The Arab Monetary Fund (AMF) and Chinese financial services UnionPay International (UPI) announced on Wednesday the signing of a Memorandum of Understanding (MoU) to create interoperability between AMF's payment system Buna and UPI's UnionPay.

As a cross-border payment system owned by the MAF, Buna aims 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.

Under the MoU, the payment systems of Buna and UnionPay would be connected to facilitate fast, efficient, and multi-currency cross-border payment solutions among their respective participant networks, AMF said in its press statement. 

In January 2022, Zawya had reported that Buna had close to 30 banks onboarded and is in discussion with more than 130 banks from 13 different countries.

(Writing by SA Kader; Editing by Anoop Menon)


Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022