Hubpay and Aquanow have partnered to launch a regulated cryptocurrency payment solution for businesses in the UAE, allowing for the acceptance of both cryptocurrency and fiat currency. With regulatory oversight by VARA and FSRA, the collaboration supports the UAE’s ambition to become a digital asset hub, enhancing transaction efficiency and reducing costs, particularly in the real estate sector.
Hubpay, a cross-border payments platform based in the United Arab Emirates, has forged a partnership with Aquanow, a digital asset infrastructure provider, to establish a regulated cryptocurrency payments solution for businesses in the UAE. This initiative aims to facilitate the acceptance of cryptocurrency payments along with traditional fiat currency, particularly benefiting small to medium-sized enterprises (SMEs) in the region.
Both companies possess regulatory backing, with Aquanow supervised by Dubai’s Virtual Asset Regulatory Authority (VARA) and Hubpay under the oversight of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market. Kevin Kilty, the CEO of Hubpay, emphasized the significance of this collaboration in advancing the UAE’s aspirations to become a pivotal hub for digital assets.
Kilty remarked, “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.” He highlighted that this integration empowers businesses to transact efficiently in both fiat and cryptocurrency, thereby fostering fintech innovation in the UAE.
Phil Sham, the CEO of Aquanow, stated that the partnership enhances the regulated payments framework, allowing smoother high-value transactions. He indicated that this framework aids in alleviating friction in transactions, thus benefiting buyers, sellers, and investors.
The collaboration is poised to deliver substantial benefits to the real estate sector by decreasing transaction fees, expediting settlement times, and enhancing financial accessibility for international buyers. The implementation of this cryptocurrency payment gateway is also anticipated to lower transaction costs and alleviate currency conversion charges.
In conclusion, Hubpay’s partnership with Aquanow represents a significant advance in the UAE’s digital asset landscape, positioning the region as a leading hub for cryptocurrency payments. With both entities holding regulatory approval, businesses in the UAE can seamlessly accept cryptocurrency, enhancing transaction efficiency and accessibility in the financial sector. This initiative is set to particularly benefit small and medium enterprises as well as the real estate sector.
Original Source: news.bitcoin.com
