Hubpay, the first independently licensed company in the UAE to offer digital payments, has launched a new “Collect & Remit” solution designed to boost cross-border trade with Africa.
The offering will allow businesses with entities and trade partners across Africa to seamlessly send payments to a UAE-based global currency exchange hub, driving further cross-border trade, particularly between Asia and Africa, the company said.
The new FX Hub falls in line with the ‘We the UAE 2031’ initiative, which aims to drive the value of foreign trade and non-oil exports, galvanized by entities like the Dubai Multi Commodities Centre (DMCC). It has been introduced so businesses, in particular those in Africa, will have access to more comprehensive FX solutions.
“Hubpay continues to expand our Forex services for corporate clients, our new Collect & Remit solution is our first product tailored for African businesses, enabling us to service one of the fastest growing geographic sectors across emerging markets,” Kevin Kilty, Founder and CEO, Hubpay said.
As global economic activity has picked up following the pandemic, the region has become increasingly attractive to a wave of new businesses and entrepreneurs spanning multiple industries, from soft commodities to cutting-edge smart devices. For many of these businesses, the UAE is seen as a natural gateway between Asia and Africa, given its strategic logistical position and advanced infrastructure.
By empowering clients to make payments from Africa to the UAE and further to global markets the FX Hub opens up new avenues for entrepreneurs and bolsters the international expansion of businesses, Hubpay said.
