Hong Kong, 5 September 2024 - OneInfinity has entered a reinsurance partnership with Walaa Cooperative Insurance Company, a Saudi Arabia-based insurance and reinsurance provider, which will support OneInfinity's digital asset insurance products as a reinsurer on a global basis.
The MENA region has become an increasingly active hub for Web3 activity, with Saudi Arabia in particular rolling out initiatives to grow its digital asset sector in line with its Vision 2030 programme. OneInfinity, which OneDegree launched in 2021, has since grown into a Web3 risk management provider spanning cybersecurity, risk monitoring, and insurance, and entered the MENA market in 2023, where it works with local and international Web3 businesses based in the region. OneDegree said the two companies share a commitment to supporting responsible actors in Web3 and working alongside regulators to build a stable, sustainable ecosystem, and identified Walaa as the right partner to extend that work in Saudi Arabia.
Johnson Varughese, CEO 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 realize our goals in line with Vision 2030."
Robin Scott, General Manager of Middle East at OneInfinity, said: "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."
Read TechNode Global's coverage: Hong Kong's OneDegree partners with Saudi Arabia's Walaa for digital asset insurance
About OneInfinity
OneInfinity, part of the AIFT Group, is a regulated insurance and risk solution provider headquartered in Hong Kong and Dubai with a growing presence across APAC and the Middle East. OneInfinity delivers tailored insurance and risk management solutions covering emerging risks in AI, blockchain, cyber, and digital assets (including cyber, wallet, and corporate liability coverages). Its deep technical underwriting is powered by advanced cybersecurity capabilities from Vulcan, and a growing consulting practice supports clients on licensing, compliance, and custodial security infrastructure.
About Walaa Cooperative Insurance Company
Walaa Cooperative Insurance Company is an insurance and reinsurance provider headquartered in Al-Khobar in the Eastern Province of Saudi Arabia. Walaa holds an "A-" financial strength rating from S&P Global with a stable outlook, a "gcAAA" GCC regional rating, and an A3 rating from Moody's. The company serves clients across the Kingdom through three regional offices and more than 70 retail offices.
