During the World Governments Summit in Dubai, Fahad Al Turki, chairman of the Arab Regional Payments Clearing and Settlement Organization, unveiled BUNA’s ambitious plans to extend its reach to include currencies from Pakistan, India, China, and several African and European nations by 2024-2025.
The move, aimed at integrating BUNA with other national payment systems, seeks to foster greater financial collaboration on a global scale. UAE Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, emphasized BUNA’s potential to stimulate investment and encourage the utilization of Arab currencies in transactions, citing its robust compliance measures against money laundering and terrorism financing.
Currently linking 108 live banks across 14 countries, BUNA facilitates transactions in six currencies, with plans to incorporate more as part of its expansion efforts. The addition of currencies like the Pakistani rupee is anticipated to simplify cross-border transactions and bolster economic cooperation.
