Abu Dhabi, May 10^th, 2023:Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”), announces the launch of its service supporting a more accessible and more secure foreign exchange (FX) market.

The new service offers an open and modern marketplace for FX, where participants in the Buna system can benefit from a modern set of APIs to exchange information and agree on the terms of their FX deals directly between each other, without the involvement of Buna or any other intermediary in these deals.

The processing of the resulting transactions is then done immediately in a safe and secure way by using the Payment versus Payment (PvP) mechanism, which ensures that settlement in one currency occurs if and only if the settlement of the other currency occurs simultaneously. 

Abu Dhabi, May 4^th, 2023:Buna (the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, owned by The Arab Monetary Fund “AMF”), will hold, on Thursday May 4^th, the 41^st edition of its virtual workshops to explore the status of Central Bank Digital Currencies (CBDCs), current initiatives and their outlook.

Buna aims to bring the latest developments and advancements to this topic and promote innovation and progress in the financial sector.  To achieve that, this workshop will host high-level guest speakers representing Bank of International Settlement (BIS), Banque de France, Banca d’Italia, SWIFT, and others, who will provide a comprehensive overview of the topic from practical and strategic perspectives. The objective will be to anticipate potential future developments relating to CBDCs and how the financial industry can prepare for the changing landscape.