In a move set to bolster economic ties between the Arab region and key global trading partners, the cross-border payment system Buna is gearing up to integrate currencies from India, China, Pakistan, as well as countries in Africa and Europe in the years 2024-25.
Buna, established by the Arab Monetary Fund (AMF) in 2018, serves as a pivotal platform for facilitating cross-border and multi-currency payments. The initiative was launched in line with the decision of the Council of Governors of the Arab Central Banks and Monetary Authorities, aiming to promote economic and financial integration among Arab countries and foster expanded trade and investment activities with international counterparts.
The system, designed to provide a robust infrastructure for cross-border payments, enables commercial banks, central banks, and other financial institutions in the Arab region and beyond to conduct seamless transactions in Arab currencies as well as major international currencies. Buna operates on a centralized, risk-controlled, and secure platform, offering cost-effective and real-time services to its participants.
"We are pleased to announce the inclusion of currencies from India, China, and Pakistan, along with those from other regions, into the Buna platform," stated Finance Minister Mohamed bin Hadi Al Hussaini. "This expansion further enhances the role of Buna in facilitating cross-border transactions and advancing economic cooperation."
Buna's modern payment solutions adhere to the highest international standards of information security and are designed to combat financial crime effectively. The platform welcomes the participation of banks and financial institutions that meet the eligibility criteria, ensuring a seamless and secure payment environment for all stakeholders.
As Buna continues to expand its reach and enhance its capabilities, it reinforces its position as a key enabler of economic growth and financial connectivity in the Arab region and beyond.
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