Dubai Insurance has launched the UAE’s first cryptocurrency-enabled digital wallet, allowing policyholders to pay premiums and receive claims settlements in digital assets. The product, developed in partnership with Zodia Custody, aims to combine regulated custody with faster and more transparent payment channels.
Dubai Insurance has launched the first digital wallet that supports premiums and claims payments for policyholders. Payments will be made in digital assets, marking a structural shift in how insurers can manage liabilities and payouts.
Dubai Insurance framed the launch as part of a broader digital transformation strategy. Abdellatif Abuqurah, the company’s CEO, said the initiative is an initial step and that the firm plans further development in this area.
Operational custody and compliance are managed through a partnership with Zodia Custody, a Standard Chartered-backed custodian. Zodia’s involvement provides an institutional-grade layer designed to meet anti-money laundering and governance regulations, while also making cryptocurrency flows auditable and secure.
The keys to the launch of Dubai Insurance
One of the key aspects of Dubai Insurance’s launch is the regulatory framework it operates within, something that concerned insurers and regulators in the sector. The company itself placed the wallet within a model regulated by the Dubai International Financial Centre, reducing counterparty risk and allowing each user to clearly track every transaction.
Dubai Insurance did not disclose which digital assets will be supported at launch, how exchange rate conversions will be handled, or whether customers will be able to choose fiat settlement for the same policy. Therefore, some questions remain regarding adoption.
By positioning itself as the first insurer in the UAE to offer an integrated crypto payment and settlement channel, Dubai Insurance is both testing market appetite and setting a precedent for its peers. The move also reflects a broader regulatory push in the UAE and the Dubai International Financial Centre toward enabling digital finance experiments within supervised frameworks.
