AIFT signs two partnerships during FII Summit in Riyadh

AIFT, the global cybersecurity and insurance technology company, held a signing ceremony on the sidelines of the Future Investment Initiative (FII) Summit in Riyadh in the presence of Hong Kong Financial Secretary Paul Chan to ink two key partnerships in Saudi Arabia.

The first partnership is with Walaa Cooperative Insurance, a leading Saudi Arabian insurance company. AIFT first announced that its insurance company OneDegree is working with Walaa in September at the 24Fintech Summit in Riyadh. The team was delighted to reinforce its partnership in front of dignitaries from Hong Kong and Saudi Arabia. The collaboration will see Walaa serve as a reinsurer for OneDegree’s digital asset products globally.

The second partnership is 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 (MGA) license. 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. The partnership is positioned to make Melon a frontrunner in the emerging pet insurance market, supported by an initial investment from AIFT.

Robin Scott, AIFT’s General Manager of the Middle East, said, “We were honoured to be joined by Hong Kong Financial Secretary Paul Chan and other dignitaries from Hong Kong and Saudi Arabia at our signing ceremony in Riyadh. 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”.

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.

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.”