Dubai Insurance, an insurance company in the UAE, has launched a cryptocurrency wallet that allows customers to pay premiums and receive claims using digital assets, paving the way for the digitalization of the insurance industry.
Dubai Insurance has marked a historic milestone for the UAE insurance industry by becoming the first company in the country to allow customers to conduct transactions using cryptocurrency. The company recently introduced a cryptocurrency wallet developed by Zodia Custody, enabling the collection of insurance premiums and payment of claims using digital assets in a secure and transparent manner.
The solution is designed with a high level of security and strict governance to enhance customer experience and optimize operational processes. Abdellatif Abuqurah, CEO of Dubai Insurance, affirmed that this is a landmark achievement for the company and the entire insurance industry in the UAE and the region.
“By becoming the first insurance company to allow premium collection and claims payment using digital assets through a secure digital wallet, we are redefining how insurance services are delivered, while maintaining close compliance with legal and governance frameworks,” Abuqurah emphasized.
Responding to the digital finance trend.
The CEO of Dubai Insurance stated that this move reflects the reality that digital assets have become an integral part of daily financial life. Insurance companies need a clear Vai in this ecosystem, and the new solution is just the starting point for the company's broader digitalization journey.
Zodia Custody, a cryptocurrency custody service managed in the UAE, is providing institutional-grade custody solutions to Dubai Insurance and its clients, supporting claims settlement and premium collection using digital assets. Zane Suren, Managing Director of Commercial Operations for the Middle East and Africa at Zodia Custody, commented that this is a significant step in bringing digital assets into everyday financial services in the Middle East.
"As the adoption of digital assets accelerates, insurance companies need a reliable infrastructure so that policyholders can confidently trade digital assets," Suren Chia .
UAE leads in adopting cryptocurrency payments.
Dubai Insurance's move comes as the UAE is actively promoting the adoption of cryptocurrency payments nationwide. Over the past two years, many organizations have accepted digital asset payments or partnered with issuers of stablecoins Peg to the AED to integrate cryptocurrency payments into both government and private sector services.
From Emirates Airlines to national gas stations and the Dubai Financial Services Authority, an increasing number of economic entities are participating in the digital space. This spread reflects the UAE's strategic vision to lead the future of digital finance, transforming the nation into a leading regional hub for fintech innovation.
Dubai Insurance's solution not only meets the growing demand from customers wanting to utilize digital assets, but also lays the foundation for the comprehensive transformation of the insurance industry into the digital age. With a commitment to strict compliance with the legal framework, the company is setting a precedent for other insurance businesses in the region to follow.
