UAE Champions Arab Economic Unity with Launch of Buna Payment Platform

In a significant development for the financial sector, the Buna Payment System was officially inaugurated during the World Governments Summit (WGS) 2024 in Dubai. This milestone marks the culmination of years of dedicated efforts by the Arab Monetary Fund (AMF) to enhance cross-border payment services within the Arab world and beyond. Mehdi Manaa, CEO of Buna, shared insights into this achievement and its implications for the financial landscape.

Mehdi Manaa, in his statement to Emirates News Agency (WAM), highlighted the strategic role of Buna in providing a robust payments infrastructure. This platform is designed to facilitate highly efficient cross-border transactions for individuals, institutions, and governments. By focusing on speed, cost, security, and reliability, Buna aims to meet the highest international standards in compliance, anti-money laundering (AML), and counter-terrorism financing (CTF).

The CEO underscored the importance of such platforms in driving economic development, strengthening international economic ties, and promoting financial inclusion. These factors are increasingly becoming priorities for governments worldwide, given their impact on the global economic ecosystem.

When asked about the choice of the UAE as the host for this platform, Manaa expressed that it was a natural decision. The UAE's commitment to fostering Arab cooperation and its status as a hub for trade, investment, and technological innovation make it an ideal location for Buna's operations. This sentiment underscores the UAE's growing influence in shaping the future of regional and global financial systems.

Launch by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum

The launch event was graced by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. His involvement highlights the significance of Buna to the region's financial infrastructure and its potential to foster greater economic and financial integration among Arab countries.

About Buna and Its Vision

Buna operates under the Arab Regional Payments Clearing and Settlement Organisation, an entity fully owned by the AMF. The establishment of Buna was propelled by an initiative from the UAE during a Council of Arab Finance Ministers meeting. This initiative aimed at bolstering economic stability across Arab nations by enhancing their payment systems and investment links with global trading partners.

This strategic move is expected to open up new avenues for economic cooperation and integration among Arab countries and with their trading partners across continents. By facilitating smoother transactions and fostering trust in cross-border payments, Buna is set to play a crucial role in the region's economic landscape.

In summary, the inauguration of the Buna Payment System represents a significant leap forward in achieving seamless cross-border financial transactions within the Arab world and with international partners. Its focus on compliance, security, and efficiency positions it as a key player in driving economic growth and financial inclusion across borders.

With inputs from WAM