Arab Monetary Fund, MasterCard team up to boost cross-border payments

By Amirtha P S, Desk Reporter
  • Follow author on
Representational Image

The Arab Monetary Fund (AMF) and the American multinational financial services corporation, MasterCard, have signed a Memorandum of Understanding (MoU) to boost cross-border payments across the Middle East and North Africa (MENA) region and international markets. 

Under the MoU, MasterCard and Buna, the cross-border and multi-currency payment system owned by the AMF, aims to increase interoperability between their respective systems to expand and facilitate the exchange of cross-border payments across the region and globally. 

Buna and MasterCard Cross Border Services will utilize their capacities and benefit from their cutting-edge technology, to offer their participants an efficient and secure reciprocal route, allowing them to grow substantially their footprint in the payment industry. 

The partnership between Buna and MasterCard is in line with the strategic objectives of both entities, which aim to promote financial inclusion and serve the growing needs of consumers and corporates for easy, reliable, and modern access to payment solutions. Further, the interoperability between the two systems represents solid proof of their intention to contribute positively to the global efforts that aims at improving cross-border payments efficiency and accessibility.

Dr. Abdulrahman Al Hamidy
Dr. Abdulrahman Al Hamidy
Director General & Chairman

“Achieving interoperability between Buna and MasterCard represents a strategic milestone in Buna’s plan to contribute to the growth of commercial and investment ties across the Arab region and with global markets. With this initiative in place, Buna continues to showcase its relentless pursual of building a global reach that benefits the financial community in the Arab world and beyond. Both Buna and MasterCard will capitalize on this partnership to add value to their respective ecosystems, by creating innovative solutions, in the cross-border and multi-currency payment field, that are diversified, efficient, easy to access.”

Mr. Khalid Elgibali, Division President, MENA, MasterCard said, “With 95 percent of consumers in the Middle East and Africa embracing the power of digital payment technologies, it is crucial that we build infrastructure that enables the seamless movement of money. Our partnership with AMF will serve to boost cross-border trade in the region and connect governments, businesses and consumers faster than ever before.”

Buna is a cross-border payment system owned by the AMF, which aims to allow financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key global 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.

Related: GFH & Wafra International unite to acquire logistics assets in US