The Arab Monetary Fund (AMF) holds a virtual workshop to elaborate on the start of the euro operations in Buna and share recent updates on Buna’s Instant Payment and interoperability plans with PAPSS

The workshop is hosting high-level speakers from the European Central Bank, the Central bank of Egypt, Standard Chartered, and PAPSS

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

Abu Dhabi, 14 April 2022: The Arab Monetary Fund (AMF) holds today, Thursday, April 14, 2022, a workshop to elaborate on Buna’s (the cross-border payment system owned by the AMF) preparations to start the provision of cross-border payments services in euro.  

At the occasion of announcing the imminent start of the euro operations in Buna, the workshop will host a guest speaker from Standard Chartered Bank to talk about their role as the settlement bank for the euro in Buna and detail the process of executing payments in this international currency through Buna. Additionally, a high-level representative of the European Central Bank will share his views on the value that Buna brings to the Arab region, by enabling a seamless, safe, and efficient usage of the euro in cross-border payments.

Further details on Buna’s Instant Payment will be highlighted during the workshop. The Central Bank of Egypt (CBE) will be sharing their views on the importance of instant payment services in driving the growth of cross-border payments in the Arab region. The CBE will also highlight Buna’s contribution to the expansion of Instant Payment in the region by promoting the usage of this modern payment instrument.

Additionally, the workshop will share recent updates on Buna’s active plans to achieve interoperability with regional payment systems. Hence, the Pan-African Payment and Settlement System (PAPSS) will speak on their cooperation with Buna to achieve efficient interoperability between both systems and act as payment gateways linking the Arab region to the African continent.  

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 on Buna’s recent plans and developments.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “We are pleased to host the European Central and the Central bank of Egypt in this workshop and hear their views on Buna’s role in supporting the development of the payment industry in the region. We are few steps away from completing the required preparations to launch live operations of cross-border payments in euro, in collaboration with Standard Chartered. We encourage all our participants to activate the usage of this international currency and benefit from the global dimension that Buna is offering through a centralized mechanism. On a similar note, Buna’s preparation to launch its instant payment service has been completed with the disclosure of the attractive pricing scheme and the adaptation of Buna’s Rules and Procedures to cater for this new service.”   

Mehdi added: “Our plan to achieve interoperability with PAPSS is an additional step in the implementation of our strategic approach to create multi-rails for cross-border payments at an intra-Arab level and between the Arab region and the rest of the world. Buna, in collaboration with PAPSS, will provide the efficient payment solutions that are needed to support the high potential of growth and mutual benefits that could result from increased cooperation between the Arab world and the African continent.”

 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.