United Arab Bank Launches Arab Monetary Fund Buna Platform

United Arab Emirates – United Arab Bank (UAB) has announced the launch of a cross-border multi-currency settlement service through the BUNA payment platform.

Incorporated in the United Arab Emirates and operated by the Arab Regional Payment, Clearing and Settlement Organization, a subsidiary of the Arab Monetary Fund (AMF). Buna offers its participating members modern payment solutions that comply with international requirements against financial crime and meet the highest standards of information security and data protection.

The Buna platform is the first Arab regional payment system that allows the use of Arab currencies as settlement currencies alongside other international currencies, and the platform provides UAB with modern, standards-compliant payment solutions and international principles and international compliance requirements.

Shirish Bhide, Managing Director of United Arab Bank, said, “We are delighted to partner with the Arab Monetary Fund to provide innovative digital payment solutions to our retail and corporate customers. This strategic collaboration is in line with UAB’s mission to play a central role in supporting the growth of trade and investment in the Arab region as it opens up opportunities for our clients to cooperate more dynamically with their partners at the regional level. and international, providing real-time payment solutions. In addition, it facilitates the process of cross-border transactions and develops trade and financial exchanges in the Arab region.

“I would like to thank the respective teams of AMF and UAE Central Bank for their tireless work to support Buna adoption and improve cross-border payments in the region,” he added. .

Mehdi Manaa, General Manager of Buna Mehdi Manaa, General Manager of Buna said, “We appreciate the presence of UAB to enrich the network of participants in Buna and we congratulate them on this achievement. As a participant in Buna, UAB will not only benefit from efficient and modern cross-border payment solutions in multiple currencies, but on the other hand, it will contribute to Buna’s mission to unlock all opportunities for greater economic integration in the region. Arabic with its main trading partners.

“I would also like to thank the Central Bank of the United Arab Emirates for its continued support for Buna,” he said.

Operating to global compliance standards, Buna will be transparent, low-cost and affordable, providing a single entry point to dynamic markets, with real-time settlement, 24/7 payment submission and support. multi-currency charge.

Copyright © 2022 Khaleej Times. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

About Mallory Brown

Check Also

RCEP can help Cambodia’s exports grow by up to 18%

The structural changes that will be brought about by the Regional Comprehensive Economic Partnership (RCEP) …