The Arab Monetary Fund (AMF) and UnionPay International collaborate to support the growth of cross-border payments in the Arab region and beyond

The signing of a Memorandum of Understanding to create interoperability between Buna and UnionPay will expand the services provided to their network of participants

 

Abu Dhabi 23 February 2022: 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.

The Arab Monetary Fund (AMF) publishes a guidance note “Central Bank Digital Currencies: A Practical Guide for Arab Central Banks"

Increasing interest in retail CBDC within the Arab region

Defining CBDCs in law, clearly specifying CBDC legal tender status, assigning CBDC as cash finality, are all major legal challenges

The Arab Monetary Fund (AMF) issued today Monday, 21 February 2022, a guide titled “Central Bank Digital Currencies: A Practical Guide for Arab Central Banks”, produced by members of the Arab Regional Fintech Working Group (WG). The guide is issued under the framework of the Fund's endeavours to support Arab central banks in their journey exploring CBDCs that matches best for each jurisdiction, and are well suited for the central bank objectives, available resources, targeted implications, taking into consideration country-specific conditions, infrastructure and as well as respective legal and regulatory frameworks.

The Arab Monetary Fund (AMF) holds a virtual workshop to share recent updates on Buna instant payment pricing, network expansion, and risk management framework

The workshop is hosting speakers from the central bank of Tunisia and UnionPay

Abu Dhabi, 17 February 2022: The Arab Monetary Fund (AMF) holds today, Thursday, February 17, 2022, a workshop to elaborate on the recent developments related to Buna (the cross-border payment system owned by the AMF).

At the occasion of this workshop, Buna will announce the pricing of its cross-border new instant payment services (IPS) in response to the demand of its users for an approach tailored for low to mid-value payments and incentivizing the usage of instant payment at cross-border level.

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