Abu Dhabi, 26 January 2021: The Arab Monetary Fund (AMF) is pleased to announce its relationship with J.P. Morgan to serve as a settlement bank for the U.S. Dollar (USD) in the Buna Payment System, which has been launched last year.
The inclusion of the USD in Buna in coordination with J.P. Morgan marks another major milestone with respect to establishing Buna as the payment system of choice across the Arab world. Such an announcement will further strengthen Buna’s value proposition and benefit in terms of streamlining cross-border payments, hence promoting trade and fostering economic activities among Arab countries and between the Arab region and its main trading partners.
This milestone will bring great value to Buna’s participants as it enables eligible participants from the region and beyond to transact in USD in a safe, secure and efficient manner. This is in line with Buna’s vision to provide an efficient infrastructure for cross-border payments that serves and supports financial institutions alike, offering real-time services at efficient cost through a centralized, low-risk, and secure platform that is compliant with international standards.
The AMF is confident that J.P. Morgan will play a key role in benefiting Buna’s wider ecosystem and in ensuring Buna’s success story.