back Back

Emirates NBD announces partnership with Arab payment system Buna

By Leandra Monteiro

December 05, 2022

  • Arab Monetary Fund
  • Arab Payment System
  • Buna
Share

Emirates NBD, Buna, ArabEmirates NBD, a banking group in the MENAT region, 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.”

Previous Article

December 05, 2022

Intuit to acquire financial health start-up SeedFi

Read More
Next Article

December 05, 2022

Arbuthnot Latham selects Clausematch to digitise compliance framework

Read More






IBSi Daily News Analysis

UK, Bank

July 12, 2024

Arab Monetary Fund

Global securities lending revenue sees sharp 16% decline to $2.53bn in Q2 2024, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 12, 2024

Nuvei and Mastercard team to enable crypto to fiat conversion

Read More

July 12, 2024

Payset and ClearBank partner for local and cross-border payments

Read More

July 12, 2024

Network International launches Business Payment Solutions with Mastercard

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
Wealth Management & Private Banking Systems Report Q2 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024