THE ARAB MONETARY FUND ANNOUNCES THAT IT HAS SIGNED A COOPERATION AGREEMENT WITH STANDARD CHARTERED BANK TO LAUNCH SETTLEMENT SERVICES IN EUROS THROUGH THE BUNA PLATFORM FOR ARAB PAYMENTS.

by **claud39** Sat Jun 05, 2021 6:40 pm

THE ARAB MONETARY FUND ANNOUNCES THAT IT HAS SIGNED A COOPERATION AGREEMENT WITH STANDARD CHARTERED BANK TO LAUNCH SETTLEMENT SERVICES IN EUROS THROUGH THE BUNA PLATFORM FOR ARAB PAYMENTS.
2021-06-04

The inclusion of the euro enhances opportunities for developing economic and investment ties with the trading partners of the Arab world on the European continent

The Arab Monetary Fund announced today that it has signed a cooperation agreement with Standard Chartered International Bank, according to which Standard Chartered will provide payment settlement services in the euro currency through the “Bunna” platform for Arab payments, which is affiliated with the Regional Institution for Clearing and Settlement of Arab Payments owned by the Fund. The Arab Monetary Fund and Standard Chartered Bank will complete the final procedures to begin putting this agreement into effect.

The euro is the fifth currency to have completed the procedures for inclusion in the list of settlement currencies included in the "Buna" platform for Arab payments. The inclusion of the euro as a settlement currency in the Buna platform represents an additional achievement in Buna's journey to be the payment platform of choice in the various markets of the Arab region. This success also constitutes a consolidation of the platform's position in the global payments system.

In addition to the three Arab currencies included in the list of settlement currencies listed on the Buna platform for Arab payments, which are the UAE dirham, the Saudi riyal and the Egyptian pound, the euro joins the US dollar, thus becoming the second international currency listed as a settlement currency on the Buna platform for Arab payments. The increase in the number of settlement currencies listed on the Buna platform coincides with the continuous endeavor of the Buna platform to persevere in enhancing the value provided by it for the benefit of its growing network of participating banks operating in the Arab region and abroad. The inclusion of the euro will contribute to the continued strengthening of the strategic objectives of the Buna platform in terms of the advanced services it provides for clearing and settlement of payments, which supports opportunities for developing inter-Arab trade and investments and linking with the main trading partners of the Arab countries in the European continent.

On this occasion, His Excellency the Director General and Chairman of the Board of Directors of the Arab Monetary Fund , Dr. Abdul Rahman bin Abdullah Al-Hamidi, expressed his appreciation and gratitude to Standard Chartered Bank, and in this regard, His Excellency commended the efforts and cooperation of the work teams at Standard Chartered in achieving this strategic partnership and facilitating the inclusion of The Euro as a settlement currency on the Buna Arab Payments Platform. His Excellency also expressed his appreciation for the support and cooperation provided by the European Central Bank and European Central Banks by including the euro as a settlement currency in the Bunny platform.

He spoke of His Excellency Dr. Abdulrahman bin Abdullah Al Hamidi said: "We thank the Bank" Stanerdr Chartered "partnership with us to achieve one of the main goals of the empowerment of banks participating in the platform" built "from the use of one of the leading international currency, by giving them the ability to send and receive intra - payments in euros Real-time, secure, reliable and highly effective, in compliance with relevant international standards, principles and compliance requirements.This goal is in line with the vision of the Buna platform, which is not limited to its keenness to be a major and efficient infrastructure for cross-border payments, but also includes its continuous endeavor to keep pace with the needs to its growing network of participating banks by providing innovative, secure and diverse payment solutions.”

His Excellency added : "The inclusion of the euro as a settlement currency in the Buna platform for Arab payments is an additional testimony to the global dimension of this platform, and the Arab Monetary Fund has full confidence that the partnership with Standard Chartered will contribute strongly to the Buna platform's realization of its expansion plans. To be a major player and a leading contributor to the development of the global inter-payments sector.”

Commenting on this agreement, Rola Abu Menna, CEO of Standard Chartered Bank in the UAE, said: “Based on our historical record of supporting our customers in all countries and regions in which we are present, we are always looking to provide the best innovative means to improve the customer experience in the field of cross-border payments, In the Middle East and beyond, the global financial system has shown that transparency, speed and ability to monitor cross-border payments have become realistic and tangible, and we are pleased to work with the Arab Monetary Fund to advance this initiative. Our expertise and knowledge in the payments clearing and settlement industry.

It is worth noting that the "Buna" platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies, aiming to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive inter-payments throughout the Arab region and abroad. Safe, reliable, cost effective and highly effective. Buna offers participants modern payment solutions that comply with international standards and principles and international compliance requirements. "Buna" contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with trading partners in various continents It is noteworthy that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost of which are the standards and procedures for compliance aspects.

https://www.amf.org.ae/ar/content/%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D9%86%D9%82%D8%AF-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A-%D9%8A%D8%B9%D9%84%D9%86-%D8%B9%D9%86-%D8%AA%D9%88%D9%82%D9%8A%D8%B9%D9%87-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D8%AA%D8%B9%D8%A7%D9%88%D9%86-%D9%85%D8%B9-%D8%A8%D9%86%D9%83-%D8%B3%D8%AA%D8%A7%D9%86%D8%AF%D8%B1%D8%AF-%D8%B4%D8%A7%D8%B1%D8%AA%D8%B1%D8%AF-%D9%84%D8%A5%D8%B7%D9%84%D8%A7%D9%82-%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D8%AA%D8%B3%D9%88%D9%8A%D8%A9