- The new African-focused FX Hubs are a by-product of driving the “We the UAE 2031” initiative.
- The UAE is the third-largest market for remittances globally, with $47 billion of payments made in 2021.
- HubPay will play a crucial role in driving the value of foreign trade and non-oil exports galvanized by the Dubai Multi Commodities Centre(DMCC).
As the world steadily transitions into the fourth industrial revolution, Africa has significantly highlighted its potential to dominate emerging markets. Amid these revolutions, Africa’s fintech, Mobile, Web3, and E-commerce industry has rapidly increased, welcoming more investors daily. Africa’s fintech industry is by far its most promising market, with investors producing promising startups like Yellow Card, Luno, and Flutterwave.
The growing number of startups and partnerships significantly highlights its process and potential. In recent news, UAE fintech startup Hubpay unveils an African-focused FC hub boosting Africa-UAE trade. This milestone will overhaul the trading relations between international organs and boost Afroica’s fintech industry.
Hubpay Overhauls Africa-UAE trade
Africa has significantly lagged behind many new technologies with previous industrial revolutions. As a result, the continent is less reliant on Web2/Internet technologies, highlighting the continent’s need for progress. In an ironic twist of fate, it’s due to this very demerit that Africa has provided the perfect environment for digital payment systems and Web3 technology.
Due to the low reliance on the banking system and the previous milestone of mobile money platform Mpesa, Africa has developed an acute compatibility with digital payment systems. Its easy-to-use functionality and broad network scale have allowed many underserved communities to acquire financial services. This trend rapidly grew into Africa’s fintech industry, a billion-dollar franchise with the potential to overhaul the content’s progress.
In addition, this emerging industry would benefit other tech franchises, such as Africa’s mobile and e-commerce industry. Digital payment has broadened the scope of most startups. It has allowed innovators and entrepreneurs to go as far as expanding services. This lucrative market soon caught the eye of many investors, including titan corporations like Binance, Ethereum, and other tech-based organizations. Its potential would later catch the attention of UAE fintech startup Hubpay.
New Collect & Remit solution
In recent news, Hubpay officially announced the launch of a new African-focused FX hub, Collect and Remit Solutions. The UAE fintech startup is the first independently licensed company to offer digital payments. They designed this new feature to boost cross-border payments, further strengthening Africa-UAE trade.
According to its official notice, the offering will allow businesses and startups in the Africa-UAE trade market access to seamless and advanced payment solutions. In addition, it also enabled them to send payments to a UAE-based global currency exchange Hub to ensure easy, secure, and reliable payment options for HubPay.
The new African-focused FX Hubs are a by-product of driving the “We the UAE 2031” initiative. According to this strategic documentation, HubPay will play a crucial role in driving the value of foreign trade and non-oil exports galvanized by the Dubai Multi Commodities Centre(DMCC). Hubpay has already launched the new system through several organizations and businesses across the content. This allows more access to comprehensive FX solutions.
Kevin Kilty, founder and CEO of HubPay, said,
“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.“
Redefining the Africa-UAE trade industry
With businesses shifting towards digital platforms, the entire scope of the global trading line will drastically change. Through Africa’s fintech industry, many corporations have significantly alleviated unnecessary entities within their daily trading regimes. Africa, having one of the highest rates of entrepreneurs, has felt a paradigm shift as many have sought alternative ways to generate income.
Through digital payment platforms, many SMEs and startups have focused their forest on scaling their reach throughout the region. In addition, through the advances of Africa’s mobile industry, many payments from anywhere in the continent are made possible. Hubpay is among the leading fintech solution providers renowned for its innovative services.
By extending its product range to cater to an extensive international clientele, the UAE fintech startup is positioning itself to dominate the market. The new African-focused FX hub will empower many businesses directly with UAE opportunities. This not only creates many development opportunities but also overhauls digital asset adoption.
Currently, the world is undergoing a significant shift into a digital era. Global economics has increasingly intertwined multiple industries, growing both in volume and in potential. The Africa-UAE trade market will experience the same shift as the continent shifts into a technical era. Governments, organizations, and NGOs are pouring resources to ensure the upcoming youth have a deep-rooted knowledge of technology. This generally assures Africa’s future in technology.
Furthermore, the UAE is the third-largest market for remittances globally, with $47 billion of payments made in 2021. Kevin once remarked, “The fintech market across MENA is at a turning point. A wave of new digital regulatory regimes has been launched, enabling businesses like Hubpay to offer fully digital solutions to underbanked users.”
Its new African-focused FX hub will overhaul Africa’s path towards digital payments and banking systems. Its Fintech industry already shows significant promise. The UAE fintech startup seeks to empower clients to acquire a seamless and fast payment gateway, further boosting Africa-UAE trade.
“For many of these businesses, the UAE is seen as a natural gateway between Asia and Africa, given its strategic logistical position and advanced infrastructure. By empowering clients to make payments from Africa to the UAE and global markets, the FX Hub opens up new avenues for entrepreneurs. It bolsters the international expansion of businesses.“