The Banking Executive Magazine - February 2022

Arab Monetary Fund ARAB MONETARY FUND'S PAYMENT PLATFORM BUNA SIGNS MOU WITH CHINA'S UNIONPAY The Arab Monetary Fund (AMF) and Chinese financial services UnionPay International (UPI) an- nounced on Wednesday the sign- ing of a Memorandum of Understanding (MoU) to create in- teroperability between AMF's pay- ment system Buna and UPI's UnionPay. As a cross-border payment system owned by the MAF, Buna aims to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international curren- cies. Under the MoU, the payment sys- tems of Buna and UnionPay would be connected to facilitate fast, effi- cient, and multi-currency cross- border payment solutions among their respective participant net- works, AMF said in its press state- ment. the BANKING EXECUTIVE 18 ISSUE 158 FEBRUARY 2022