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The Arab Monetary Fund signs MoU with Visa for faster cross-border payment

Arab Monetary Fund Visa_IFM_Image
As per the agreement, Visa will collaborate with Buna, the AMF’s regional payment platform

The Arab Monetary Authority (AMF) has signed a Memorandum of Understanding (MoU) with US-based multinational financial services company Visa to enhance cross border payments, media reports said. As per the agreement, Visa will collaborate with Buna, the AMF’s regional payment platform.

The agreement will see both parties working to develop a faster, efficient, cost-effective and secure channel to execute cross-border payments in regional and foreign currencies.

In this regard, H.E Dr. Al Hamidy told the media, “Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision to contribute to the development and growth of the payment industry across the Arab world and globally. With this initiative, Buna continues to develop and grow its diversified pool of innovative solutions, providing its participant banks additional safe and credible channels to broaden their cross-payment capacities, implement innovative business models and better serve their clientele.

“Both Visa and Buna will capitalize on this partnership to deliver joint cross-border payment products and services that are risk controlled and with broad coverage and extended availability to better serve the diverse needs of the financial and payment community in the Arab region and beyond.”

Recently, Visa purchased a CryptoPunk, which is part of a line of nonfungible tokens (NFTs) that allow people to transfer images and other items over the internet and track their ownership, for about $150,000.

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