Hubpay launches Digital Global Currency Account

This product enables businesses to manage transactions in 38 currencies through a single multi-currency business account and IBAN. Representatives from Hubpay cited by bnnbreaking.com described this product launch as a significant development leveraging the UAE's position as a global trade hub. The Digital Global Currency Account addresses the challenges faced by businesses in traditional banking, offering expedited settlements, flexibility with no minimum balance per currency, and lower conversion rates. By simplifying financial logistics and enhancing transparency, it aims to streamline global trade operations. 

Hubpay's approach consolidates multiple currency accounts into one, reducing administrative burdens for businesses. The named accounts and multi-currency IBAN improve transaction traceability, further facilitating global trade processes. Bnnbreaking.com further reveals that, as global trade complexities increase, there's a growing demand for better financial solutions. Hubpay's Digital Global Currency Account meets this demand with advanced technology and features designed specifically for businesses operating internationally.

What else has been going on with Hubpay?

In November 2023, Hubpay unveiled the Africa ‘Collect & Remit’ solution in a bid to facilitate seamless payments between businesses operating in Africa and the UAE, leveraging the UAE's status as a global trade hub and economic powerhouse. The initiative was expected to bolster cross-border trade, particularly between Asia and Africa. 

According Hubpay officials, the introduction of the Collect & Remit solution signified the company's commitment to expanding its foreign exchange services for corporate clients. This product, created specifically for African businesses, reflected Hubpay's response to the growing demand within emerging markets, particularly in Africa. 

The launch of this solution came in the context of the strategic objectives of initiatives such as 'We the UAE 2031', which aimed to improvethe value of foreign trade and non-oil exports. Entities such as the Dubai Multi Commodities Centre (DMCC) have played a pivotal role in attracting a diverse range of businesses and entrepreneurs to the UAE, spanning industries from soft commodities to advanced technology.