Emirates News Agency – General Director of the Arab Monetary Fund for WAM: The Emirates Dirham and the Saudi Rial account for 25% of cross-Arab payments.

Abdul Rahman Al-Hamidi, for “WAM”:

The “Bunni” platform works 24 hours a day in the field of instant payments.

– The cost of remittances through “Bunni” is very competitive and lower than the international cost.

– Connecting with global partners, led by African countries, India, China and Latin America.

– Issuance of securities through “Bani” and connection of Arab financial markets.

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Nasser Al Jabri and Bassam Abdel Samee.

ABU DHABI, 12 April / WAM / His Excellency Dr. Abdul Rahman Al Hamidi, CEO and Chairman of the Board of Directors of the Arab Monetary Fund, confirmed that the “Buna” platform for Arab payments is the first regional platform with global. trends to settle payments through the current 6 currencies, including 4 Arab currencies, which are the Emirati dirham, the Saudi rial and the pound, the Egyptian and Jordanian dinars, in addition to the dollar and the euro. The Saudi rial accounts for 25% of total inter-Arab payments, while the Egyptian pound and Jordanian dinar make up 10% of them, so the share of the Bunya platform for inter-Arab payments is about 35% for four. monedhat.arabe.

His Excellency said – in an interview with the Emirates News Agency “WAM” – that the platform “Buna” aims to connect with African, Chinese, Indian and Latin American payment systems and plans to link the Arab financial markets and provided opportunities for the issuance of securities. , and is currently used by the 40 largest Arab banks, and more than 160 banks to join BUNA.

He explained the role of this institution in terms of inter-Arab payments and Arab payments with trading partners, including African countries, India, China, Korea and Latin America, emphasizing that it will work 24 hours, seven days a week. to achieve efficiency, speed and efficiency in facilitating transactions and conducting transfers.

Al-Hamidi touched on the advantage of “Bunni”, which is that it has the highest standards of respect for anti-money laundering and terrorist financing in any currency based on the requirements of the Central Bank for this currency, emphasizing that it is the only global payment system which has compliance and is one of the leading institutions in line with the principles of the Group of Twenty.

He confirmed the continued acceptance of other Arab currencies that are qualifying to join the platform and use them as payment currencies between countries, explaining that Buna’s attempt to increase the currencies listed with it increases the value of offered by it for the benefit of its growing network. of participating banks operating in the Arab region and abroad.

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He explained that the number of banks that have signed the “Bunni” platform agreement is 70, of which 40 banks use the “Bunni” platform and includes large banks from the United Arab Emirates, Egypt, Morocco, Tunisia and Oman, as well as 3 .Arab central banks and other banks on the way to connecting to the platform.

He stressed that the design of the “Bunni” system has taken into account the ease of connection at the lowest possible cost and is designed to facilitate the connection of banks with it, in addition to being compatible with all systems and technologies operating in banks.

He noted that Egyptian banks affiliated with the “Bunni” platform control more than 80% of the Egyptian market, as well as the three largest Moroccan banks, in addition to the three largest Emirati banks that were affiliated or signed the platform agreement , as well as the 4 largest banks of Oman that were either affiliated or on its way to affiliation.

He added: “Bunni is the first regional platform with global trends to increase cross-Arab payments in the areas of investment, trade and remittances,” noting that the platform continues to communicate with Arab and international trading partners, noting that an agreement had been signed in this regard with India for the opening of new markets in the future.Negotiations are underway for the signing with the Chinese side, Latin America, as well as with the African Payment System.

Al-Hamidi explained that the “Bunni” platform will provide financial channels through banks and exchange companies, allowing individuals working in Arab countries and abroad to transfer options to the currencies available through the platform at a lower cost than others, which is available in other financial. worldwide platform, indicating that soon banks will begin to expand in Use the available currencies in “Benny”.

He said that “Buna” is an integrated and specialized system in the field of providing clearing and settlement services for payments in Arab and international currencies and enabling financial and banking institutions in the Arab region in the Arab region and beyond, including decentralized and commercial banks. , to send and receive cross-payments in all parts of the Arab region and abroad safely, reliably, affordably and very effectively.

He stressed that “Buna” and “Visa” signed an agreement in August last year to keep pace and meet the growing services of the Arab region in the field of finance and banking, designing innovative and effective solutions capable of exploring and generate stable. opportunities in the payment industry, noting that this partnership is an additional certificate on the commitment and willingness of each “Benna” and “Visa” to contribute to the development of the regional financial system and to pave the way for the creation of effective systems and innovative. for cross-border payments.

Al-Hamidi said the co-operation between Buna and Visa gives both sides the opportunity to offer joint products and services for cross-border payments in a flexible and low-risk manner and to easily reach all target markets to keep pace. and to serve diverse and growing financial needs in the Arab region and beyond.

In June 2021, the “Bunni” platform also signed an agreement with the International Standard Chartered Bank, under which the bank will provide settlement services in euro through the “Bunna” platform, which supports opportunities for the development of inter-Arab trade. and investments and links with major trading partners of Arab countries on the European continent.

And in December 2020, the full operation of the “Bunna” platform of the Regional Institution for Liberation and Settlement of Arab Payments, owned by the Fund, began, after “Buny” began to perform the work of sending and receiving cross-border payments in multiple currencies.

Buna carried out the first cross-border payment process by executing a transfer in UAE dirhams between Mashreq Bank in the UAE and Banque Misr in the Arab Republic of Egypt and this process marks the beginning of the platform’s operational activity.

Al-Hamidi stated that the Fund organized 33 seminars, which were attended by more than 200 banks and senior officials in banks in the Arab region and from all continents, and addressed the types of tariffs supported by the platform for transfers and payments. that are selected, the options available to participants, how to deal with the platform, the features available and how to deal with the platform.

The Arab Monetary Fund is an Arab regional financial institution that was established in 1976 and started operating in 1977. It has 22 members and operates from its headquarters in Abu Dhabi.

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