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Stablecoins Can Move Money Faster. Can They Make Cross-Border Payments More Reliable?

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Imagine a business that pays an overseas supplier in stablecoins. The transfer is confirmed within minutes, but the supplier cannot access the funds in the currency needed to fulfil the order. A bank review holds up the conversion, the delivery date approaches, and neither party knows how long the delay will last.
The payment has worked as a blockchain transaction. As a business transaction, however, it has fallen short.

Jack Tang, Co-founder & CEO


This distinction matters as stablecoins gain attention as a more efficient way to move money internationally. They offer genuine advantages, including faster settlement and the potential to reduce transfer costs. But businesses do not adopt payment methods simply because the technology works. They need to know that money will arrive when expected, that recipients can use it, and that problems can be resolved without leaving both parties in limbo.


For stablecoins to become a practical part of global commerce, the industry must address the parts of a payment journey that technology alone cannot fix.

The Real Cost Is More Than the Transfer Fee


Sending money across borders remains expensive, despite years of investment in digital payments. World Bank data puts the global average cost of remittances at approximately 6.36% per US$100, down from 8.89% in 2010. Progress has been uneven, with established corridors such as the UAE–India and US–Mexico benefiting from more developed financial networks, while some routes serving Africa, Latin America and Southeast Asia continue to face higher costs.


The UAE illustrates why this matters. With expatriates accounting for around 88% of its population, the country is a major centre for international remittances, particularly to South Asia. Improvements in payment infrastructure have implications not only for individuals sending money home but also for companies paying suppliers, contractors and employees abroad.


Stablecoins could help reduce some of the friction involved. Yet headline transaction volumes can obscure how much progress has actually been made in everyday payments. The $8.82 trillion in stablecoin transaction volume cited for the first half of 2026 includes activity that is not necessarily linked to purchasing goods, paying suppliers or settling commercial invoices. Estimates of real-world stablecoin payment activity, at approximately $390 billion, offer a different perspective on adoption.


The distinction is important. Moving a digital asset between wallets is not the same as completing a payment that meets a business’s commercial needs. The latter requires the entire process, from funding and settlement to conversion, reconciliation and confirmation, to work reliably.


Businesses Need Someone to Turn to When Payments Fail


Conventional payment systems have plenty of shortcomings, but businesses generally operate within established arrangements for investigating failed transfers, handling refunds and determining who is responsible for a loss. Stablecoin payments introduce a different set of participants and processes, and responsibility can become less clear when something goes wrong.


A cross-border transaction might involve a stablecoin issuer, a payment provider, an exchange and one or more banks. Each may have its own compliance obligations, operating procedures and timelines. A transaction can settle on-chain while remaining inaccessible to its intended recipient because a bank review, liquidity issue or other operational problem interrupts the next stage.


For a business, the consequences are tangible. A supplier may delay an order, a shipment may miss its window, or a contractual payment deadline may be breached. The savings achieved through faster settlement can quickly lose their value if the business cannot predict when the recipient will actually receive usable funds.


This is why dispute handling, refunds, transaction restrictions and clear escalation procedures need to be considered from the outset. A system designed for commercial use cannot rely on the assumption that every transaction will proceed as intended.


There is room for infrastructure that brings together blockchain-based payments and familiar financial risk controls. Such systems could help coordinate transaction monitoring, counterparty checks and the handling of disputed or interrupted payments.

The objective is not to recreate every layer of traditional banking, but to give businesses a clear process and an accountable party when a payment requires intervention.


International Payments Need International Coordination


The same issue arises at the regulatory level. A business making payments across several markets should not have to navigate a completely different set of operational expectations at every border.


Europe’s Markets in Crypto-Assets Regulation (MiCA), the US GENIUS Act, and frameworks developed by the UAE’s Virtual Assets Regulatory Authority (VARA) and Central Bank of the UAE (CBUAE) represent important efforts to establish rules for digital assets. However, they differ in their treatment of issuers, reserves, disclosures and permitted activities. Approval in one jurisdiction does not automatically establish acceptance in another.


Information-sharing requirements create another challenge. Where Travel Rule protocols are implemented differently, payment providers may struggle to exchange information about transaction participants consistently. This can introduce friction even when the underlying transfer is technically straightforward.
The answer is not necessarily a single global rulebook.

Countries have different legal systems and regulatory priorities. What the industry needs is greater compatibility between those systems: clearer expectations for cross-border transactions, more consistent information-sharing arrangements and practical ways for compliant providers to operate across jurisdictions.


For businesses, regulatory predictability is part of payment reliability. Companies need to understand the conditions under which funds can be transferred, held or released before committing to a payment method.


The Banking Relationship Still Matters


Stablecoins may change how value moves, but they do not eliminate the need to connect digital assets with conventional money. Businesses still need access to fiat currencies, dependable liquidity and banking services that support their operations.
That connection remains a weakness in parts of the market.

Liquidity can be spread across different issuers and blockchain networks, while some banks have chosen to reduce their exposure to digital asset companies rather than develop services for them.


The broader lesson is that blockchain infrastructure cannot operate in isolation. Its commercial usefulness depends partly on the strength of the institutions and services that connect it to the wider financial system.


Reliability Is What Will Make the Difference


None of this means that compliance controls should be weakened. Stablecoin issuers and payment providers must be able to respond to sanctions requirements, suspicious activity and other legitimate reasons to restrict transactions. But businesses also need transparency about why a payment has been held, what steps are required to resolve the issue and who is responsible for communicating the outcome.


Smart contracts can automate agreed payment conditions, but they cannot independently settle every legal dispute or reconcile conflicting requirements across jurisdictions. Those responsibilities must be addressed through contracts, institutions and operating procedures designed around the realities of cross-border commerce.


The next stage of stablecoin adoption will depend on how well the industry deals with these less visible parts of the payment experience. Better settlement technology is valuable, but it must be matched by dependable banking access, compatible regulatory arrangements and clear responsibility when transactions do not go to plan.


For businesses, the question is not simply whether stablecoins can move money faster. It is whether they can make international payments more predictable, easier to manage and less costly in practice.


That is the standard the industry must meet if stablecoins are to become more than an alternative way to transfer digital value.

(Author Info: Jack Tang is an accomplished fintech entrepreneur, at the intersection of payments infrastructure and digital assets. As Co-founder & CEO of London-based BoomFi, Jack leads the platform’s work in crypto payment infrastructure. He has over ten years of experience in entrepreneurship, building and scaling businesses across consumer and enterprise markets.)
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Connecting Industries and Trade: Malakut Business Forum 2026 Brings Together 750+ Delegates and 300+ Companies

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November 10, 2026

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The Malakut Business Forum 2026 is set to bring more than 750 delegates and over 300 companies together at Sky Bubble, Meydan Hotel, Dubai, on 25 November 2026, with C-suite executives and directors accounting for 60 per cent of attendees.

The one-day forum will convene senior leaders from banking, trade, insurance, logistics and industry across five streams: Finance, Risk, Artificial Intelligence, Logistics and Technology.

The 2026 edition builds on the success of the inaugural forum with even greater scale and a more focused agenda. Organisers are lining up more than 25 industry speakers and over 20 partners, with a projected digital reach of 200,000+ online users, providing even more opportunities for partners to connect, engage and be seen. The key topics to be explored during this edition include business resilience, geopolitical challenges, innovation and the future of global trade.

“Business leaders are making critical decisions under pressure, across borders and with less certainty than ever. The Malakut Business Forum was created to bring the right people into the same room, so decisions are better informed and conversations turn into real opportunities. Our 2026 edition is bigger, bolder and built for impact, and we are proud to host it in Dubai, a global crossroads of trade,” said Alex Dolgopolov, CEO of Malakut, the Founding Partner of Malakut Business Forum 2026

The programme is built around real cases and candid discussion. Finance sessions will examine how companies protect liquidity under pressure and turn high-risk projects into bankable ones. The Risk stream will address securing political violence and war risk cover during active conflict, and what businesses can do when the insurance market will not take the risk. Artificial Intelligence sessions will look at AI savings that reached the P&L, the move from copilots to agents and what leaders refuse to automate. Logistics will tackle rerouting during conflicts and the question of who pays for resilience, while Technology will cover scaling across fragmented markets and modernising core systems without disrupting daily operations.

Beyond the main stage, delegates can expect a networking reception, a partner showcase, a live podcast studio, VIP hospitality and an evening cocktail and dinner experience. Private Skyboxes overlooking the Meydan race track will offer partners an exclusive setting for high-value meetings with clients, prospects and partners.

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Pay10 Announces Strategic Partnerships at Dubai FinTech Summit 2026, Advancing the UAE’s Digital Payments Ecosystem 

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November 3, 2026

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Pay10, a UAE-regulated financial technology company, today announced a series of strategic partnerships, commercial agreements and Memoranda of Understanding (MoUs) at Dubai FinTech Summit 2026. The announcements mark a step towards expanding digital payment choices and supporting the UAE’s transition towards real-time, interoperable and account-based payments, in alignment with the Central Bank of the UAE’s Financial Infrastructure Transformation (FIT) Programme. 

Pay10’s partnerships with leading brands, including GEMS, Jumbo Electronics, Bikanervala, Allday, Just Gold and Save In Gold, span education, retail, food and beverage and specialised commerce. With live deployments already in place at GEMS, Bikanervala, Allday and Just Gold, Pay10 is extending its payment ecosystem across everyday consumer and business transactions. 

Building a Connected Payments Ecosystem 

Pay10 brings together instant payments, Open Finance, digital accounts, domestic card infrastructure and merchant payment acceptance through an integrated platform. 

Directly integrated with Aani, Pay10 enables instant payments and supports account-based payment experiences. Its Open Finance capabilities allow consumers to securely connect supported bank accounts, access consolidated financial information and monitor spending through one application. Its Jaywan issuance capabilities also enable eligible wallet customers to access domestic card payments across POS terminals, ATMs and e-commerce channels. 

For merchants, the platform offers multiple payment acceptance options, including Pay by Pay10, Pay by Bank, card acceptance, interoperable QR payments, payment links and digital payouts. Its proprietary POS application, QR and soundbox solutions are supported by an in-house Terminal Management System. 

Through supported account-based payment methods, merchants can access funds in real time, helping improve cash flow and reduce payment acceptance costs, with potential savings of up to 70% in applicable use cases. Pay10 also reports transaction success rates of over 90% across its integrated technology infrastructure. 

Strategic Partnerships and Collaborations 

The partnerships with GEMS and Jumbo Electronics aim to expand digital payment choices and improve collection efficiency across education and consumer retail. Existing deployments with GEMS, Bikanervala, Allday and Just Gold demonstrate the application of Pay10’s payment solutions across different commercial environments. 

Allday, a leading convenience chain in the region, presents an opportunity to explore the impact of digital payment solutions across high-frequency, small-value transactions. 

Pay10 also announced several MoUs to explore emerging financial use cases. Its partnership with Yalla Financial Solutions, part of Fintra Holding, will explore bank-account-based wallet funding through Open Finance. 

Additionally, our collaboration with TotalPay will enable TotalPay to access Pay10’s merchant payment acceptance capabilities through its technology platform and integrations. The partnership aims to expand merchant payment choices and simplify the adoption of emerging payment solutions. 

Dr. Waleed Sadek, Founder & CEO of Yalla Financial Solutions, said: “We are pleased to explore this strategic collaboration with Pay10, reflecting our shared vision of building a more connected and accessible financial ecosystem. Through Open Finance and account-based wallet funding, we aim to unlock new opportunities for seamless digital payments and enhance the financial experience for businesses and consumers across the region.” 

Supporting the UAE’s Financial Infrastructure 

Pay10’s strategy aligns with the Central Bank of the UAE’s FIT Programme through the adoption of domestic payment infrastructure, including Aani, Jaywan and Open Finance. By investing in direct infrastructure connectivity and proprietary technology, the company aims to support greater interoperability, financial inclusion and more efficient payment experiences. 

Harry Gill, Founder & Chairman, Pay10, said: “The UAE has laid the foundations for the future of finance, and our goal is to make it accessible to everyone. Pay10 is building a UAE-based alternative payment ecosystem that brings together domestic payment infrastructure, Open Finance, accounts, cards and merchant solutions. Our partnerships with GEMS, Jumbo Electronics, Bikanervala, Allday and Just Gold reflect growing confidence in this vision. We remain committed to advancing the UAE’s financial ambitions through a connected, interoperable ecosystem built to scale globally.” 

Our collaboration with TotalPay will enable it to access Pay10’s payment acceptance capabilities for merchants through TotalPay’s technology platform and integrations. The partnership aims to expand merchant payment choices and simplify the adoption of emerging payment solutions. 

With further agreements, product launches and integrations in development, Pay10 aims to expand its consumer and merchant capabilities across the UAE and international markets. 

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Why transfer pricing is becoming a governance priority for Saudi family offices

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1 week ago

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November 2, 2026

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By Gopal Agarwal, Director, Ryan, Saudi Arabia

When “It’s All Within the Family” Is No Longer Enough

When the Zakat, Tax and Customs Authority (“ZATCA”) amended the Kingdom’s Transfer Pricing By-Laws in 2023, the change was largely viewed as a technical expansion of the existing framework. Transfer pricing obligations, which had historically applied to income taxpayers and mixed-ownership entities, were extended to Zakat payers for financial years beginning on or after 1 January 2024.

Since then, the broader significance of that change is becoming clearer.

The amendment brought transfer pricing into the world of Saudi-owned corporate groups, including some of the Kingdom’s largest and most established family businesses. Many of these groups have no foreign parent, no offshore intellectual property and no cross-border royalty arrangements. Their businesses may be entirely Saudi in ownership and operations. For many, transfer pricing had therefore been viewed as a concern primarily for multinational groups managing transactions across borders.

That assumption no longer holds. For many family-owned groups, including wholly Saudi-owned groups with no foreign parent or cross-border transactions, transfer pricing is now firmly within the compliance landscape.

The critical point is that transfer pricing does not depend on a transaction crossing a border. The Saudi Transfer Pricing By-Laws apply to controlled transactions between related parties or persons under common control. A transaction between two Saudi companies owned by the same family can thereby fall within the transfer pricing framework, even where there is no international element.

The Border Is No Longer the Boundary

This is particularly relevant for family offices because their structures naturally contain a network of related entities – holding companies, operating businesses, real estate vehicles, investment entities and the family office itself. As these structures have evolved, so have the arrangements between them.

A family group may have intercompany loans provided without interest, management services charged at a nominal or flat fee, properties leased at historic rates, guarantees provided without consideration and shared employees whose costs are never formally allocated. These arrangements may have made perfect commercial sense when viewed as decisions within a single family-owned economic unit.

The transfer pricing regime asks a different question: would independent parties have agreed to the same arrangements on the same terms, and can the group demonstrate why?

The challenge for family offices is hence often not a lack of commercial rationale. It is that the rationale has historically existed in people’s understanding rather than in agreements, policies, benchmarking or contemporaneous documentation.

The Transactions Hiding in Plain Sight

For many family groups, the hardest question is surprisingly basic: what related-party transactions do we have?

Family businesses often operate through multiple entities, finance teams and accounting systems. Some arrangements are documented formally; others exist through journal entries, emails or simply an established way of working. Shared employees, IT, procurement, finance and management support may never have been separately identified as intercompany transactions.

Transaction mapping is consequently an important starting point. The objective is not simply to identify intercompany invoices, but to understand how funding, services, people, assets, intellectual property and economic benefits move across the group.

This becomes particularly important during succession, restructuring or consolidation. What appears internally to be a straightforward family restructuring may require a different assessment from a transfer pricing perspective.

Disclosure Today, Documentation Tomorrow

Two documents sit at the heart of the documentation requirement. The Master File describes the family group as a whole, its ownership and organizational structure, main business activities, intercompany financing arrangements and overall transfer pricing policies. The Local File focuses on the Saudi entity itself. It sets out each related-party transaction, who performs which functions, owns which assets and bears which risks, and includes a benchmarking analysis showing that the pricing is consistent with what independent parties would have agreed. Together, the two files allow ZATCA to understand both the group and the individual transaction, and to test whether the pricing can be supported.

For Zakat payers with related-party transactions, the Controlled Transaction Disclosure Form (“CTDF”) is required with the annual return within 120 days of year-end, together with the required auditor’s affidavit[1]. This disclosure requirement is broader than the thresholds determining whether Local File and Master File documentation is required. So, a transaction falling below the documentation threshold does not necessarily fall outside the disclosure framework.

The documentation requirements are phased in. For financial years 2024 to 2026, a group with related-party transactions of up to Saudi riyal (SAR) 48 million is not required to prepare Local File and Master File documentation, preparation is optional for transactions between SAR 48 million and SAR 100 million, and it is required for transactions of SAR 100 million or more. From 2027, documentation becomes mandatory for transactions above SAR 48 million.

The significance of 2027 is therefore clear: the transition period is narrowing.

Once requested by ZATCA, Local and Master Files generally need to be produced within 30 days. For a group that has already mapped its transactions and established its transfer pricing policies, this may be manageable. For one beginning the exercise only after receiving a request, 30 days can be a very short period in which to reconstruct agreements, obtain financial information and undertake benchmarking.

The sensible approach is to use the transition period proactively – understand the group’s related-party transactions, identify potential gaps and formalize arrangements before the requirements become more demanding.

In this context, transfer pricing discipline can become a broader governance signal. A group that can clearly explain who performs a function, who owns an asset, who bears the risk, who receives the benefit and why an intercompany charge exists demonstrates a level of institutional maturity that extends beyond tax compliance.

The Question Family Offices Should Be Asking Now

For Saudi family businesses, transfer pricing represents a shift from viewing related-party arrangements primarily through the lens of common ownership to considering them through the lens of economic substance and commercial rationale.

The objective is not to formalise every family-business decision or impose complexity where none is warranted. Rather, it is to ensure that transactions between related entities have a clear commercial basis, are appropriately priced where required, and can be supported by evidence that reflects how the business actually operates.

As 2027 approaches, the transition period should be viewed not merely as time before a compliance deadline, but as an opportunity to strengthen the governance of the family enterprise.

The real test is not whether a family group has related-party transactions. It is whether the group understands them, has a defensible basis for them, and can demonstrate that basis when required.

Disclaimer: This article is intended for general information only and does not constitute tax, legal, accounting or other professional advice. It reflects the tax rules in force as of the publication date, and the described regulatory landscape continues to develop. Readers should obtain professional advice appropriate to their own facts and circumstances before acting on any matter discussed.

 

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