Walaa, a leading reinsurance companies in the Kingdom of Saudi Arabia has entered a strategic partnership with OneDegree.
Licensed insurer for digital assets, OneDegree, has partnered with Walaa Cooperative Insurance Company, an insurance and reinsurance companies in Saudi Arabia, with the latter supporting OneDegree as a reinsurer for its market-leading digital asset products globally.
Middle East and North Africa (MENA) has emerged as a hub for Web3, with Saudi Arabia implementing various initiatives to support the growth of the Web3 sector. The two insurers share a vision to support good actors in Web3 and work closely with regulators to create a stable and sustainable ecosystem.
The strategic partnership was announced in Riyadh at 24 Fintech, the major financial technology conference.
Johnson Varughese, the Chief Executive Officer 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 realise our goals in line with Vision 2030.”
Robin Scott, General Manager of Middle East of OneDegree, said, “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.”
OneDegree has also previously stated that it will be supporting the Generative Artificial Intelligence (GenAI) sandbox launched by the Hong Kong Monetary Authority.
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