The Arab Monetary Fund (AMF) has signed a Memorandum of Understanding (MoU) with the UnionPay International (UPI), China-based financial services provider, to establish cooperation and create interoperability between Buna, the cross-border and multi-currency payment system owned by the AMF and UnionPay.
As part of the MoU, Buna and UnionPay will be linking their payment systems to introduce to their network of participants, fast, efficient, and multi-currency cross-border payment solutions.
Interlinking Buna and UnionPay’s payment systems will represent a step forward in both entities’ efforts to contribute to the global efforts to improve the accessibility and efficiency of cross-border payments.
The realization of interoperability between Buna and UnionPay depicts a strategic opportunity to bolster and expand the economic ties between the Arab region and the geographies in which UnionPay operates, in particular China and the Asian markets.
Commenting on this MoU, Dr. Abdulrahman Al Hamidy, Director General Chairman of the Board of the AMF, emphasized the importance of interoperability between global payment systems in promoting cross-border payment services, widening the access to safe and efficient payment solutions, and supporting the growth of economic activities.
“Our partnership with UnionPay showcases Buna’s belief in the value of collaboration with global players in the payment industry, to realize the strategic objective of establishing financial bridges that link the Arab countries to their trade partners across the globe. Buna’s methodology of identifying and developing joint solutions with international providers of payments will continue in line with Buna’s commitment to be an Arab initiative with a global reach.”
Mr. James Yang, General Manager of UnionPay International, Middle East Branch said, “UnionPay is committed to the development and implementation of digital payment services and solutions in the Middle East region and worldwide. As a global payment network, we are excited to work with Buna to empower the journey of innovation and sustainability of the financial technology ecosystem.”
Buna aims to enable 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.