DUBAI: Mehdi Manaa, CEO of Buna, a cross-border and multi-currency payment system founded by the Arab Monetary Fund (AMF), said that the official inauguration of the Buna Payment System for the Arab Regional Payments Clearing and Settlement Organisation during the World Governments Summit (WGS) was the culmination of the successful efforts made by the organisation over the past years.
He added in a statement to Emirates News Agency (WAM) on the sidelines of the WGS 2024 in Dubai, that the organisation has worked to provide a payments infrastructure that provides high-level cross-border payment services within the Arab world and with trading partners around the world.
He pointed out that the platform will work to enable the financial sector to better serve its clients from individuals, institutions and governments by providing highly efficient services in terms of speed, cost, security and reliability, and in a manner that complies with the highest international standards in the field of compliance and comba
ting money laundering and financing terrorism.
The CEO of Buna pointed out that all these aspects are on the agenda of government priorities around the world, given the role played by the payments sector in driving the wheel of development, strengthening economic ties between countries and supporting financial inclusion efforts.
In response to a question about the UAE hosting the platform, he said, “It is not surprising for the UAE given its leading role in supporting joint Arab action, as well as being a regional and global centre for trade, investment and technological innovation.”
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, launched the Buna Payment System for the Arab Regional Payments Clearing and Settlement Organisation, at WGS.
Buna is operated by the Arab Regional Payments Clearing and Settlement Organisation, which functions as an independent organisation fully owned by the AMF. It contributes to enhancing eco
nomic and financial integration opportunities and supporting the investment links of the Arab countries with trading partners across different continents. It was established in response to an initiative proposed by the UAE during the Council of Arab Finance Ministers meeting, aiming to support economic stability in Arab countries.
Source: Emirates News Agency