Hubpay recently announced the launch of its digital business accounts, which aim to smooth the corporate onboarding journey for thousands of businesses and increase global trade with 85+ countries.
The UAE currently has over 557,000 SME businesses and aims to grow that number to over 1 million by 2030. The Hubpay Business Account is a new solution designed to reduce the business account processing time, which can currently take up to 3 months. This can cause critical delays in SMEs’ ability to generate revenue.
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:
- Account opening – Extensive process taking more than 5 weeks up to 3 months to get the account ready.
- Multi-currency support – SME clients only get access to an AED account and need to wait up to 7 months to access multi-currency support, with minimum monthly commitments and operational fees.
- Multiple RFIs – Traditional providers are not industry specialists, so they raise frequent RFIs, delaying payment settlements.
- Pricing – Opaque FX pricing leads to higher costs for businesses, eroding profit margins.
- Relationship management – Businesses can be faced with multiple unanswered calls and slow responses on resolving issues, causing increased frustration and time delays.
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. These include the Starter account, designed for start-ups and small businesses, the Scale account for medium-sized businesses, and the Treasury account for larger businesses.
For newly incorporated businesses, Hubpay can arrange express account openings within 24 hours and require a 5,000 AED initial one-time setup fee. The Hubpay Standard package can be opened within 7 days with a financially inclusive 2,000 AED initial one-time fee. Saver Accounts for businesses are also available within 14 days and can be started with a 1,000 AED one-time fee.
Special Launch Offer: To celebrate the launch, Hubpay offers an exclusive, limited-time promotion for new customers. All account setup and subscription fees will be entirely free for the first month of opening a Hubpay Business Account. This allows SMEs to get started without any upfront costs, helping them save money as they embark on their business journey.
“We appreciate SME business leaders are in a hurry to get things done and grow their businesses fast. Through the combined expertise of our product design, compliance, and client services teams, Hubpay has sought to develop a digital business account that solves a headache that SME business leaders often face and, in doing so, frees them up to grow their businesses, increase productivity, and ultimately contribute to the UAE’s fast-growing economy” Kevin Kilty, CEO & Founder of Hubpay.
Hubpay is committed to adhering to FSRA regulations, including strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. These standards have been carefully integrated into the client onboarding process to ensure compliance at every step.
Over the past four years, Hubpay has processed more than $2.6 billion in trade payments and is shaking up financial services in some of the world’s most challenging markets. Hubpay is the first independently regulated FinTech in the UAE licensed to do cross-border and local payments and has successfully completed fundraising of over $30 million to support its ongoing mission to provide world-class cross-border payment solutions that help companies, people, and countries thrive.
