Hubpay Introduces Global Digital Currency Account

To facilitate global financial operations, digital wallet Hubpay, based in the United Arab Emirates, has introduced its Digital Global Currency Account.

Madilyn Swift

February 26, 2024

2Min Reads

139

Banking

With the help of this tool, companies may handle transactions in 38 different currencies using just one multi-currency business account and an IBAN. According to Hubpay representatives reported by bnnbreaking.com, this product launch is a significant milestone that capitalises on the UAE's status as a worldwide trading hub. The Digital Global Currency Account offers reduced conversion rates, flexible terms with no minimum amount required for each currency, and faster settlements to mitigate the difficulties that traditional banking presents to businesses. It attempts to simplify international trade operations by improving transparency and streamlining financial logistics.

Hubpay's method reduces administrative burdens for businesses by combining several currency accounts into one. Global trade operations are further facilitated by the enhanced transaction traceability provided by the named accounts and multi-currency IBAN. Better financial solutions are in more demand as global trade becomes more complex, according to Bnnbreaking.com. This need is satisfied by Hubpay's Digital Global Currency Account, which has features and cutting-edge technology created especially for companies doing business abroad.

What further updates are there about Hubpay?

Hubpay debuted the Africa "Collect & Remit" solution in November 2023 with the goal of utilising the UAE's position as a major economic force and hub for global trade to enable smooth payments between companies doing business in Africa and the UAE. It was anticipated that the project would promote international trade, especially between Asia and Africa.

Officials from Hubpay stated that the launch of the Collect & Remit solution demonstrated the company's dedication to growing its foreign exchange services for business customers. This solution was developed by Hubpay especially for African businesses in response to the increasing demand in emerging markets, especially in Africa.

This solution was introduced in line with the strategic goals of programmes like "We the UAE 2031," which sought to increase the value of exports other than oil and foreign commerce. Organisations like the Dubai Multi Commodities Centre (DMCC) have been instrumental in drawing a wide spectrum of enterprises and entrepreneurs to the United Arab Emirates, covering sectors ranging from sophisticated technology to soft commodities.