The Banking Executive Magazine - September Issue 2022

SABB Joins Arab Monetary Fund’s Buna Payment System The Saudi British Bank (SABB) has joined Buna, the Arab payment sys- tem operated by Arab Regional Payments Clearing and Settlement Organization (ARPCSO), a sub- sidiary of the Arab Monetary Fund (AMF), as part of its commitment to provide the best innovative solu- tions to improve the customers’ ex- perience. This will enable them to send and receive cross-border multicurrency payments in a safe, cost-effective, risk-controlled and transparent manner. Buna is the first regional system specialised in providing clearing and settlement services for pay- ments in multiple currencies across the Arab region, which provides modern payment solutions that comply with international stan- dards, principles and compliance requirements. The system aims to increase opportunities for eco- nomic and financial integration in the region, in addition to strength- ening investment relations with trading partners. Yasser Al-Barrak, Chief Executive Officer of Corporate and Institu- tional Banking at SABB, com- mented: "We are proud to have joined "Buna" platform, as this part- nership aligns with the bank's plans for digital transformation, providing the latest banking payment solu- tions that comply with international standards and principles, and achieving excellence in payment operations in the region by leverag- ing the latest and most secure tech- nologies.” "SABB's commitment to the King- dom's Vision 2030 is reinforced through encouraging such projects, which play an important role in stimulating economic and financial growth in the Kingdom and the re- gion as a whole." he added. Mehdi Manaa, Chief Executive Of- ficer of Buna, said: ‘’We are pleased to welcome Saudi British Bank as participant in Buna. We will be happy to continue collaborating with SABB on enhancing cross bor- der payments in compliance with global standards and international best practices. With more banks joining Buna from different coun- tries, we are enriching our network and realizing our vision to em- power economies and strengthen integration within the Arab world. At this occasion, I would also like to thank the Saudi Central Bank (SAMA) for its continuous support to Buna.” the BANKING EXECUTIVE 26 ISSUE 165 SEPTEMBER 2022