Hubpay, a fast-growing financial institution licensed by the Abu Dhabi Global Market (ADGM), has unveiled its digital business accounts aimed at enhancing the corporate onboarding process for small and medium-sized enterprises (SMEs) in the UAE. This initiative aligns with the UAE’s goal to increase the number of SMEs from over 557 000 to more than 1 million by 2030.

The Hubpay Business Account is designed to significantly reduce the time required for opening business accounts, which can currently take anywhere from 5 weeks to 3 months. This lengthy process has created critical delays that hinder SMEs’ ability to start generating revenue. The new accounts will provide a streamlined solution, supporting operations for businesses from day one.

New businesses often face significant challenges, including lengthy account opening processes, limited access to multi-currency accounts, and the burden of multiple Requests for Information (RFIs) from traditional providers. Hubpay aims to eliminate these obstacles by offering a range of account options tailored to different business sizes, including the Starter account for startups, the Scale account for medium enterprises, and the Treasury account for larger organizations.

For newly incorporated businesses, Hubpay can facilitate express account openings within 24 hours for an initial one-time fee of 5,000 AED. The Hubpay Standard package can be established within 7 days with a 2,000 AED setup fee, while Saver Accounts can be initiated within 14 days for a one-time fee of 1,000 AED. To celebrate the launch, Hubpay is offering a special promotion where the setup and subscription fees will be waived for the first month, allowing SMEs to start without any upfront costs.

Kevin Kilty, CEO and Founder of Hubpay, emphasized the urgency many SME leaders face in growing their businesses. He noted that Hubpay has developed this digital business account to help alleviate common pain points, enabling entrepreneurs to focus on growth and productivity, thereby contributing to the UAE’s expanding economy.

Hubpay is dedicated to complying with the Financial Services Regulatory Authority (FSRA) regulations, including strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols throughout the client onboarding process. Over the past four years, Hubpay has handled more than $2.6 billion in trade payments and has secured over $30 million in funding to enhance its cross-border payment solutions, establishing itself as a leader in the financial services sector.