Hubpay unveils FX Hub to boost Africa-UAE trade with Collect & Remit solution
Leveraging the strength of the United Arab Emirates position as a global trade hub and economic powerhouse, Hubpay, the first independently licensed company in the UAE to offer digital payments, have announced the launch of its Africa “Collect & Remit” solution. This offering allows businesses with entities and trade partners across Africa to seamlessly send payments to the flourishing global currency exchange hub that is the UAE, driving further cross-border trade, particularly between Asia and Africa.
“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,” commented Kevin Kilty, Founder and CEO of Hubpay.
The strategic vision of the ‘We the UAE 2031’ initiative, to drive the value of foreign trade and non-oil exports, galvanized by entities like the Dubai Multi Commodities Centre (DMCC), has attracted a new wave of businesses and entrepreneurs to the UAE. This influx spans a wide range of industries, from soft commodities to cutting-edge smart devices. These businesses don’t just cater to the UAE but also serve the broader region, with a special focus on Africa. Africa’s exponential economic growth has generated immense demand for a variety of products, many of which are predominantly manufactured across Asia.
The UAE, given its strategic logistical position and advanced infrastructure, has long served as the gateway between Asia and Africa. This crucial role has now expanded to include its recognition as a global FX hub. However, there has been a notable absence of comprehensive FX solutions, especially for African businesses, which has acted as a barrier to growth.
Hubpay, a leading fintech solution provider renowned for its innovative offerings, is now extending its product range to cater to a more extensive international clientele, with a particular emphasis on African businesses. The introduction of the new FX Hub marks a pivotal moment in this expansion, as it empowers clients to make payments from Africa to the UAE and further to global markets. This opens up new avenues for entrepreneurs and bolsters the growth and international expansion of businesses.
In a world where global commerce is increasingly intertwined, Hubpay’s UAE-based FX Hub emerges as a crucial enabler for businesses looking to tap into the burgeoning opportunities in cross-border trade between Asia and Africa. Hubpay continues to lead the way in shaping the future of financial services, forging a path towards prosperity for businesses in this rapidly evolving global landscape.