Emirates NBD announced its partnership with the Arab payment system Buna to facilitate payments and transfers within the Arab region. Buna is operated by the Arab Regional Payments Clearing and Settlement Organization “ARPCSO,” a subsidiary of the Arab Monetary Fund (AMF).
The landmark tie-up with Buna will provide Emirates NBD’s clients with a more rapid, efficient and safe way to make payments and transfers within the Arab region, reinforcing Emirate’s NBD’s position as one of the most innovative banks in the region. Buna’s cross-border payment platform provides seamless clearing and settlement services in multiple currencies across the Arab region and is aimed at encouraging greater economic integration through increased trade and investment opportunities.
Commenting on the announcement, Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Banking at Emirates NBD, said: “Emirates NBD’s partnership with Buna reflects our commitment to provide best-in-class products and services that will allow our clients to meet their goals at an accelerated pace in a rapidly evolving digital environment. The alliance with Buna further strengthens our payments strategy, offering our clients a real-time, seamless, secure and cost-effective digital experience in the payment domain. We look forward to fully leveraging the capabilities of the platform and to take advantage of opportunities that the collaboration between Buna, the Central Bank of the UAE and Emirates NBD will create as the regional payment system is transformed.”
Mehdi Manaa, Chief Executive Officer of Buna, added: “Buna is pleased to have Emirates NBD join our growing network of participants. This collaboration furthers our commitment to enhance cross-border payments and unlocks new opportunities to empower Arab economies and enrich trade relations. We look forward to cooperating with Emirates NBD to provide a compliant, efficient and safe payment infrastructure and facilitate the use of multiple currencies in the Arab region and beyond.”
