The Arab Monetary Fund (AMF) holds a virtual workshop to elaborate on the value of multi-currency dimension of Buna to execute cross-border payments

The workshop is hosting high-level guest speakers from Arab Central Banks  and global settlement banks representing the currencies that are onboarded to Buna

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

Abu Dhabi, 3 June 2021: The Arab Monetary Fund (AMF) holds today, Thursday June 3, 2021, a workshop to elaborate on the value that Buna (the cross-border payment system owned by the AMF) is offering to its growing network of participant banks, by allowing and facilitating the usage of a diversified list of eligible Arab and international currencies in cross-border payments, through its centralized and multi-currency payment system.

Additionally, the workshop will further elaborate on the strategic role that Buna and its participant banks can jointly play, to leverage the volume of payments in Arab and international currencies and fuel the growth of trade and economic activities among Arab countries and between the Arab region and international markets.

During this workshop, high-level guest speakers representing the Central Bank of Jordan, Central Bank of the UAE, the Saudi Central Bank (Sama) and the Central Bank of Egypt, in addition to senior representatives of JP Morgan and Standard Chartered as well as Buna executive team, will share valuable insights on the various business and operational incentives as well as the strategic outcome of using the different settlement currencies, included in Buna, to execute cross-border payments.

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 for valuable information about Buna’s recent developments and value proposition.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “This is a unique occasion to hear the views of the central banks and global settlement on the value and benefits of using Buna to seamlessly process cross-border payments in various Arab and international currencies. The ongoing collaboration between regulators and commercial banks is instrumental to realize Buna’s vision of empowering Arab economies and promoting regional integration, by encouraging the usage of Arab currencies in cross-border payments and investments.”

 Mehdi added: “Buna’s list of settlement currencies includes so far, the UAE Dirham, the Saudi Riyal, the Egyptian Pound and Jordanian Dinar, in addition to the US Dollar and the Euro. Encouraged by the constant support we are receiving from the central banks, the collaboration with our different strategic partners and the trust of our banks, we have been capable to provide an innovative, efficient and safe multi-currency cross-border payment system that complies with the highest international standards of information security and requirements against financial crime.”

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.