UAE-based leading foreign exchange (FX) platform Hubpay on Monday announced its expansion into precious metals trading, with a focus on facilitating secure, efficient and compliant transactions between the UAE and leading markets.
The firm said the move follows it recognising the growing demand for reliable precious metals trading, particularly in Africa.
Hubpay said its expansion into the precious metals sector commences with facilitating trade between the UAE and Sub-Saharan Africa, a key market with a strong historical and cultural connection to gold.
“This initial phase paves the way for broader expansion across the continent,” the platform said.
“The UAE is playing a pivotal role in the gold marketplace and Hubpay is committed to providing businesses with the tools they need to facilitate secure and compliant trading that adheres to the highest regulatory standards,” said Kevin Kilty, CEO and Founder of Hubpay.
“We believe this move will empower businesses to capitalise on new opportunities in Africa and beyond, all through our secure and user-friendly platform,” he said.
The expansion move is expected to make Hubpay a one-stop fintech for businesses looking to manage their currency exchange and precious metals transactions.
The UAE currently ranks in the top ten countries for gold imports with volumes surging to an estimated $23.9 billion in 2023, a significant increase of nearly $9 billion from the previous year.
Gold price has also hit new all-time highs in 2024 crossing the $2,700 mark in October.
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