Dubai Insurance Company has stepped into the crypto arena with the launch of its own digital assets wallet. The general insurance firm, that claims to be catering to over 2.8 million customers, has joined forces with Standard Chartered-backed Zodia Custody to enable this crypto wallet for users across the UAE.
In an official announcement, Zodia claimed the insurance company has become the first in sector to step into the crypto arena in the UAE.
The development will essentially allow policy holders to process insurance-related transactions through cryptocurrencies. The wallet will allow Dubai Insurance Company clients to tap into financial activities like premium payments and claim transfers via crypto assets.
As per Dubai Insurance Company’s CEO Abdellatif Abuqurah, digital assets are becoming part of everyday financial life and eventually, more public sector firms will adopt the assets.
“This initiative reflects our commitment to innovation that is built on sound risk management, regulatory alignment, and long-term value,” Abuqurah said.
The UAE became one of the first countries in the world to regulate crypto when it established a dedicated regulatory body called VARA in 2022. In the last three years, the region has clocked significant growth and adoption in crypto exploration and adoption. The Dubai Land Department (DLD), for instance, is running a pilot testing the tokenization of real estate assets.
“As digital asset adoption accelerates, insurers need trusted infrastructure that allows policyholders to transact confidently with digital assets,” said Zane Suren, Managing Director, Commercial, Middle East and Africa, Zodia Custody commenting on the development.