Abu Dhabi, Business News: The Arab Monetary Fund (AMF) holds today, Thursday December 9, 2021, a workshop to elaborate on the strategic importance of the G20 Roadmap for enhancing cross-border payments and highlight Buna (the cross-border payment system owned by the AMF) tangible contribution to the global efforts to improve cross-border payments in line with the roadmap directions.
During this workshop, guest speakers representing the Financial Stability Board (FSB), the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI), and Mastercard, will share their views on the role of the G20 roadmap in driving the development of cross-border payments activities across the globe, and the progress that has been realized so far in the realization of this roadmap.
Additionally, the speakers will showcase how Buna’s strategic approach, innovative offering, and its engagement with regional and global players in the payment industry is in line with the G20 roadmap to make cross-border payments, faster, cheaper, easy to access and more transparent.
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, that are interested in valuable information about this important topic and continuously following on Buna’s recent developments.
At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna’s alignment with the G20 Roadmap can be recognized in the different aspects of our system. By offering fast, accessible, cost-efficient and safe cross-border and multi-currency payment services, we bring a tangible contribution to the realization of the FSB and CPMI plans to improve the quality and reachability of cross-border payments. Our success in realizing fruitful interoperability with regional and global payment systems and other international players in the payment landscape represents another solid proof of Buna’s capabilities to respond to the G20 call for global cooperation to increase the efficiency of cross-border payment services.”
Mehdi added: “Our engagement with Mastercard is another milestone in the Buna’s strategic mission to empower Arab economies and strengthen commercial and investment ties between them and global trade partners. This partnership will aim at allowing participants in the Mastercard and Buna networks to process payments between them efficiently, in line with the G20 roadmap encouragement for interoperability between existing payment solutions.”
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.
