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 allows companies working within the nation to just accept cryptocurrency funds alongside fiat foreign money.
In line with an announcement, 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, counseled the collaboration, which he stated advances the UAE’s aim of changing into a hub for digital property.
“This collaboration marks a major milestone for Hubpay as we develop our cross-border cost options throughout sectors. Stablecoins are a game-changer, combining the safety of conventional currencies with the pace of digital property. 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 world hub for digital property,” Kilty stated.
Phil Sham, CEO of Aquanow, stated with cryptocurrency changing 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.
In line with the assertion saying the collaboration, the true property sector is predicted to learn immensely via diminished transaction charges, quick settlement occasions and better monetary accessibility for worldwide patrons. Implementation of the cryptocurrency cost gateway can also be anticipated to scale back transaction prices and reduce foreign money conversion charges.
