Dubai Insurance Company has become the first company in the industry globally to launch a cryptocurrency wallet for customers to process claims and premiums as well as trade digital assets.
The fourth-largest insurance company in the United Arab Emirates (UAE) said in an emailed statement on Wednesday that it developed the crypto wallet in partnership with Standard Chartered Bank-owned crypto custodian Zodia Custody.
The Dubai insurance company’s foray into digital assets comes amid a growing push in the UAE to integrate digital assets into mainstream financial services and as traditional firms (TradFi) experiment with blockchain-based payments under clearer custody and compliance rules. A few months ago, the country enacted a new central bank law that brought digital assets and decentralized finance (DeFi) into the scope of traditional banking regulatory compliance, positioning the country as a global center for financial innovation.
While crypto wallets are increasingly common among TradFi companies like PayPal Robinhood and Revolut, the adoption of crypto wallets by regulated insurance companies signals a deeper shift in the way traditional financial institutions test on-chain infrastructure for real-world transactions.
Abdellatif Abuqurah, CEO of Dubai Insurance Company, said: “By becoming the first insurance company to receive premiums and pay claims in digital assets through a secure digital wallet, we are redefining the way insurance services are delivered while remaining firmly aligned with regulatory and governance frameworks.”
The UAE company’s initiative introduces a regulated infrastructure that allows policyholders to transact using digital assets while ensuring high standards of security, governance and transparency.
