Hubpay Launches Self-Serve Platform for UAE SMEs in Cross-Border Trade

Hubpay, a business banking service based in Abu Dhabi, has launched a self-serve platform aimed at simplifying cross-border payments for small and medium-sized enterprises (SMEs) in the UAE.

The new platform is designed to streamline the payment process for UAE-based businesses, offering a cost-effective solution for international trade. This development comes at a time when the UAE’s SME sector is experiencing significant growth. As of mid-2022, there were over 558,000 SMEs in the UAE, contributing 63.5% to the non-oil GDP. The government has set an ambitious target to increase the number of SMEs in the country to 1 million by 2030, reflecting the sector’s importance to the economy.

A notable aspect of the UAE’s SME landscape is the high level of international engagement. Around 51% of SMEs in the country are involved in international trade, underscoring the demand for efficient and reliable payment solutions. Hubpay’s platform aims to address this need by offering features such as competitive exchange rates, fast transactions, and real-time tracking.