The Arab Monetary Fund Announces the Launch of the Buna Payment Platform: the platform serves to enhance opportunities for financial integration and to support economic and investment ties with the trading partners of Arab countries

23-02-2020

23 February 2020

The Arab Monetary Fund (AMF) is pleased to announce the launch of Buna, the regional payment platform, as a culmination of months of planning and collaboration with global and regional stakeholders.

"Buna" which is a multi-currency payment platform, provides clearing and settlement services, in Arab and international currencies that meet the eligibility criteria related to the clearing and settlement of inter-Arab financial transactions, as well as transactions between Arab countries and their main trading partners.

Buna, as a centralized multicurrency platform, aims to enable financial institutions, including commercial and central banks, to send and receive cross-border payments across the Arab region and beyond in Arab currencies, as well as key international currencies, in an efficient, cost-effective, risk-controlled and transparent environment.

Buna offers its participants a state-of-the-art payment platform compliant with international standards. In fact, bringing Buna to reality constitutes a major, tangible and irreversible step towards the empowerment and integration of Arab economies.

The launch of Buna signals the start of the gradual onboarding operations of financial institutions that have opted to be pioneers of this first-of-its-kind regional financial market infrastructure, aiming to process the first payment transaction in a few weeks.

On this occasion, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General and Chairman of the Board of Executive Directors of the Arab Monetary Fund, expressed his gratitude and appreciation of the strategic launch of the platform which aims to encourage and develop Arab financial activities, commercial trade and cross-border investments. This system aims to promote trade relations and develop investment activities between the Arab countries and providing an environment that facilitates the development of financial and banking services and products in the region. His Excellency also expressed his sincere appreciation and gratitude to the Governors of the Central Banks and Arab monetary institutions, the Board of Governors of the Fund and its Board of Directors for their efforts in supporting the platform’s inauguration. His Excellency especially expressed his gratitude to the United Arab Emirates authorities for providing significant reinforcement for the launch of the platform. His Excellency also thanked the central banks, Arab monetary institutions and the team of experts from the international financial institutions for their continuous cooperation during this implementation phase.

 

Arab Monetary Fund

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