Hubpay, a United Arab Emirates-based cross-border funds platform, has partnered with Aquanow, a digital asset infrastructure supplier, to launch a regulated cryptocurrency funds facility for companies within the Center East nation.
Collaboration Bolsters UAE’s Digital Asset Hub Ambition
Hubpay, a United Arab Emirates (UAE)-based cross-border funds platform, has partnered with digital asset infrastructure supplier Aquanow to launch a regulated cryptocurrency funds facility tailor-made for companies and small to medium-sized enterprises (SMEs) working within the Center East nation. The collaboration permits companies working within the nation to just accept cryptocurrency funds alongside fiat forex.
Based on a press release, each entities are regulated: Aquanow by Dubai’s Digital Asset Regulatory Authority (VARA) and Hubpay by the Monetary Companies Regulatory Authority (FSRA) within the Abu Dhabi International Market. Kevin Kilty, CEO and founding father of Hubpay, recommended the collaboration, which he mentioned advances the UAE’s objective of turning into a hub for digital belongings.
“This collaboration marks a big milestone for Hubpay as we broaden our cross-border fee options throughout sectors. Stablecoins are a game-changer, combining the safety of conventional currencies with the velocity of digital belongings. By integrating Aquanow’s infrastructure with our regulated community, we’re empowering companies to transact seamlessly in each fiat and cryptocurrency — advancing the UAE’s agenda to drive financial diversification, foster fintech innovation and place itself as a worldwide hub for digital belongings,” Kilty mentioned.
Phil Sham, CEO of Aquanow, mentioned with cryptocurrency turning into a sensible and environment friendly technique of conducting high-value transactions, the mixing with Hubpay’s regulated funds framework helps take away friction from large-scale transactions for patrons, sellers and traders alike.
Based on the assertion asserting the collaboration, the actual property sector is anticipated to profit immensely by way of diminished transaction charges, quick settlement occasions and higher monetary accessibility for worldwide patrons. Implementation of the cryptocurrency fee gateway can also be anticipated to scale back transaction prices and decrease forex conversion charges.
