Emirati Dirham dominates most transactions:
Emirati dirham accounts for the majority of inter-Arab payments on the Buna platform.
Which reflects the dirham’s importance in the international payments settlement sector.
There is also a continuous growth in the use of other currencies on the platform.
Buna Platform: Achievements and Future Plans
Mehdi Manea, CEO of Buna Payments Platform, confirmed that 108 banks from 14 Arab countries currently use the platform.
Mentioning that 150 additional banks are expected to join, including major Arab and foreign banks.
The platform aims to provide secure, reliable, cost-effective, and efficient payment services.
Future roadmap:
- Link Arab financial markets within a unified platform for settling securities transactions.
- Facilitate issuance processes through the platform in line with the requirements of each national market.
- Strengthen joint Arab economic activity and attract more investments.
- Improve liquidity levels.
- Completing various linkage efforts gradually, starting from the fourth quarter of 2024.
President Sheikh Mohammed bin Zayed Al Nahyan and King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain discussed fraternal relations and the level of development of cooperation and joint work between the two countries in all fields in addition to a number of issues. pic.twitter.com/FGIkM3ih7N
— UAE Voice (@uae_voiceeng) February 17, 2024
Continuous growth in number of payments:
- The number of cross-border payments executed on the Buna platform has been steadily increasing.
- The target is to process hundreds of thousands of payments in 2024 and reach millions of transactions in the near future.
Official launch of Buna Platform:
Buna regional clearing and settlement institution was officially launched at the 2024 World Government Summit.
It marks the culmination of the institution’s successful efforts over the past years.
The platform will work to empower the financial sector to better serve its individual, corporate, and government clients.
It will also offer a highly efficient services in terms of speed, cost, security, and reliability.
The UAE’s hosting of the platform confirms its leading role in supporting joint Arab efforts.
However, the UAE is a regional and global hub for trade, investment, and technological innovation.
🇦🇪🇮🇳 #UAE and #India issue a joint statement concluding PM Narendra Modi’s visit. discussions during the World Government Summit. Both nations celebrate strengthened ties, signing agreements in investment, economic corridors, digital infrastructure, maritime heritage, and more. pic.twitter.com/OMb9uUiZeQ
— UAE Voice (@uae_voiceeng) February 17, 2024
Tangible achievements:
- Launched an instant settlement service for cross-border payments.
- It enjoys international recognition as a model reflecting the G20’s goals.
- The platform boasts advanced systems that have received positive feedback from international regulatory institutions.
Buna platform was established in response to an initiative proposed by the UAE to support economic stability in Arab countries.
While Abu Dhabi hosts the institution’s headquarters in the Arab Monetary Fund building.
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