Hubpay, a leading UAE-based FX platform, announced the launch of its digital business accounts that aim to smooth the corporate onboarding journey for thousands of businesses.
The company said the initiative is also aimed at increasing UAE’s global trade with over 85 countries.
The UAE is currently home to over 557,000 SME businesses, with a target to grow that number to over 1 million by 2030.
The Hubpay Business Account brings a new solution to the market that is designed to reduce the business account processing time, which can currently take up to 3 months, causing critical delays in SMEs’ ability to generate revenue, the company said.
Kevin Kilty, CEO & Founder of Hubpay, said through the combined expertise of the company’s product design, compliance, and client services teams, it has sought to develop a digital business account that solves a headache that SME business leaders often face.
“In doing so, the new initiative frees them up to grow their businesses, increase productivity, and ultimately contribute to the UAE’s fast-growing economy,” he said.
Streamlining SME onboarding with Hubpay
Newly incorporated businesses in the UAE need a global payment provider to help them be operationally ready from day 1.
The challenges SME businesses currently face include extensive process for account opening, taking more than five weeks up to 3 months to get the account ready, the company said.
Besides, SME companies only get access to an AED account and need to wait up to 7 months to access multi-currency support, it said.
“Bringing a financially inclusive product to the UAE market, SME business owners will now be able to choose from a range of Hubpay Business accounts to suit their needs, ranging from the ‘Starter’ account, designed for start-ups and small businesses, through to the ‘Scale’ account for medium-sized businesses, and the ‘Treasury’ account for larger businesses,” the company said.
For newly incorporated businesses, express account openings can be arranged by Hubpay within 24 hours and require a 5,000 AED initial one-time setup fee, it said.
To celebrate the launch, Hubpay said it will offer a subscription fees waiver as an exclusive, limited-time promotion for new customers in the first month.
