“All You Wanted to Know about Buna!”

The Arab Monetary Fund (AMF) holds a virtual workshop to spread further the knowledge of Buna functions and future plans

More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of financial institutions

Abu Dhabi, 1 July 2021: The Arab Monetary Fund (AMF) holds today, Thursday July 1^st, 2021, a special workshop to propagate additional knowledge on Buna, the cross-border and multi-currency payment system owned by the AMF, covering various elements related to Buna activities and future plans.

During this workshop, Buna executive team will be enriching the current acquaintance of the banking community with Buna’s innovative solutions and its concrete contribution to the development of the payment sector in the Arab region and beyond, by addressing a diversified list of topics including operations, products roadmap, settlement model, as well as security and compliance frameworks.

The workshop will host more than 200 senior officials representing Arab and international central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information about Buna’s recent plans and developments.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Since its inception to date, Buna invested substantial efforts to build and transmit knowledge on its innovative offering. We believe that collaboration with the banking community is instrumental to achieve growth in the payment and financial sector in the Arab region and contribute to increased efficiency of cross-border payment at global level.”

Mehdi added: “Buna provides an effective response to the four main challenges of cross-border payment relating to cost, speed, access and transparency, by streamlining payment processes and integrating different services in a single platform. We are very happy to see that our value proposition is becoming tangible to our participants and more and more recognized by the wide payment community at global level. In addition, Buna’s compliance with the highest international standards of information security and requirements against financial crime makes it a secure gateway to cross-border payment.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.