Sheikh Maktoum, Mohamed bin Hadi Al Hussaini, Fahad Al Turki and other officials at the World Governments Summit in Dubai – (Img from WGS)
The United Arab Emirates-based cross-border payment system Buna plans to add currencies from major Asian and African countries like India, China, Pakistan, and others from Europe in 2024-25.
“We continue providing innovative services and launched instant payments. We are integrating the Buna platform with other payment methods from countries including China, India, and Pakistan along with continental systems in Europe and Africa,” said Fahad Al Turki, Chairman of the Arab Regional Payments Clearing and Settlement Organisation (Buna), at the World Governments Summit in Dubai.
Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, said Buna’s solution will boost investments among Arab nations and encourage using Arab currencies for transactions.He introduced this platform as strong compliance to combat money laundering and terrorism financing.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Dubai’s First Deputy Ruler, attended the reputable event spotting Buna’s achievements.
The machine connects 108 stay banks throughout 14 countries even as over a hundred additional banks are within the system of integration. Currently, six currencies including four Arab ones – UAE dirham, Saudi riyal, Egyptian pound, and Jordanian dinar – along with the US dollar and euro are enabled, allowing real-time cost-effective funds transfers.
Mehdi Manna, Buna’s CEO, said cross-border payments face challenges like slow speed, lack of transparency, and limited access. “Buna’s key goal is resolving these issues, especially for the Arab region to boost economic integration and empower regional economies,” he said.
Buna covers government, individual, and remittance payments. It currently processes thousands of payments monthly, aiming to reach millions soon.
“The Chinese, Indian, Pakistani, African, and European currencies will join next year if not this year,” he said, adding that Buna’s centralized platform minimizes infrastructure costs.
