Hong Kong-based AIFT, a global leader in cybersecurity and insurance technology, has forged two significant partnerships with two leading Saudi Arabian companies, at the recently-held Future Investment Initiative Summit in Riyadh, to enhance digital insurance solutions.

The partnerships were sealed at the summit (October 29-30) in the presence of Hong Kong Financial Secretary Paul Chan.

The first partnership was signed with Walaa Cooperative Insurance, a leading Saudi Arabian insurance company.

Robin Scott, AIFT’s General Manager of the Middle East, said: “AIFT is expanding quickly in markets that have a clear focus on global mega trends like AI and Web3 such as Saudi Arabia. With these two partnerships we are delighted to strengthen our ties with our friends in Saudi Arabia”.

AIFT first announced that its insurance company OneDegree is working with Walaa in September at the 24Fintech Summit in Riyadh. The collaboration will see Walaa serve as a reinsurer for OneDegree’s digital asset products globally.

Johnson Varughese, the Chief Executive Officer of Walaa, said: “We are pleased to reinforce our partnership with OneDegree. Walaa aims to be at the forefront of developments in the insurance industry. OneDegree, with their innovative digital asset products, is an ideal partner to pursue such cutting-edge progress.”

The second partnership was signed with Melon, an InsurTech company operating in Saudi Arabia. This partnership aims to establish a digital insurance agency in the Kingdom, initially focusing on delivering high-quality pet insurance solutions.

Melon is currently working with the Saudi Insurance Authority to obtain a Managing General Agent licence. Through the collaboration with AIFT, Melon will gain access to AIFT’s advanced insurance platform, IXT, which will be integrated with Melon’s own system.

Nasser Alshikhnasser, CEO of Melon, said: “AIFT’s extensive market expertise and innovative digital tools are crucial assets as Melon enters Saudi Arabia’s growing insurance and InsurTech industry. Collaborating closely with the Saudi Insurance Authority, this partnership is set to address the rising demand for pet insurance, aligning with the nation’s Vision 2030 objectives.”

The partnership is positioned to make Melon a frontrunner in the emerging pet insurance market, supported by an initial investment from AIFT. - TradeArabia News Service