The payments landscape in the Middle East is changing rapidly due to the new regulatory initiatives, coupled with the entry of new local, regional, and global payment providers. There’s an acceleration of digital adoption and a flight from cash in the region.
According to a recent Mastercard report, cross-border payment adoption has helped UAE SMEs earn more than in the pre-pandemic era.
To facilitate payments and transfers within the Arab region, Emirates NBD has announced a partnership with the Arab payment system Buna, which is operated by the Arab Regional Payments Clearing and Settlement Organisation (ARPCSO), a subsidiary of the Arab Monetary Fund (AMF).
The partnership with Buna will empower Emirates NBD’s clients with a faster, more efficient, and secure means to conduct payments and transfers within the Arab market, the bank said in a statement.
Buna’s cross-border payment infrastructure offers seamless clearing and settlement services across several currencies throughout the Arab world to facilitate greater economic integration through enhanced trade and investment opportunities.
“The alliance with Buna further strengthens our payments strategy, offering our clients a real-time, seamless, secure, and cost-effective digital experience in the payment domain,” said Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Banking at Emirates NBD.