United Arab Bank goes live with Arab Monetary Fund’s Buna platform

United Arab Bank goes live with Arab Monetary Fund’s Buna platform

Sharjah – United Arab Bank (UAB) announced the launch of cross-border multi-currency settlement service through BUNA payment platform.

Incorporated in the UAE and operated by the Arab Regional Payments, Clearing and Settlement Organization, a subsidiary of the Arab Monetary Fund (AMF). Buna offers its participant members modern payments solutions that comply with international requirements against financial crime and adhere to the highest standards of information security and data protection.

The Buna platform is the first Arab regional payment system that allows the use of Arab currencies as settlement currencies alongside other international currencies, and the platform provides UAB with modern payment solutions that comply with international standards and principles and international compliance requirements.

Commenting on the initiative, Shirish Bhide, Chief Executive Officer at United Arab Bank, said: “We are excited to partner with Arab Monetary Fund to provide innovative digital payment solutions for our consumers and corporate clients. This strategic collaboration is in line with UAB’s mission to play a pivotal role in supporting the growth of trade and investments in the Arab region as it opens up opportunities for our clients to cooperate more dynamically with their partners at the regional and international level, by providing real-time payment solutions. Furthermore, it facilitates