OneDegree Hong Kong Limited on Monday (April 11) partnered with Munich Re in a three-year collaboration to debut digital asset insurance platform OneInfinity, according to a Taiwan News report.
The deal makes OneDegree the first licensed insurer in Asia to team up with a globally leading reinsurer to offer users protection for their digital assets.
Under the terms of the partnership, Munich Re will provide reinsurance capacity and support OneDegree’s technical underwriting, per the report. OneDegree and Munich Re will also build modeling capabilities based on OneDegree’s centralized finance (CeFi) and decentralized finance (DeFi) incident database to support new products.
“Digital asset insurance is set to be the gold standard serving the Web3 community,” Alvin Kwock, co-founder of OneDegree, said in the report. “Regulated insurance coverage is a strong signaling effect that supports trust and credibility of the insured entities. OneDegree is privileged to be Asia’s first insurer to contribute to the secure and compliant development of Web3.”
OneInfinity brings OneDegree insurance together with Cymetrics’ solutions, according to the report, which helps companies examine cybersecurity, blockchain and digital asset risks from the perspective of hackers and insiders.
“We are looking forward to teaming up with OneDegree as a key partner for our digital asset initiative,” said Greg Barats, senior executive at Munich Re and president and CEO of HSB, a Munich Re Group company. “OneDegree is a digital native insurance player, that is part of an innovative group of tech companies.
“Accordingly, this partnership allows us to be optimally positioned to serve the important and expanding digital asset market.”
In March, Asian FinTech WeLab closed a $75 million Series C funding round led by Allianz X, the digital investment arm of German-based insurer and asset manager Allianz Group.
Related: Old Meets New As Hong Kong’s WeLab Raises $75 Million From Allianz
The new funding will work to bolster the acceleration of the WeLab growth strategy and expansion of digital financial services in Asia.
WeLab is looking at combining its digital banking technology with Allianz’s expertise in insurance and asset management to help boost peoples’ financial well-being.
The partnership will include the debut of digital wealth management in Asia with AllianzGI, which will provide the help for billions of underbanked in the region who need financial management. Once implemented, WeLab Bank will be the first digital bank to uphold those kinds of technologies in Asia.
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