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THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS

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THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS Empty THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS

Post by claud39 Tue Dec 29, 2020 10:23 pm

THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS
 2020-12-28


THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS Logo-ar




The Arab Monetary Fund announces the full operation of the "Buna" platform for Arab payments
 
The "Bony" platform confirms its full readiness to implement cross-border payments
The implementation of the first transfer transaction between Mashreq Bank and Banque Misr in UAE dirhams
 
The Arab Monetary Fund (AMF) today announced the full operation of the "Buna" platform for Arab payments, which is affiliated with the Regional Establishment for Clearing and Settlement of Arab Payments owned by the Fund. The "Buna" platform has started to implement the activities of sending and receiving payments across borders in multiple currencies.

This achievement constitutes an additional milestone for the success of the "Bunaa" platform, in completing the main stages of its clear strategy and plans aiming to be the payment platform of choice in various markets of the Arab region and beyond. The station for the first in the “Buna” process was with the completion of the technical readiness of the platform in February 2020, followed by the building and expansion of its network of participating banks and settlement currencies, and the last step represented the actual operation of the platform.

The "Bona" platform made the first cross-border payment, by implementing a transfer in UAE dirhams between Mashreq Bank in the United Arab Emirates and Banque Misr in the Arab Republic of Egypt. This process constituted the launch of the operational activity of the "Buna" platform, and proof of the operational and technical readiness of the platform to implement cross-border payments, in accordance with all international standards. This success paves the way for the further expansion of the scope of participation, which will begin with the entry of participants who have fulfilled the requirements of the operational phase and signed the participation agreement.

Commenting on this, His Excellency the Director General and Chairman of the Board of Directors of the Arab Monetary Fund, Dr. Abdul Rahman bin Abdullah Al Hamidi said: 

“We are proud and happy to announce that the Bunaa payments platform system is now operating at full capacity and is able to provide clearing and settlement services for cross-border payments in international and Arab currencies that are available. It has the eligibility requirements and in real time The success of the first payment process constitutes strong evidence of our commitment to follow our plan despite the difficult circumstances and unprecedented challenges at the global level, and it also constitutes an additional confirmation of the ability of the Bana platform to carry out its operational activities within the specified requirements and in accordance with the standards and principles International ".

 His Excellency added, “This success would not have been possible without the continuous support of Arab central banks. In conjunction with our continuous endeavor to continue expanding our network of participating banks and settlement currencies, our focus will always be on providing modern payment solutions throughout the Arab region and beyond, in line with International standards and principles and international compliance requirements. "

Commenting on this cooperation, His Excellency Mohamed Al-Atribi,  Chairman of Banque Misr, said: 

“Based on the pioneering position of Banque Misr and the bank’s constant keenness to support the efforts made to create an Arab payment platform, the bank welcomes its being part of the Bunaa Arab Payments platform, which constitutes the first payment system. Regional linking the financial infrastructure with the main trading partners of the Arab world The results of our association with the Bunna platform as a participating bank will not only enhance the level of services provided by Banque Misr, but will also help us provide a wide and additional range of products and services that meet the current and future needs of our customers. In addition to strengthening Banque Misr's leadership in the banking sector, as it was one of the first banks to participate in the platform.

For his part, HE Ahmed Abdel Aal, Chief Executive Officer of Mashreq Bank : 

"Mashreq Bank would like to commend the vision of the Arab Monetary Fund to launch a platform " built " Arab payments to achieve a pivotal change in the reality of the payments industry in the Arab region. Owns the Arab Monetary Fund , a distinctive vision of combining Enabling intra-payments in the Arab region and providing integration requirements with regional infrastructures in other markets, thanks to a wide range of solutions provided by the Fund through a central payment platform that provides clearing and settlement services. These features enhance the level of harmony and standardization, thus contributing In expanding coverage globally and making cross-border payments faster and safer . "

Mashreq Bank and Banque Misr are among the first banks in the United Arab Emirates and the Arab Republic of Egypt to have associated with the Buna Arab Payments platform, and the first two banks to successfully implement a transfer process through this platform.

With the support of central banks and the Arab Monetary Fund, the “Bunaa” Arab Payments platform is looking forward to more than 120 banks joining its network of participating banks as it works to expand the list of Arab currencies and international currencies that meet eligibility requirements, and to achieve its vision to empower Arab economies and enhance regional financial integration By encouraging the use of Arab currencies in clearing and settling cross-border financial and investment transactions, and linking with the main trading partners of Arab countries.



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THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS Empty THE CENTRAL BANK OF IRAQ AND THE ARAB MONETARY FUND ARE ORGANIZING A WORKSHOP TO ENROLL BANKS OPERATING IN THE REPUBLIC OF IRAQ ON THE "BANI" ARAB PAYMENTS PLATFORM. WIDE PARTICIPATION OF COMMERCIAL BANKS REFLECTS THE GROWING INTEREST IN PARTICIPATING IN

Post by claud39 Tue Dec 29, 2020 10:25 pm

THE CENTRAL BANK OF IRAQ AND THE ARAB MONETARY FUND ARE ORGANIZING A WORKSHOP TO ENROLL BANKS OPERATING IN THE REPUBLIC OF IRAQ ON THE "BANI" ARAB PAYMENTS PLATFORM. WIDE PARTICIPATION OF COMMERCIAL BANKS REFLECTS THE GROWING INTEREST IN PARTICIPATING IN THE PLATFORM.
 2020-07-13


THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS Logo-ar




With the announcement of the launch of the "Bani" platform for Arab payments of the Regional Corporation for Clearing and Settlement of Arab Payments owned by the Arab Monetary Fund, the fund continues its efforts in following up the process of joining central and commercial banks on the platform. In this context, a fund, in cooperation with the Central Bank of Iraq, is organizing today, Monday, July 13, a workshop to enroll banks operating in the Republic of Iraq on the platform, in which senior officials from all banks operating in Iraq will participate.

The workshop discusses the process of joining banks operating in the Republic of Iraq on the "Bani" platform and the proposed business plan, and addresses the technical requirements and steps required to ensure that they are easily linked to the platform. It also includes a presentation by the Central Bank of Iraq, in which it reviews the most important features of the platform in developing payment services in the region and the services it provides to banks in enhancing their role in supporting investments, intra-trade and economic ties with the trading partners of Iraq.

It should be noted that this workshop comes after more than thirteen workshops were held at the level of the Arab region, during which there was wide participation from commercial banks operating in the Republic of Iraq, which showed a growing interest in participating in the group of first users of the platform. This workshop is also the eighth in a series of workshops dedicated to joining banks in every Arab country.

It should be noted that the "Bani" platform represents a multi-currency payment platform that provides clearing and settlement services in Arab currencies and international currencies that meet eligibility requirements for clearing and settling inter-Arab financial transactions, as well as financial transactions between Arab countries and the main commercial partners of Arab countries. 

The platform aims to enable financial and banking institutions in the Arab region, including central and commercial banks, to send and receive intermittent payments throughout the Arab region and abroad in a safe and reliable manner, at an appropriate cost and high efficiency. The Bani platform offers participants modern payment solutions that comply with international standards, principles and international compliance requirements.

 The platform contributes to enhancing opportunities for economic and financial integration in the Arab region and supporting investment links with the trading partners of Arab countries on various continents.

It is mentioned that the platform is available to all banks that meet the criteria and conditions for participation in it, foremost among which are the standards and procedures for aspects of compliance. 

His Excellency the Director General, Chairman of the Board of Directors of the Fund, Dr. Abdul Rahman bin Abdullah Al-Hamidi, expressed his gratitude for the continuous support of His Excellency the Governor of the Central Bank of Iraq for the Arab clearing project and his colleagues' cooperation in preparing the workshop and speeding up the attachment of banks in Iraq to the "Bani" payment platform. He also praised the great enthusiasm shown by Iraqi banks to participate in the platform.



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THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS Empty THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON THE CONTRIBUTION OF THE "BUNA" ARAB PAYMENTS PLATFORM TO SUPPORTING AND STRENGTHENING THE GLOBAL FINANCIAL PAYMENTS INDUSTRY

Post by claud39 Tue Dec 29, 2020 10:32 pm

THE ARAB MONETARY FUND HOLDS AN INTERACTIVE WORKSHOP ON THE CONTRIBUTION OF THE "BUNA" ARAB PAYMENTS PLATFORM TO SUPPORTING AND STRENGTHENING THE GLOBAL FINANCIAL PAYMENTS INDUSTRY
 2020-12-07


THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS Logo-ar




On Thursday, December 10, 2020, the Arab Monetary Fund will hold a workshop devoted to reviewing business plans and operational proposals for the “Buna” platform of the Regional Corporation for Arab Payments Clearing and Settlement owned by the Fund, and the added value that this platform will provide at the level of the financial payments sector In the regional and global markets, through its innovative and secure solutions dedicated to providing clearing and settlement services in Arab and international currencies.

A crowd of representatives of Arab and international central banks and financial institutions from banks and companies of financial payment technology and financial services providers from the region and the world will participate in the workshop, in order to closely examine the strategy of the “Bunaa” platform and its plans to be a major player in the global financial payments sector.

The workshop consists of a high-level panel discussion and dialogue, during which a number of representatives of international financial institutions, led by the World Bank, along with the management team of the "Buna" platform, will talk about the role that "Buna" will play to participate in the development of financial payments activity in the Arab region and beyond. It also presents the platform as a model case in implementing the G20 directives in terms of enhancing global inter-payments activity and operations.

On this occasion, Mr. Mahdi Maneh, CEO of the Regional Corporation for the Clearing and Settlement of Arab Payments, said : “With the support of the Arab Monetary Fund and the Board of Governors of Arab Central Banks, the institution is based on a solid operating model and a clear-cut strategy. We look forward to the platform contributing to providing competitive and innovative solutions that enable the institution Than being among the largest financial payment systems in the world. "

He added Mr. objection : "We were able during the past months of the completion of a number of important steps on the road to building a strong platform and sustainable able to implement inter - payments transparency and speed, at a cost suitable for high and efficiency to serve the various needs of the markets of the Arab region and beyond. Our vision for the role of the platform" built "lies To be the main driver of inter-regional financial payments activity and to contribute to the development of this vital sector. We also look forward to being able, in cooperation with all concerned parties, to explore more opportunities available in this field.

It should be noted that the "Buna" platform constitutes an integrated system specialized in providing clearing and settlement services for payments in Arab and international currencies. It aims to enable financial and banking institutions in the Arab region and abroad, including central and commercial banks, to send and receive intermittent payments throughout the Arab region and beyond. Safe, reliable, affordable and highly effective. Bunna offers participants modern payment solutions that comply with international standards, principles and international compliance requirements.

 Bona contributes to enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with the commercial partners of Arab countries in various continents. It is mentioned that participation in the platform is available to all banks and financial institutions that meet the criteria and conditions for participation in it, foremost among which are the standards and procedures for compliance aspects.

During the series of meetings and workshops it held throughout the current year for banks operating in the Arab countries and abroad, the Regional Corporation for the Clearing and Settlement of Arab Payments has worked to keep all parties informed of the latest developments related to the activity of the "Bunaa" platform, its goals and action plans to achieve these goals. 

The next workshop, which will be held on December 10, 2020, constitutes an additional round of periodic dialogue sessions organized by the Fund and the Foundation in a digital form from a distance in view of the current circumstances, and during which it addresses several strategic topics of interest to all Arab and foreign banks operating in the region.



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THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS Empty THE ARAB MONETARY FUND PUBLISHES THE FOURTH ISSUE OF ITS INTRODUCTORY SERIES OF "MODERN FINANCIAL TECHNOLOGIES"

Post by claud39 Tue Dec 29, 2020 10:36 pm

THE ARAB MONETARY FUND PUBLISHES THE FOURTH ISSUE OF ITS INTRODUCTORY SERIES OF "MODERN FINANCIAL TECHNOLOGIES"
 2020-12-28


THE ARAB MONETARY FUND ANNOUNCES THE FULL OPERATION OF THE "BUNA" PLATFORM FOR ARAB PAYMENTS Logo-ar




The Arab Monetary Fund publishes the fourth issue of its introductory series of booklets
About "Modern Financial Technologies"
The booklet aims to raise awareness of the importance of modern financial technologies for individuals and societies in the Arab countries
 

In light of its strategy for the period (2020-2025), the Arab Monetary Fund seeks to weave and strengthen the bonds of cooperation and communication with all concerned parties and groups in the member states in order to achieve the goals for which the fund was established and to disseminate economic and financial experience and knowledge. 

In this context, the Fund decided to issue a series of introductory booklets aimed primarily at increasing the economic and financial awareness of Arab youth and enabling them to understand the basics of a number of priority economic and financial issues for Arab countries.

The new series of booklets targets young age groups, the Arab citizen in general and those who are not specialists in economic and financial affairs, with the aim of helping to gain familiarity with the basics and various aspects related to some important issues such as financial inclusion, fundamentals of finance, modern financial technologies, artificial intelligence, digital currencies, and other economic and financial issues.

 Other priority. Through these booklets, the fund hopes to contribute to enhancing the role of Arab youth in dealing with economic and financial issues and developments around it, with full knowledge and awareness that will help them effectively contribute to the realization of the future visions of Arab countries.

In this context, the Arab Monetary Fund has issued the fourth issue of its "introductory series" on "modern financial technologies" in light of the great and rapid growth witnessed by this industry and its keenness to promote and advance the digital financial culture in Arab countries. 
The booklet sheds light on the importance of modern financial technologies and the important role they play in the future of financial and banking services, the drivers of use, the challenges facing the modern financial technology industry, enhancing understanding of digital business models in the financial sector, and increasing the efficiency of access to formal digital financial services in our Arab countries for individuals. And societies in general, which enhances their capacity for digital transformation.

The issuance of this booklet comes in recognition of the importance of spreading educational awareness of financial and economic issues, especially digital ones, based on its role as the technical secretariat of the Board of Governors of Central Banks and Arab Monetary Institutions, within which the Fund carries out many activities and programs with the aim of increasing levels of digital culture and digital inclusion. This will support Arab countries in implementing digital transformation programs.
 






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