OneDegree Eyes Opportunities with Global Stablecoin Issuers in HKMA Sandbox

OneDegree Eyes Opportunities with Global Stablecoin Issuers in HKMA Sandbox

by March 13, 2024

Insurtech OneDegree, is seeking global stablecoin issuers to work with them on the Hong Kong Monetary Authority (HKMA) stablecoin sandbox.

Alvin Kwock, co-founder of OneDegree, announced on LinkedIn that the firm is committed to working alongside the HKMA stablecoin sandbox.

This venture seeks to refine risk management practices and simplify the licensing pathway for stablecoin issuers, contributing to constructing a more secure and efficient financial ecosystem.

OneDegree OneDegree Stablecoin IssuersOneDegree extends a comprehensive suite of services to stablecoin issuers. These includes third-party validation of stablecoin mechanisms and operational designs for compliance and the use of its proprietary AI and machine learning platform, MAMORI.AI, for early warnings and monitoring.

The insurtech also offers cyber recovery solutions such as cybersecurity and technology errors & omissions (E&O) insurance, now a regulatory necessity in many jurisdictions.

Alvin expressed enthusiasm,” We are so excited to step forward with HKMA and the stablecoins issuer to co-create a world-class and fit-for-purpose stablecoins regime!”

Aside from its involvement in the stablecoin space, OneDegree offers a diverse range of insurance products catering to various needs, including health and cyber protection.

Utilising AI and cloud technology, OneDegree streamlines the insurance process for its customers. Recently, the company secured an investment from the Dubai Insurance Company for its Series B funding round, furthering its partnership to offer digital asset insurance in the United Arab Emirates (UAE). The financial details of this investment were not disclosed.

Featured image credit: Edited from Freepik