Standard Chartered has reached an agreement with the Arab Monetary Fund (AMF) to serve as a settlement bank for the Euro currency in Buna, the cross-border payment system owned by the AMF.
Both institutions are currently engaged to address relevant final details and intend to work together in progressing ahead to an implementation phase.
In addition to the three key Arab currencies — the UAE Dirham, the Saudi Riyal, and the
Egyptian Pound — the Euro is the second international currency to join Buna’s payment
platform, following the inclusion of the US Dollar.
This rise in the number of settlement currencies in Buna, comes in line with its ambition to continuously increase its value proposition to its growing network of participants from the region and beyond.
The inclusion of the Euro will further strengthen Buna’s strategic objectives in terms of streamlining cross-border payments and supporting investment and commercial ties among Arab countries and between the Arab region and its major trade partners in Europe.
Buna is a cross-border payment system owned by the Arab Monetary Fund that 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 currencies.
Abdulrahman A. Al Hamidy, says: “The inclusion of the Euro, represents another testament of Buna’s global dimension and the AMF is confident that our partnership with Standard Chartered will play a key role in realising Buna’s growth plans to be a strong player and a constructive contributor to the cross-border payment industry at a global level.”
Rola Abu Manneh, CEO of Standard Chartered UAE, comments: “The global
financial system has demonstrated that transparent, quick, and traceable cross-border
payments are a reality today, and we are pleased to be working with Arab Monetary
Fund in driving this initiative.”
“Standard Chartered looks forward to sharing its expertise and thought leadership in the payment clearing space,” adds Manneh.
