UAE’s Hubpay is set to launch a Digital Global Currency Account that allows businesses to send, receive, and manage funds across 38 different currencies, the company has announced.
The multi-currency business account comes with an IBAN feature and includes USD and wallets so users can create named accounts and manage funds without the hassle of currency conversion.
Additionally, for a business collecting multiple different currencies, only one IBAN number needs to be attached to an invoice while the programme automatically reconciles the currency, saving time on invoicing and reconciliation.
Hubpay’s Digital Global Currency Account also offers expedited settlements, allowing businesses to expand into new global territories with same-day and next-working-day transfers. By streamlining this process, the company is aiming to empower large and mid-size corporations to manage all their online business accounts efficiently in one centralised platform.
“Hubpay is proudly from the UAE, building world-class solutions uniquely for the local market – our Digital Global Currency Account represents a paradigm shift in international finance operations,” said Kevin Kilty, Founder and CEO of Hubpay.
In October, Hubpay launched a “Collect & Remit” solution designed to boost cross-border trade with Africa. The new Digital Global Currency Account has been designed to meet a diverse range of business needs. It will have no minimum balance per currency and will include lower and instant conversion rates when moving funds between different currencies, all under the same IBAN, the company said.
“Hubpay will be the first independently licensed company in the UAE to offer virtual IBANs. This milestone underscores the UAE’s position as a global transaction hub, now more interconnected with the world than ever before,” Kilty added.
