Hubpay Introduces New Payment Solution to Facilitate Africa-UAE Trade

Published 6 months ago

Hubpay, the first independently licensed digital payment company in the UAE, has unveiled its new Africa Collect & Remit solution aimed at enhancing trade between African businesses and their counterparts in the UAE. This breakthrough service is designed to simplify the process of sending payments to the UAE, a recognized global currency exchange hub, thereby fostering increased cross-border trade, particularly between the regions of Asia and Africa.

A Step Forward for Corporate Forex Services

The introduction of the Collect & Remit solution marks Hubpay’s expansion into the Forex services for corporate clients, with a special focus on the rapidly growing African market. Kevin Kilty, Founder and CEO of Hubpay, highlighted the significance of this new product, which is tailored to cater to one of the most dynamic sectors in emerging markets.

The UAE as a Global Trade Conduit

The UAE’s strategic vision, particularly under the ‘We the UAE 2031’ initiative, aims to boost the value of foreign trade and non-oil exports. The Dubai Multi Commodities Centre (DMCC) has been instrumental in attracting a diverse range of businesses to the UAE, spanning various industries that not only serve the domestic market but also extend their reach to Africa. The increasing economic surge in Africa has created a high demand for products, with many sourced from Asia.

Given its advantageous location and state-of-the-art infrastructure, the UAE has long been a pivotal link between Asia and Africa. Its role has further evolved with its recognition as a significant global FX hub. However, the lack of comprehensive FX solutions for African businesses has been a barrier to growth, a gap that Hubpay aims to bridge with its latest offering.

Enabling International Business Growth

As a frontrunner in fintech innovation, Hubpay is broadening its product range to serve an international clientele, particularly emphasizing support for African enterprises. The launch of the new FX Hub is a key milestone, enabling seamless transactions from Africa to the UAE and onward to the global market, thus providing new opportunities for entrepreneurs and supporting the international expansion of businesses.

In today’s interconnected global economy, Hubpay’s UAE-based FX Hub stands out as an essential facilitator for businesses eager to capitalize on the growing opportunities in cross-border trade between Asia and Africa. Hubpay is poised to shape the future of financial services, paving the way for prosperity in the ever-changing global business environment.