Hubpay, a cross-border payments platform, has partnered with Aquanow to launch the UAE’s first fully regulated crypto payments facility designed specifically for businesses and SMEs. This innovative collaboration enables various sectors, including real estate, manufacturing, and general trading, to accept cryptocurrency payments securely alongside traditional fiat transactions.

Aquanow ME FZE is regulated by Dubai’s Virtual Asset Regulatory Authority (VARA), while Hubpay is regulated by the Financial Service Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). By integrating Aquanow’s digital asset infrastructure with Hubpay’s regulated payment network, both local and global users can conduct transactions in cryptocurrencies within a familiar payment environment.

Kevin Kilty, CEO and Founder of Hubpay, stated that this partnership is a significant milestone that expands their cross-border payment solutions across different sectors. He emphasized that stablecoins are transformative as they combine the security of traditional currencies with the speed of digital assets. Kilty noted that by merging Aquanow’s infrastructure with their regulated network, they empower businesses to transact seamlessly in both fiat and crypto, contributing to the UAE’s goals of economic diversification, FinTech innovation, and becoming a global hub for digital assets.

Phil Sham, CEO of Aquanow, expressed excitement about collaborating with Hubpay to provide real-world utility for digital assets in the MENA region. He pointed out that cryptocurrency has evolved beyond being merely an investment tool; it is now an effective means for conducting high-value transactions. Sham conveyed that integrating their technology with Hubpay’s regulated payments framework would eliminate friction in large-scale transactions for buyers, sellers, and investors.

The real estate sector is expected to significantly benefit from this initiative, as it has been experiencing remarkable growth in the UAE, with resale property profits projected to reach $16.33 billion in 2024. The introduction of cryptocurrency as a payment option for property transactions will facilitate faster settlement times, lower transaction fees, and enhance financial accessibility for international buyers.

In addition to real estate, the implementation of a crypto payment gateway will help SMEs streamline cross-border payments, minimize transaction costs, and enhance cash flow management by reducing settlement delays and currency conversion fees. This solution allows SMEs to broaden their customer base by catering to global markets that prefer using digital assets.