The Arab Monetary Fund (AMF) and Visa have announced 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.
Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund 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.”
