THE ARAB MONETARY FUND (AMF) HOLDS A VIRTUAL WORKSHOP ON BUNA’S INTEROPERABILITY INITIATIVES AND WAY FORWARD
The workshop is hosting speakers from the Bank of Italy, Visa and the Pan African Payment and Settlement System
More than 200 senior officials will attend the workshop, representing central banks and a wide spectrum of regional and global financial institutions
Abu Dhabi, 14 October 2021: The Arab Monetary Fund (AMF) holds today, Thursday October 14, 2021, a workshop to elaborate on Buna’s (the cross-border payment system owned by the AMF) different initiatives to push the frontiers of cross-border payments and improve interoperability models in collaboration with operators of payment networks and market infrastructures.
During this workshop, guest speakers representing, the Bank of Italy, Visa and the Pan African Payment and Settlement system (PAPSS) will share their different experiences with Buna, and their views on the added value that strategic framework of cooperation between payment systems can bring to enhance cross-border payments across the globe.
The workshop will host more than 200 senior officials representing central banks, along with various institutions from the financial, banking and payment sectors in the region and beyond, seeking valuable information on Buna’s recent plans and developments.
The Arab Monetary Fund publishes a white paper on “Open finance: A framework for the Arab region is more than a question of scope"
Promoting open finance frameworks generates great opportunities for enhancing digital financial services and financial inclusion
Open finance addresses the challenges of data fragmentation and maximize the potential value of financial data
The paper highlights, the areas and depth of regulatory interventions, the needed types of technological standards and the operational standards covering system responsiveness, to implement open finance
The Arab Monetary Fund (AMF) issued today Monday 6 December, 2021, a paper on “Open finance: A framework for the Arab region is more than a question of scope”, summarizing the results of a collaborative study conducted by the Arab Regional Fintech Working Group (WG), which AMF acts as the technical secretariat of the group’ and the MENA Fintech Association. The paper is issued under the framework of the Fund's endeavours to promote awareness of the requirements for developing banking and financial industry, while supporting digital financial transformation efforts in Arab countries.
The paper aims to craft the transition from open banking to open finance, beginning from the areas adjacent to payment accounts and covering the whole financial services, highlighting the needs for additional considerations to accommodate the cross-sector functionality of open finance, and providing insightful answers on how open banking can improve the efficiency of a border financial ecosystem and support digital financial inclusion in the region.