DUBAI: The Arab Monetary Fund (AMF) and Visa have signed an MoU to enable the growth and efficiency of cross-border payments between the Arab region and the rest of the world.
Under the terms of the agreement, Visa and Buna, the Regional Payment Platform owned by the AMF, will set the foundation for mutual beneficial interoperability and a partnership that aims to enable additional rails of money transfer across the two systems, a statement said.
Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options, the statement added.
The two entities will design optimal solutions that can unlock sustainable opportunities in the payment industry.
Dr Saeeda Jaffar, Group General Manager for GCC, Visa, said the MoU reinforces Visa’s commitment to support the evolution of the Arab region and the vital role digital payments plays in this sphere.
