree’s expansion to the Middle East, the start-up will work with the Dubai Insurance Company
- Move comes after UAE’s economy minister met with OneDegree during his visit to Hong Kong for the Belt and Road Summit in September
Hong Kong online insurance provider OneDegree has expanded its digital asset insurance offering to the United Arab Emirates (UAE) through a local partnership, as Hong Kong seeks to boost business ties with the Middle East.
As part of OneDegree’s expansion to the Middle East, the start-up will work with the 53-year-old Dubai Insurance Company to jointly insure digital asset firms in the UAE, co-founder and chief executive Alvin Kwock Yin-lun told the Post in an interview this week.
OneDegree is also in the process of setting up a new entity in Dubai and bringing on new hires in the city, according to Kwock.
The move comes after the UAE’s economy minister Abdulla bin Touq Al Marri met with OneDegree during his visit to Hong Kong for the Belt and Road Summit in September.
At this time he expressed interest in bringing OneDegree’s digital asset expertise to the UAE and more broadly to the Middle East and North Africa region, Kwock said.
Hong Kong has been ramping up its efforts to deepen the city’s business ties with the Middle East following visits by the city’s chief executive John Lee Ka-chiu to Saudi Arabia and the UAE in February this year.