Under the patronage of H.E Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, and H.E Dr. Abdulrahman Bin Abdullah Al Hamidy, Chairman of the Board of The Arab Regional Payments Clearing and Settlement Organization (ARPCSO)
ARPCSO (Buna) and The Benefit Company (BENEFIT) Sign Memorandum of Understanding (MoU) to Facilitate Cross-border Payments via Buna and Fawri+
The MoU aims to create cross-border instant payments interoperability between Kingdom of Bahrain and other markets
Buna is progressing with its plans to be a strategic hub that links national instant payment systems from the Arab region and beyond
Abu Dhabi, December 8th, 2022: In a ceremony hosted by the Arab Monetary Fund (AMF), Mr. Abdulwahed AlJanahi, Chief Executive of BENEFIT, the operator of the national electronic payment systems in the Kingdom of Bahrain, and Mr. Mehdi Manaa, Chief Executive Officer of Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by AMF, signed today a Memorandum of Understanding (MoU) to establish a framework of cooperation between Buna and BENEFIT. The ceremony was held under the patronage of H.E Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, and H.E Dr. Abdulrahman Bin Abdullah Al Hamidy, Chairman of the Board of ARPCSO.
Under the terms of this MoU, Buna, and BENEFIT target to interlink their payment services, Buna and Fawri+, aiming to consequently connect to a wide network of multiple instant payments services through cutting edge systems that facilitate the transfer of cross-border payments instantly, at all times, and by correspondingly following the highest international compliance standards. This joint venture aims to simplify the flow of cross-border payments between Kingdom of Bahrain and Arab world and reinforce various use cases such as consumer remittances and digital commerce. The intended solution will spread the benefits of cross-border instant payments to citizens and corporates, strengthening economic ties within the Arab world, and unlocking opportunities for greater economic integration.
Commenting on this MoU, Mehdi Manaa, Chief Executive Officer of Buna, said, “This key collaboration with BENEFIT reinforces Buna’s adherence to progress further in the creation of a strategic hub that connects the different national instant payment systems from the Arab region and beyond.” He added, “We are pleased to be working alongside Benefit as we are aligned on the same vision of developing innovative cross-border payment solutions that enhance the user's experience. At this occasion, we would like to thank H.E the Governor of Central Bank of Bahrain and his colleagues for their continuous support to Buna."
For his part, Mr. Abdul Wahed Al-Janahi, CE of BENEFIT Company, said, "We are very pleased to sign this important MOU, which will open broad horizons for instant cross-border transfers and financial payments by establishing a linking gateway between the national electronic fund transfer system and the "Buna" network, which is expected to link Arab countries and then the rest of the world.” He added, “This innovative initiative will definitely contribute to enhancing and accelerating trade exchange and individual remittances between the countries of the Arab region, and we look forward to completing all technical and administrative requirements to operate this service in the near future.”