The signing of a Memorandum of Understanding to create interoperability between Buna and UnionPay will expand the services provided to their network of participants
Abu Dhabi 23 February 2022: The Arab Monetary Fund (AMF) and UnionPay International (UPI), announced today the signing of a Memorandum of Understanding (MoU) to establish cooperation and create interoperability between Buna (the cross-border and multi-currency payment system owned by the AMF) and UnionPay. Under the terms of this MoU, Buna and UnionPay will be connecting their payment systems to introduce to their network of participants, fast, efficient, and multi-currency cross-border payment solutions.
In this context, interlinking Buna and UnionPay’s payment systems will represent a step forward in both entities’ efforts to contribute to the global efforts to improve the accessibility and efficiency of cross-border payments.
Moreover, the realization of interoperability between Buna and UnionPay represents a strategic opportunity to strengthen and expand the economic ties between the Arab region and the geographies in which UnionPay operates, in particular China and the Asian markets.
Commenting on this MoU, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, emphasized the importance of interoperability between global payment systems in promoting cross-border payment services, widening the access to safe and efficient payment solutions, and supporting the growth of economic activities.
H.E Dr. Al Hamidy said: “Our partnership with UnionPay showcase Buna’s belief in the value of collaboration with global players in the payment industry, to realize the strategic objective of establishing financial bridges that link the Arab countries to their trade partners across the globe. Buna’s methodology of identifying and developing joint solutions with international providers of payments will continue in line with Buna’s commitment to be an Arab initiative with a global reach.”
James Yang, General Manager of UnionPay International, Middle East Branch said, “UnionPay is committed to the development and implementation of digital payment services and solutions in the Middle East region and worldwide. As a global payment network, we are excited to work with Buna to empower the journey of innovation and sustainability of the financial technology ecosystem. We support our clients and partners with advanced payment technologies and prioritize resources into optimizing our customer experience with safety, convenience and flexibility.”
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.