Dubai Insurance, a UAE insurance company, has introduced a crypto wallet developed by Zodia Custody to secure transparent receipt of premiums and payment of insurance claims in crypto.
This is the first time an insurance company in the country allows policyholders to transact using digital and crypto assets. The secure, highly governed, and transparent solution, according to Dubai Insurance, will enhance customer experience and streamline the operational process.
“This initiative marks a defining moment for us and the insurance sector in the UAE and the region. With the launch of our first digital asset wallet, we are embracing innovation in line with the UAE’s vision to lead the future of digital finance,” said Abdellatif Abuqurah, CEO at Dubai Insurance.
He adds, “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.”
The CEO also went on to say that because digital assets have become a part of everyday financial life, insurers need to play a clear role, and that this solution is reflective of their commitment to innovation and the start of a broader digital journey.
Zodia Custody, a UAE-regulated crypto asset custodian, is offering Dubai Insurance and its customers an institutional-grade custody solution that offers claims and premium payment settlements in digital assets.
“Dubai Insurance’s launch of a crypto-enabled digital wallet is a meaningful step forward in bringing digital assets into everyday financial services in the Middle East,” said Zane Suren, Managing Director, Commercial, Middle East and Africa, Zodia Custody. “As digital asset adoption accelerates, insurers need trusted infrastructure that allows policyholders to transact confidently with digital assets.”
Across the UAE, and over the past two years, various entities have adopted crypto payments or are working with AED stablecoin issuers to introduce digital asset payments into governmental services, as well as private sector ones. From Emirates Airlines to national gas stations to the Dubai Financial Department, more and more economic players are entering the digital realm.
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Source: https://www.cryptopolitan.com/dubai-insurance-customers-can-pay-in-crypto/
