Hubpay, a United Arab Emirates (UAE)-based cross-border payments platform, has partnered with digital asset infrastructure provider Aquanow to launch a regulated cryptocurrency payments facility tailored for businesses and small to medium-sized enterprises (SMEs) operating in the Middle East country. The collaboration enables businesses operating in the country to accept cryptocurrency payments alongside fiat currency.
According to a statement, both entities are regulated: Aquanow by Dubai’s Virtual Asset Regulatory Authority (VARA) and Hubpay by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market. Kevin Kilty, CEO and founder of Hubpay, commended the collaboration, which he said advances the UAE’s goal of becoming a hub for digital assets.
“This collaboration marks a significant milestone for Hubpay as we expand our cross-border payment solutions across sectors. Stablecoins are a game-changer, combining the security of traditional currencies with the speed of digital assets. By integrating Aquanow’s infrastructure with our regulated network, we’re empowering businesses to transact seamlessly in both fiat and cryptocurrency — advancing the UAE’s agenda to drive economic diversification, foster fintech innovation and position itself as a global hub for digital assets,” Kilty said.
Phil Sham, CEO of Aquanow, said with cryptocurrency becoming a practical and efficient means of conducting high-value transactions, the integration with Hubpay’s regulated payments framework helps remove friction from large-scale transactions for buyers, sellers and investors alike.
According to the statement announcing the collaboration, the real estate sector is expected to benefit immensely through reduced transaction fees, fast settlement times and greater financial accessibility for international buyers. Implementation of the cryptocurrency payment gateway is also expected to reduce transaction costs and minimize currency conversion fees.
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