In partnership with Standard Chartered’s Zodia Custody, Dubai Insurance is the first insurer globally to issue a crypto wallet for its policy holders to transact with digital assets.
What to know:
- Dubai Insurance has become the first traditional insurer globally to launch a cryptocurrency wallet for customers to pay premiums, receive claims and transact digital assets.
- The wallet, developed with Standard Chartered–backed Zodia Custody, aligns with the United Arab Emirates’ push to integrate digital assets into mainstream finance under clearer regulatory rules.
- Executives say the move introduces regulated, on-chain infrastructure to the regional insurance sector, aiming to improve transparency, efficiency and customer experience while maintaining strict governance and security standards.
Dubai Insurance became the first in its sector on a global scale to roll out a cryptocurrency wallet for its customers to handle claims and premiums, and transact digital assets.
The fourth-largest insurer in the United Arabs Emirates (UAE)said it developed the crypto wallet in partnership with Standard-Chartered-owned crypto custodian Zodia Custody, in an emailed announcement on Wednesday.
Dubai Insurance’s venture into digital assets comes as the UAE increasingly pushes forward the integration of digital assets into mainstream financial services and as traditional firms (TradFi) experiment with blockchain-based payments amid clearer rules for custody and compliance. It also comes months after the country enacted a new central bank law that brought digital assets and decentralized finance (DeFi) into traditional banking regulatory compliance, positioning the country as a global financial innovation hub.
While crypto wallets are increasingly common among TradFi firms such as PayPal Robinhood and Revolut, their adoption by a regulated insurer signals a deeper shift in how legacy financial institutions are testing onchain infrastructure for real-world transactions.
“By becoming the first insurance company to enable the receipt of premiums and payment of claims in digital assets through a secure digital wallet, we are redefining how insurance services are delivered while remaining firmly aligned with regulatory and governance frameworks,” said Abdellatif Abuqurah, CEO at Dubai Insurance.
The move by the UAE firm introduces a regulated infrastructure that allows policyholders to transact using digital assets, while ensuring high standards of security, governance, and transparency.
