Currencies from China, India, and Pakistan to integrate into UAE cross-border payment platform.

In 2024-25, Buna, the UAE's cross-border payment system, plans to incorporate currencies from India, China, Pakistan, as well as African and European nations.

"At Buna, we're committed to innovation, recently launching instant payments. We're also integrating Buna with global payment methods, connecting with systems from China, India, Pakistan, Europe, and Africa," Fahad Al Turki, Chairman of Buna, announced at the World Governments Summit in Dubai.

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said Buna’s cross-border payment solution will enhance investments 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 monitoring such activities.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, attended the official recognition of Buna for its achievements.

The platform links to 108 active banks in 14 countries, with over 105 banks in the onboarding process. It handles six currencies, including UAE dirham, Saudi riyal, Egyptian pound, Jordanian dinar, US dollar, and euro, for efficient real-time fund transfers.

Mehdi Manna, CEO of Buna, said that today, cross-border payments are facing challenges related to slowness, lack of transparency and difficulty in accessing. “The key objective of Buna is to resolve all these challenges with particular focus on the Arab region to enhance the economic integration within the region and empower the economies of the Arab countries,” he said in an interview on the sidelines of the World Governments Summit 2024.

Buna covers payments of government-to-government, government-to-citizens, individuals-to-individuals and remittances. The platform is currently processing thousands of payments every month.

“The aim is to grow rapidly. By the end of this year or early next year, we will reach millions of payments every month.

“In terms of participation of Chinese, Indian, Pakistani, African and European currencies, they will join the platform if not this year, then next year,” he said, adding that Buna is a centralised platform, hence minimising the cost of its infrastructure.

Source: Khaleej Times
Image: Wise, Khaleej Times