Buna Launches Cross-Border Payment Revolution: A Key Milestone in Arab Financial Integration

UAE, 13 February, 2024 : Buna, the Arab Regional Payments Clearing and Settlement Organization (ARPCSO), was inaugurated under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, during the World Governments Summit held in the UAE. 

Buna aims to revolutionize cross-border payments by enabling real-time, secure, and cost-effective transactions between different currencies. It currently supports six currencies, including four Arab currencies and two international currencies. The system's streamlined approach enhances financial inclusion, diversifies business opportunities, and promotes economic growth and development in the Arab world.

Buna's launch garnered international recognition, with its instant settlement service for cross-border payments viewed as a model reflecting the G20's directives for enhancing cross-border payment systems. The platform's high-level systems have been well-received by international regulatory institutions.

 Buna operates as an independent organization fully owned by the Arab Monetary Fund, contributing to economic and financial integration opportunities among Arab countries and their trading partners globally. UAE financial institutions, including First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and others, actively participate in the platform, with plans to expand participation further by linking with more banks.

Source: https://mof.gov.ae/