Samson » December 14th, 2021
The Arab Monetary Fund announces the signing of a memorandum of understanding with Mastercard to support the growth of cross-border payments in the Arab region and global markets
14th December, 2021
The interconnection between the Buna platform and MasterCard will enable the participating institutions to enhance their presence in the payments sector
The Arab Monetary Fund announced today that it has signed a memorandum of understanding with MasterCard according to which MasterCard and the Buna platform for Arab payments, affiliated with the Regional Corporation for the Clearing and Settlement of Arab Payments owned by the Fund, will work to achieve the strategic interconnection between the affiliated payment systems. To them, in order to enhance the growth and efficiency of the implementation of cross-border payments in the Arab region and global markets
The establishment of the Buna platform for Arab payments and MasterCard in laying solid foundations for partnership and interdependence between them enhances the ability of both parties to utilize their capabilities and take advantage of the advanced technology structure and flexibility that characterizes their payment systems, to give participating institutions safe and efficient channels that enable their users to strengthen their presence in the payments sector
The joint initiative of “Bunna” and “MasterCard” aligns with their strategic aspirations aimed at enhancing financial inclusion and keeping pace with the requirements of individuals and companies for reliable and advanced solutions in the field of payments.
Also, the harmonious interdependence between the Buna and MasterCard systems is evidence of their important efforts to contribute positively to international efforts aimed at improving the efficiency and effectiveness of cross-border payments
On this occasion, His Excellency the Director-General and Chairman of the Board of Directors of the Arab
Monetary Fund Dr. Abdul Rahman bin Abdullah Al-Hamidi, stressed the strategic dimension of cooperation between the “Buna” platform for Arab payments and the “MasterCard” company, and the added value it provides to the financial sector in the Arab region and abroad
He spoke of His Excellency Dr. Abdulrahman bin Abdullah Hamidi said: “The realization of interdependence harmonic between the platform” built “Arab payments and the “MasterCard”, is an achievement as president in the framework of the implementation of the “built” strategic plan aimed at contributing to the trade intra – development and strengthening of investment ties between the Arab countries and with all global markets, the “Bunna” platform, through this initiative, continues to persevere in strengthening its global presence for the benefit of the Arab banking and financial sector.
The partnership between “Bunna” and “MasterCard” will give the two parties an additional ability to strengthen their business models, by cooperating to provide more innovative, diversified and effective solutions in the field of cross-border payments in multiple currencies, and working together to provide low-risk services and products capable of keeping pace with the growing financial and strategic needs in the Arab region and beyond.
In turn, Khaled El-Jabali, Regional Head of MasterCard in the Middle East and North Africa, said : “95% of consumers in the Middle East and North Africa rely on digital payment technologies, which reinforces the importance of providing an infrastructure capable of ensuring easy movement of funds. Our partnership with the IMF Elaraby will contribute positively to enhancing the volume and value of intra-trade exchanges and ensuring rapid and effective linkage between governments, companies and consumers in the Middle East and North Africa.
Through its strategy based on multiple payment channels, MasterCard is working to change the current reality of the payments sector by providing solutions with an international dimension and working on Achieving harmonious interdependence between payment systems and contributing to the push towards inclusive economic growth
It is worth noting that the “Buna” platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks to send and receive inter-payments throughout the Arab region and abroad in a safe, reliable, affordable and highly effective manner
Buna offers participants state-of-the-art payment solutions that comply with international standards and principles and international compliance requirements. “Buna” contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in different continents. It is noteworthy that participation in the platform is
available to all banks and financial institutions that meet the criteria and conditions for participation in it
foremost of which are the standards and procedures for compliance aspects I finish-
About the “Bunni” platform for Arab payments
The Buna platform for Arab payments is an integrated system specialized in providing clearing and
settlement services for payments in Arab and international currencies affiliated with the Regional Institution for Arab Payments Clearing and Settlement owned by the Arab Monetary Fund. Buna aims to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks to send and receive inter-payments throughout the Arab region and abroad in a safe, reliable, affordable and highly effective manner.
Buna provides participants with modern payment solutions that comply with the highest international standards in the field of information security and the requirements to protect against the risks of financial crimes.
“Buna” contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents. It is noteworthy that participation in the “Buna” platform
MasterCard (NYSE: MA ), http://www.mastercard.com is a global technology company specializing in payment solutions.
Our mission is to connect and enable an inclusive digital economy that benefits everyone
anywhere by making transactions that are secure, simple and smart with ease.
By using secure data and networks, and fostering partnerships based on passion, our innovations and solutions help individuals financial institutions, governments and businesses realize their fullest potential. Our culture and all the work we do inside and outside the company is based on our DQ, or DQ. Through our network that spans more than 210 countries and territories, we are working to build a sustainable world that offers invaluable potential for all. MasterCard is the sole donor of the MasterCard Impact Fund. Mastercard is also the sole donor of the MasterCard Impact Fund LINK
Source: Dinar Recaps
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