The Arab Monetary Fund (AMF) and UnionPay International (UPI), announced today the signing of a Memorandum of Understanding (MoU) to establish cooperation and create interoperability between Buna (the cross-border and multi-currency payment system owned by the AMF) and UnionPay. Under the terms of this MoU, Buna and UnionPay will be connecting their payment systems to introduce to their network of participants, fast, efficient, and multi-currency cross-border payment solutions. 

In this context, interlinking Buna and UnionPay’s payment systems will represent a step forward in both entities’ efforts to contribute to the global efforts to improve the accessibility and efficiency of cross-border payments.

Moreover, the realization of interoperability between Buna and UnionPay represents a strategic opportunity to strengthen and expand the economic ties between the Arab region and the geographies in which UnionPay operates, in particular China and the Asian markets. 

Commenting on this MoU, His Excellency Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund, emphasized the importance of interoperability between global payment systems in promoting cross-border payment services, widening the access to safe and efficient payment solutions, and supporting the growth of economic activities.  

H.E Dr. Al Hamidy said: “Our partnership with UnionPay showcase Buna’s belief in the value of collaboration with global players in the payment industry, to realize the strategic objective of establishing financial bridges that link the Arab countries to their trade partners across the globe. Buna’s methodology of identifying and developing joint solutions with international providers of payments will continue in line with Buna’s commitment to be an Arab initiative with a global reach.”