23 January 2025 – AIFT, the global cybersecurity and insurance technology company, has doubled down on its commitment to the Middle East region. In December 2024, AIFT received a further investment from one of its key partners in the region, Dubai Insurance Company, and appointed Obaid Buti Almulla of Dubai Insurance to its board of directors. Meanwhile Professor Tony Chan, the former President of King Abdullah University of Science and Technology in Saudi Arabia, has joined AIFT’s International Advisory Board.
AIFT and Dubai Insurance have successfully developed OneInfinity, the leading web3 insurance brand, in the Middle East since first joining forces in December 2023. After an initial investment at that time, the partnership has gone from strength-to-strength with OneInfinity becoming the only web3 insurance product to be approved by the Central Bank of the United Arab Emirates. The partners have now taken their engagement to the next level with a further investment and the appointment of Obaid Buti Almulla to AIFT’s board of directors. The additional funds are being used to expand AIFT’s presence in the Middle East with several new hires already onboard and key executives having relocated to the region.
AIFT’s Middle East strategy will benefit greatly from the expertise and experience of Professor Tony Chan who has joined AIFT’s International Advisory Board. Professor Chan, an expert in computational mathematics and one of the most cited mathematicians in the world, has recently completed 6 years as the President of King Abdullah University of Science and Technology in Saudi Arabia. Among many other positions in the country, Professor Chan served on the Saudi Data and AI Supervisory National Strategy Committee. His insights on AI and digital strategy in the Middle East will be invaluable as AIFT introduces its innovative AI cybersecurity products to the region.
Alvin Kwock, CEO and Co-Founder of AIFT, and Robin Scott, General Manager of Middle East and General Counsel of AIFT, welcomed the two appointments. Alvin said, “It is a great honour for us that AIFT’s progress in the Middle East has been recognised with the support of leading figures in the region such as Obaid and Professor Chan, not to mention the continued financial backing of Dubai Insurance.” Robin added, “When we established our Middle East taskforce in 2023, we identified the region as an essential player globally in AIFT’s focus areas, the mega trends of AI and web3. It is heartening that our market entry has so quickly borne fruit and we look forward to many more successes in the region.”
Obaid Buti Almulla of Dubai Insurance said, “Our partnership with AIFT affirms Dubai Insurance’s commitment to innovation. Obtaining the first and only Central Bank of UAE approval for web3 insurance was a key milestone for us. I look forward to becoming even more involved in AIFT’s mission as a director.”
Professor Tony Chan said, “The Middle East is taking a leading global role in innovation spearheaded by extensive investment and focus on AI. AIFT’s market-leading products and highly experienced team are ideally suited to support the growing high-tech ecosystems in the region, especially the major markets of Saudi Arabia and UAE. I am excited to be part of the journey”.
About AIFT
AIFT is a group of innovative businesses with a shared vision to become the security layer of the future, providing cybersecurity and insurance protection for digital mega trends including AI, Web3 and future lifestyles. AIFT strategically identifies under-served markets within these mega trends where it can quickly make an impact and lead innovation.
