The Arab Monetary Fund (AMF) holds a virtual workshop on Buna’s role as a bridge with Asian markets and the prospects of cross-border instant payment

The workshop is hosting speakers from the World Bank, Bank for International Settlements (BIS), Cross-border Interbank Payment System (CIPS), National Payments Corporation of India (NPCI) and State Bank of Pakistan

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

Abu Dhabi, 2 September 2021: The Arab Monetary Fund (AMF) holds today, Thursday September 2, 2021, a workshop to explore and discuss the recent trends related to the cross-border payment industry and elaborate on Buna’s (the cross-border payment system owned by the AMF) opportunity to act as a bridge with major trade partners in Asia.

During this workshop, high level guest speakers representing, Cross-border Interbank Payment System (CIPS) which is linked to the People’s Bank of China, the National Payments Corporation of India (NPCI) supervised by the Reserve Bank of India, and the State Bank of Pakistan, will elaborate on the strategic role that Buna is capable to play as a payment gateway and a bridge to link with the Asian markets, and support the growth of commercial and investment activities with trade partners in Asia.   

Additionally, industry experts from the World Bank Group and the Bank for International Settlements (BIS), will share their views and expertise in relevance to the global initiatives and major developments that the payment industry is witnessing, especially the ongoing efforts of the different stakeholders and key players in this sector to unlock the growing potentials of cross-border instant payments.  

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

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna continues its initiatives to support the growth of trade and diverse economic activities between the Arab region and international markets. Driven by this overarching mission, Buna will continue exploring partnerships opportunities with leading payment institutions in Asia to realize strategic interoperability and offer modern and secure solutions to support multilateral remittances, investments and trading.”

 Mehdi added: “Fast and efficient routes of payments, represent a key driver to the growth and expansion of money exchange between our part of the world and the Asian continent as well as the different international markets across the globe. Hence, Buna is moving forward with its plans to launch its cross-border multi-currency instant payment service and realize another successful milestone in its contribution to the development of the payment industry in the Arab region and at global level.”

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.