UAE-based cross-border payment system BUNA, is set to expand to include currencies from Pakistan, India, China, India and several African and European countries by 2024-2025. “We continue to offer innovative services and also launched a number of services such as instant payment.
We are working to implement a number of initiatives to link the Buna platform and other payment methods from other countries including China, India and Pakistan in addition to continental payment systems in Europe and Africa,” Fahad Al Turki, chairman of the Arab Regional Payments Clearing and Settlement Organization (Buna), said on the first day of the World Governments Summit in Dubai, CEN reported on Monday. The Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, believes that Buna’s cross-border payment solution will encourage investment among Arab countries and encourage the use of Arab currencies in transactions. He added that this platform has a high level of compliance to combat money laundering and financing of terrorism and monitor such activities.
