CBI News 09/29/2020

[yota691]

|26 JANUARY, 2021

Interview: JP Morgan is the US dollar clearer for Arab Monetary Fund's Buna system

BUNA has currently close to 30 banks onboarded and is in discussion with more than 130 banks from 13 different countries, its CEO told Zawya

  

Image used for illustrative purpose. In this Photo Illustration, Twenty and five dollar bills are displayed on August 29, 2017 in San Anselmo, California.

Gettyimages/Justin Sulliva

By Seban Scaria, ZAWYA

The Arab Monetary Fund (AMF) has appointed J.P. Morgan as a settlement bank for the US dollar (USD) in its Buna Payment System, which was launched last year. 

Besides offering its participants access to the global currency, the regional payments and settlements system will onboard the euro, Jordanian dinar and an international currency likely from an Asian country in 2021, Mehdi Manaa, the CEO of Buna, told Zawya in an interview.

 

Before the deal with JP Morgan, Buna had been offering its services with the UAE dirham, Egyptian pound and Saudi riyal.

 

"From the value of proposition, the US dollar represents 55 percent of cross-border payments in the region. So it is obviously a key currency for banks to consider for cross-border payments in a centralised way in BUNA," Manaa said.

"Processing dollar payments between participants will be immediate and direct between the two of them, without the need to go outside the region and being constrained by [the] different time zones and different operating borders and intermediaries of each bank," he added.

Buna has been expanding its network with banks and corporates aligning with its borader vision to promote trade and foster economic activities among Arab countries and its main trading partners.

BUNA has currently close to 30 banks onboarded and is in discussion with more than 130 banks from 13 different countries, Manaa said.

"Today, cross border payment is very costly, takes a lot of time and [is] inefficient to some extent. With Buna we resolve all that. It is real-time and reduces the chain that is involved in processing a payment end-to-end," he said.

Several cross-border payments and settlements in the Middle East are carried out by correspondent banks, which are banks in one country acting as agents to foreign financial institutions that do not have a local presence. However, this has turned out to be an expensive process, mainly due to the anti-money-laundering rules of European and US banks.

"Compliance is a key proposition in the value proposition of Buna. Normally payment systems are not subject to AML safety rules. This applies to banks and not the market infrastructure. Despite that, in Buna, the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) rules are embedded in the system, ensuring that all participants adhere to the AML rules stipulated by the central governments," Manaa said.

He added that the cost of transacting through the platform will be between 3 to 10 times lower than existing traditional approaches.

 

[yota691]

THE AMF IS PLEASED TO ANNOUNCE APPOINTING J.P. MORGAN TO SERVE AS THE SETTLEMENT BANK FOR THE US DOLLAR (USD) IN THE BUNA PAYMENT SYSTEM

 26-01-2021

 

Abu Dhabi, 26 January 2021: The Arab Monetary Fund (AMF) is pleased to announce its relationship with J.P. Morgan to serve as a settlement bank for the U.S. Dollar (USD) in the Buna Payment System, which has been launched last year.

The inclusion of the USD in Buna in coordination with J.P. Morgan marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world. Such an announcement will further strengthen Buna’s value proposition and benefit in terms of streamlining cross-border payments, hence promoting trade and fostering economic activities among Arab countries and between the Arab region and its main trading partners.

This milestone will bring great value to Buna’s participants as it enables eligible participants from the region and beyond to transact in USD in a safe, secure and efficient manner. This is in line with Buna’s vision to provide an efficient infrastructure for cross-border payments that serves and supports financial institutions alike, offering real-time services at efficient cost through a centralized, low-risk, and secure platform that is compliant with international standards.

The AMF is confident that J.P. Morgan will play a key role in benefiting Buna’s wider ecosystem and in ensuring Buna’s success story.

[yota691]

JP Morgan is the US dollar clearer for Arab Monetary Fund’s Buna system

 

       Published on Tuesday, 26 January , 2021       236 Views     

 

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The Arab Monetary Fund (AMF) has appointed J.P. Morgan as a settlement bank for the US dollar (USD) in its Buna Payment System, which was launched last year.

 

 

Besides offering its participants access to the global currency, the regional payments and settlements system will onboard the euro, Jordanian dinar and an international currency likely from an Asian country in 2021,

Mehdi Manaa, the CEO of Buna, told Zawya in an interview.

Before the deal with JP Morgan, Buna had been offering its services with the UAE dirham, Egyptian pound and Saudi riyal.

“From the value of proposition, the US dollar represents 55 percent of cross-border payments in the region. So it is obviously a key currency for banks to consider for cross-border payments in a centralised way in BUNA,” Manaa said.

“Processing dollar payments between companies will be immediate and direct between the two of them, without the need to go outside the region and being constrained by [the] different time zones and different operating borders and intermediaries of each bank,” he added.

Buna has been expanding its network with banks and corporates aligning with its borader vision to promote trade and foster economic activities among Arab countries and its main trading partners.

BUNA has currently close to 30 banks onboarded and is in discussion with more than 130 banks from 13 different countries, Manaa said.

“Today, cross border payment is very costly, takes a lot of time and [is] inefficient to some extent. With Buna we resolve all that. It is real-time and reduces the chain that is involved in processing a payment end-to-end,” he said.

Several cross-border payments and settlements in the Middle East are carried out by correspondent banks, which are banks in one country acting as agents to foreign financial institutions that do not have a local presence. However, this has turned out to be an expensive process, mainly due to the anti-money-laundering rules of European and US banks.

“Compliance is a key proposition in the value proposition of Buna. Normally payment systems are not subject to AML safety rules. This applies to banks and not the market infrastructure. Despite that, in Buna, the AML safety rules are embedded in the system, ensuring that all participants adhere to the AML rules stipulated by the central governments,” Manaa said.

He added that the cost of transacting through the platform will be between 3 to 10 times lower than existing traditional approaches.

 

Reporting by Seban Scaria

[nannab]

I am getting quite the education how money works. Wow

Thanks a bunch Yota 

[3n1]

1 hour ago, yota691 said:

 

The Arab Monetary Fund (AMF) has appointed J.P. Morgan as a settlement bank for the US dollar (USD) in its Buna Payment System

 

Thanks yota , Interesting, i remember when JP Morgan and the US treasury was establishing the banking system in iraq in the beginning if anyone remembers , sadly there was a jet crash with j p morgan executives on board leaving iraq , so much history on this journey ......... letsroll   

[Theseus]

[Wheelman]

THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP ON BUNA ENTRY IN FULL OPERATIONS

 07-01-2021

 

The Arab Monetary Fund (AMF) holds a virtual workshop on Buna entry in full operations

 

The workshop will take place Today, Thursday January 7, 2021

More than 200 senior officials will attend, representing a wide spectrum of financial institutions from the region and beyond 

Speakers from the banking sector to share their views on Buna’s start of operations 

 

Abu Dhabi, 07 January 2021: The Arab Monetary Fund (AMF) holds today, Thursday January 7, 2021 a workshop titled “Buna in Operations”, to shed light on the different aspects related to Buna (the cross-border payment system owned by the AMF) entry in full operations and the onboarding of the first wave of participation.

The workshop will host more than 200 senior officials representing various institutions from the financial, banking and payment sectors from the region and other international markets, looking to learn more about Buna’s operations, work progress and future plans.

During the workshop, high-level speakers from the banking sector along with Buna executive team, will share their views on Buna’s completion of the phased go live approach and the start of onboarding in production of participants. The speakers will also discuss the different key phases of Buna establishment from the launching stage to the operations one and plans for the year 2021 and beyond.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna is now fully operational and totally equipped to achieve its business goals and realize its vision to empower Arab economies and promote regional integration, by providing efficient cross-border payments and supporting investment ties in the region and with global trading partners. As an innovative and secure multicurrency payment system that delivers cross-border settlement in real-time, we are keen to attract and onboard a diversified and broad network of participant banks from the region and beyond, and to demonstrate the added value we bring to the region financial sector and the global payment industry.”

“with the support of all the industry stakeholders, led by the Arab central Banks and the Arab Monetary Fund we are delivering our objectives and we will continue bringing value to our participants and supporting them in growing their offering, thanks to our innovative solutions, high commitment to compliance and security standards.”  Added Manaa.

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming 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 international currencies in a safe, cost- effective, risk-controlled, and transparent environment. Buna offers participants modern payment solutions that comply with international standards, principles, and international compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

[yota691]

THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP ON THE US DOLLAR INCLUSION IN BUNA

 04-02-2021

 

The workshop will take place Today, Thursday February 4, 2021

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

The inclusion of the US Dollar showcases the abilities of Buna as a contributor to safer and more efficient cross-border payment at global level

 

Abu Dhabi, 04 February 2021: The Arab Monetary Fund (AMF) holds today, Thursday February 4, 2021 a workshop to shed light on different elements related to the inclusion of the US Dollar as a settlement currency in Buna (the cross-border payment system owned by the AMF).

The workshop will host more than 200 senior officials representing Arab and international central banks along with various institutions from the financial, banking and payment sectors from the region and beyond, looking to learn more about Buna’s work progress, recent developments, and future plans.

During the workshop, a senior representative of JP Morgan and Buna executive team, will share insights and important information on Buna’s recent success of adding the US Dollar to its diversified list of Arab and International settlement currencies. The workshop will also allow discussing Buna’s next steps and plans to increase and strengthen the level of cooperation with its growing network of participants.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “The designation of JP Morgan as the Buna’s settlement bank for the U.S. Dollar reaffirms the objective of Buna to operate in compliance with the highest international standards and best global practices. It represents another major step in Buna’s ongoing efforts to continuously strengthening its business model, diversifying its offering, and reinforcing its global dimension, hence contributing to safer and more efficient cross-border payment.”

“With this arrangement, we provide our growing network of participants with the opportunity to execute cross-border payments in US Dollar in real time, directly from the originating bank to the beneficiary bank. This is once again a testament of our commitment to be a multicurrency payment system that processes payments in Arab and international currencies. With the support of all the industry stakeholders, led by the Arab central Banks and the Arab Monetary Fund, we are consistently delivering our objectives and we will continue bringing value to our participants and supporting them in growing and diversifying their products and services, thanks to our innovative solutions, high commitment to compliance and security standards.”  Added Manaa.

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming 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 international 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. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

[yota691]

THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP TO DISCUSS THE VIEWS OF GLOBAL CARD SCHEMES ON BUNA PAYMENT SYSTEM

 04-03-2021

 

The workshop will also discuss the payment flows of the US Dollar through Buna

 

Industry Experts representing Visa Inc, MasterCard, and UnionPay will share valuable insights on cross-border payments transformational role

More than 200 senior officials will attend, representing central banks and a wide spectrum of financial institutions from the region and beyond

 

Abu Dhabi, 04 March 2021: The Arab Monetary Fund (AMF) holds today, Thursday March 4, 2021, a workshop to explore the views of global card schemes on cross-border payments as a driver to regional and global economic growth. In addition they will share their perception of how Buna (the cross-border payment system owned by the AMF) can play a key role in streamlining cross-border payments by acting as a bridge between the Arab region and the rest of the world. The workshop will also discuss different operational perspectives related to the payment flows in US Dollar through the Buna payment system, following the inclusion of the US Dollar as a settlement currency in Buna.

Industry Experts representing Visa, MasterCard, and UnionPay will share valuable insights on cross-border payments transformational role and the various aspects of cooperation between the different payment channels across the globe to unlock hidden opportunities and provide innovative and customized solutions. Moreover, valuable updates related to the usage of the US Dollar as a settlement currency will be presented by Buna executive team.

The workshop will host more than 200 senior officials representing Arab and international central banks along with various institutions from the financial, banking and payment sectors from the region and beyond, seeking for valuable information about Buna’s recent developments and future plans.

At this occasion, Mehdi Manaa, Chief Executive Officer of Buna said: “Buna’s payment system is designed to offer a diversified pool of cross-border payment services and innovative solutions that caters for the various needs of the region and different economic sectors. To strengthen our value proposition and provide additional payment instruments that can demonstrate the international dimension of Buna, we pursue our efforts to cooperate and build interoperability with leading players in the payment industry setting a fruitful cross-border connection between Buna and a diversified network of payment schemes and channels.”

Mehdi added: “Buna has previously announced full readiness to provide its growing network of participants with the capacity to execute cross-border payments in US Dollar in cooperation with JP Morgan, as the Buna’s settlement bank for the US Dollar. During this workshop, we will be marking the smooth process that will enable participant banks to send and receive payments in US Dollar through their Buna account in an efficient, compliant, safe and cost-effective method.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming 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 international 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. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

[yota691]

"Arab Monetary" discusses protecting the data of participants on the "Buna" platform

Monday 10 May 2021 22

 

 Abu Dhabi: agencies

 

The Arab Monetary Fund held a “remote” workshop to review the frameworks adopted by the “Bunaa” Arab Payments platform, owned by the Fund, in applying international compliance standards with regulations and rules for combating money laundering and combating terrorist financing, ensuring the security of information and protecting the data of banks participating in Platform.

In the workshop, which was attended by more than 200 participants representing central banks, financial and banking institutions, a group of experts, in addition to the management team of the “Bunaa” Arab Payments platform, spoke about a number of main topics on international compliance requirements and protection

 data.

Mahdi Manea, CEO of the Regional Corporation for Arab Payments Clearing and Settlement (Bani Arab Payments Platform), said: “Buna is keen to keep pace with the increasing security needs associated with cross-border payments, and accordingly we have included various governance requirements and systems that enable us to provide a safe and reliable channel equipped with protection standards. 

And safety ».

[yota691]

Add this from the other day, same Topic Buna Arab Payment Clearing and Settlement....(Bani Arab Payments Platform)

 

 

ARAB DAY FOR FINANCIAL INCLUSION - APRIL 27, 2021 UNDER THE THEME OF “ROLE OF DIGITAL TRANSFORMATION IN INCREASING FINANCIAL INCLUSION”

[yota691]

THE ARAB MONETARY FUND (AMF) ANNOUNCES A MEMORANDUM OF UNDERSTANDING WITH VISA TO SUPPOR T THE GROWTH AND EFFICIENCY OF CROSS-BORDER PAYMENTS BETWEEN THE ARAB REGION AND GLOBAL MARKETS

 27-08-2021

 

Setting the foundation for interoperability between Buna and Visa and enabling innovative payment options for financial institutions

Abu Dhabi 26 August 2021: The Arab Monetary Fund (AMF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world.

Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options.

Both Buna and Visa will build on their strong capacities and value propositions, to cater to the growing financial needs of the Arab region, and design optimal solutions that can unlock sustainable opportunities in the payment industry. This partnership represents a strong testimony of Buna’s and Visa commitment towards serving the regional and global financial ecosystem and paving the way for efficient and innovative cross-border payments.

Commenting on this event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, stressed on the strategic aspects of such partnership and the added value it delivers for the regional and global financial community.

H.E Dr. Al Hamidy said: “Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision to contribute to the development and growth of the payment industry across the Arab world and globally. With this initiative, Buna continues to develop and grow its diversified pool of innovative solutions, providing its participant banks additional safe and credible channels to broaden their cross-payment capacities, implement innovative business models and better serve their clientele. Both Visa and Buna will capitalize on this partnership to deliver joint cross-border payment products and services that are risk controlled and with broad coverage and extended availability to better serve the diverse needs of the financial and payment community in the Arab region and beyond.”

Dr Saeeda Jaffar, Group General Manager for GCC, Visa expressed her pleasure on the MOU and commented, “This MOU reinforces Visa’s commitment to support the evolution of the Arab region and the vital role digital payments plays in this sphere. We believe that driving adoption of real time payments can be enabled through value added services, and our vision is to support our clients to promote more innovative real time payments use cases to benefit customers in the region who are looking for industry leading money transfer and cross border solutions. We are looking forward to working with Buna and related stakeholders in the implementation of this project.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming 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 international 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. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

[gregp]

4 hours ago, yota691 said:

THE ARAB MONETARY FUND (AMF) ANNOUNCES A MEMORANDUM OF UNDERSTANDING WITH VISA TO SUPPOR T THE GROWTH AND EFFICIENCY OF CROSS-BORDER PAYMENTS BETWEEN THE ARAB REGION AND GLOBAL MARKETS

 27-08-2021

 

Setting the foundation for interoperability between Buna and Visa and enabling innovative payment options for financial institutions

Abu Dhabi 26 August 2021: The Arab Monetary Fund (AMF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world.

Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options.

Both Buna and Visa will build on their strong capacities and value propositions, to cater to the growing financial needs of the Arab region, and design optimal solutions that can unlock sustainable opportunities in the payment industry. This partnership represents a strong testimony of Buna’s and Visa commitment towards serving the regional and global financial ecosystem and paving the way for efficient and innovative cross-border payments.

Commenting on this event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, stressed on the strategic aspects of such partnership and the added value it delivers for the regional and global financial community.

H.E Dr. Al Hamidy said: “Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision to contribute to the development and growth of the payment industry across the Arab world and globally. With this initiative, Buna continues to develop and grow its diversified pool of innovative solutions, providing its participant banks additional safe and credible channels to broaden their cross-payment capacities, implement innovative business models and better serve their clientele. Both Visa and Buna will capitalize on this partnership to deliver joint cross-border payment products and services that are risk controlled and with broad coverage and extended availability to better serve the diverse needs of the financial and payment community in the Arab region and beyond.”

Dr Saeeda Jaffar, Group General Manager for GCC, Visa expressed her pleasure on the MOU and commented, “This MOU reinforces Visa’s commitment to support system" rel="">support the evolution of the Arab region and the vital role digital payments plays in this sphere. We believe that driving adoption of real time payments can be enabled through value added services, and our vision is to support system" rel="">support our clients to promote more innovative real time payments use cases to benefit customers in the region who are looking for industry leading money transfer and cross border solutions. We are looking forward to working with Buna and related stakeholders in the implementation of this project.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming 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 international 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. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

Boom!! Thanks 

[NEPatriotsFan1]

5 hours ago, yota691 said:

THE ARAB MONETARY FUND (AMF) ANNOUNCES A MEMORANDUM OF UNDERSTANDING WITH VISA TO SUPPOR T THE GROWTH AND EFFICIENCY OF CROSS-BORDER PAYMENTS BETWEEN THE ARAB REGION AND GLOBAL MARKETS

 27-08-2021

 

Setting the foundation for interoperability between Buna and Visa and enabling innovative payment options for financial institutions

Abu Dhabi 26 August 2021: The Arab Monetary Fund (AMF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world.

Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options.

Both Buna and Visa will build on their strong capacities and value propositions, to cater to the growing financial needs of the Arab region, and design optimal solutions that can unlock sustainable opportunities in the payment industry. This partnership represents a strong testimony of Buna’s and Visa commitment towards serving the regional and global financial ecosystem and paving the way for efficient and innovative cross-border payments.

Commenting on this event, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, stressed on the strategic aspects of such partnership and the added value it delivers for the regional and global financial community.

H.E Dr. Al Hamidy said: “Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision to contribute to the development and growth of the payment industry across the Arab world and globally. With this initiative, Buna continues to develop and grow its diversified pool of innovative solutions, providing its participant banks additional safe and credible channels to broaden their cross-payment capacities, implement innovative business models and better serve their clientele. Both Visa and Buna will capitalize on this partnership to deliver joint cross-border payment products and services that are risk controlled and with broad coverage and extended availability to better serve the diverse needs of the financial and payment community in the Arab region and beyond.”

Dr Saeeda Jaffar, Group General Manager for GCC, Visa expressed her pleasure on the MOU and commented, “This MOU reinforces Visa’s commitment to support system">support the evolution of the Arab region and the vital role digital payments plays in this sphere. We believe that driving adoption of real time payments can be enabled through value added services, and our vision is to support system">support our clients to promote more innovative real time payments use cases to benefit customers in the region who are looking for industry leading money transfer and cross border solutions. We are looking forward to working with Buna and related stakeholders in the implementation of this project.”

Buna, is a cross-border payment system owned by the Arab Monetary Fund, aiming 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 international 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. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners. Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.

Here is an article I found, long PDF I read on pages 72-78 where Ripple and XRP facilitate the Cross border payment. Haven’t gotten through all of this but its from 2020

 

https://www.amf.org.ae/sites/default/files/econ/amdb/[vocab]/[term]/FINANCIAL Book 14-4-2019_0.pdf

 

I just find it interesting how it’s all connected. The GCC and the MENA region is going to be a powerhouse 

 

 

 

[yota691]

Arab Electronic Payments Company APS signs a partnership contract with Asiacell Telecom

 

banks Economy News _ Baghdad The Arab Company for Electronic Payments APS signed a partnership contract with the major Iraqi telecommunications companies "Asiacell" in a step that is considered the first of its kind to develop the distinguished service for subscribers of the company's customers. A company statement received by "Al-Iqtisad News" stated that the agreement will allow the development of digital services with the latest electronic payment methods and keep pace with global developments in this field to serve the largest segment in Iraq that uses this network, and enable them to use electronic cards of the type Visa and MasterCard to recharge balances for subscribers' phones, in addition to Pay phone line bills with credit cards.  It is noteworthy that the Arab Electronic Payment Company is an Iraqi company established in 2013 and licensed by the Central Bank of Iraq to work as a provider of electronic payment services in Iraq. A major member license from the international company MasterCard and Visa in the field of issuing and collecting electronic payment cards of all kinds.

Views 405   Date Added 09/27/2021

[yota691]

The Arab Electronic Payment Company and the Kurdistan International Islamic Bank sign an agreement to suppor t the digital economy

 

Part of signing the agreement

banks Economy News - Baghdad  The Arab Electronic Payment Company and the Kurdistan International Islamic Bank signed, on Tuesday, a cooperation agreement to issue electronic cards and comprehensive and advanced electronic payment services. An official source in the company said, in a statement received by "Al-Iqtisad News", that "the agreement signed by the managing director of the Arab Electronic Payment Company Haider Al-Obeidi and the managing director of the Kurdistan International Islamic Bank Dr. Khawla Talib Al-Asadi comes with the aim of achieving integration in performance that advances the reality of comprehensive electronic services to deliver them." To the beneficiary in the shortest way, from citizens and companies. The source pointed out that "this comes in harmony with the aspirations and goals of the Central Bank of Iraq by applying the principle of digital transformation in electronic monetary transactions, and serving the digital economy, which has become the country in its early stages."  He added that: Al-Arab Electronic Payment Company has a specialized team that follows up on every update in services witnessed by electronic payment globally, and is working to adopt it locally to serve the country and to always be at the forefront.  The source pointed out that "Arabs for electronic payment has succeeded in classifying it as the best company in providing electronic services in Iraq, as it is working on building an ambitious strategy to spread electronic payment services in Iraq, with which the citizen interacts greatly."

Number of views 160   Date added 05/10/2021

[yota691]

Agreement to suppor t the digital economy in Iraq

Economie

2021-10-05 | 10:59

 

 

 

 

316 views

 

 

The Arab Electronic Payment Company and the Kurdistan International Islamic Bank signed a cooperation agreement to issue electronic cards and comprehensive and advanced electronic payment services to support the digital economy in Iraq.

In a statement, the company said, "The agreement signed by the managing director of Arab Electronic Payment Company Haider Al-Obaidi The managing director of a bank Kurdistan International Islamic Khawla Talib Al-Asadi comes with the aim of achieving performance integration that advances the reality of comprehensive electronic services to deliver them to the beneficiary in the shortest way from citizens and companies,” noting that “this comes in harmony with the aspirations and goals of the Central Bank of Iraq by applying the principle of digital transformation in electronic monetary transactions, and serving the economy.” digital, which is in the early stages of the country.

 

The statement pointed out that "the Arab Company for Electronic Payment has a specialized team that follows up every update in services witnessed by electronic payment globally, and is working to adopt it locally to serve the country and to always be at the forefront."

The statement pointed out that "the Arab Electronic Payment Company succeeded in classifying it as the best company in providing electronic services in the world Iraq It is working on building an ambitious strategy to spread electronic payment services in Iraq which the citizen interacts greatly with.”