Hong Kong tech pioneer OneDegree, which specialises in digital insurance, describes its services as the security layer of the future.
Through its OneInfinity business line, which focuses on B2B customers, and with support from the Hong Kong Trade Development Council (HKTDC), the group has established a strong foothold in East Asia and in the Middle East, where fintech tools and markets are gaining traction.
“As digital assets become more and more integral to global financial systems, the market for specialised risk management is growing at a fast pace,” remarks Robin Scott, General Counsel and Middle East General Manager.
Meanwhile, the digital risk specialist continues to invest in the Middle East, despite the current instability in the region.
“While there is short-term disruption, we believe the Gulf countries remain ideally placed to capitalise on the global megatrends we are currently experiencing, such as AI and Web3,” Mr Scott asserts.
OneInfinity set up its regional office in Dubai in 2023, soon after the city’s Virtual Assets Regulatory Authority published its first rulebooks to license Web3 companies.
These rules require applicants to hold comprehensive insurance, which was not available in Dubai at the time. That opened a window of opportunity for the firm.
With time being of the essence, OneInfinity contacted the Dubai office of the HKTDC in 2023, which is providing ongoing assistance to the insurtech firm.
To help the firm hit the ground running, we have been connecting the digital innovator with relevant ministries and government authorities.
These include Dubai Chambers, the Ministry of Finance, Ministry of Economy and Dubai Economy and Tourism in the United Arab Emirates (UAE) as well as the Ministry of Investment Saudi Arabia, Oman Investment Authority and Invest Qatar.
This network delivered invaluable insights and facilitated important introductions to key players in the region.
Among them was future partner Dubai Insurance Company, which joined forces with OneInfinity to launch digital asset insurance in the region for the first time in December 2023.
OneInfinity today counts fintech players, such as digital exchanges, custodians, broker-dealers and asset managers as its clients, though Mr Scott anticipates diversifying revenue by attracting more traditional customers, including financial services, energy and telecoms clients.
The partnership with Dubai Insurance Company turned out to be a successful collaboration. In August 2024, OneInfinity became the first insurer in the UAE to obtain Central Bank of the UAE approval for custodial risks insurance, covering digital assets that financial institutions hold on behalf of their clients.
In December that year, Dubai Insurance Company Board Chairman Obaid Buti Almulla joined the group’s Board of Directors, further deepening their partnership.
At the same time, the HKTDC’s backing has also helped accelerate OneInfinity’s trajectory across East Asia, facilitating critical connections to open up new pathways for growth.
The tech company has broadened its exposure to stakeholders through flagship HKTDC events in Hong Kong, such as the Belt and Road Summit and the Asian Financial Forum (AFF). Mr Scott spoke on an industry leaders’ panel reflecting on the future of fintech at AFF’s most recent edition in January this year.
The HKTDC’s annual conferences attract key voices in government and business from around the world to Hong Kong to engage in forward-looking conversation, network and seize cross-border, cross-sector collaboration opportunities – all to accelerate the growth of businesses large and small, helping them capture opportunities and markets previously out of their reach.
“Since expanding to the Middle East, we have received excellent support from the HKTDC team,” Mr Scott says.
“HKTDC has also been extremely proactive in introducing us to relevant companies in their network.”
OneInfinity and its key UAE regional partner Dubai Insurance continue to roll out new products together, most recently introducing a new cyber insurance product that covers AI risks to the UAE market, to address growing demand for protection against AI-specific risks and support AI innovation in the region.