Arab Monetary Fund Rolls Out Buna Payment Platform

Arab Monetary Fund Rolls Out Buna Payment Platform

The Arab Monetary Fund (AMF) has launched Buna Payment Platform to enhance the financial integration opportunities.

In addition, the move aims to boost economic and investment ties with trading partners in the Arab world, according to a press release published Sunday.

Most importantly, the multi-currency payment platform provides settlement services in both Arab and foreign currencies.

Moreover, Buna aims to help financial agencies to send and receive payments regionally and globally, in an efficient and cost-effective environment.  

For his part, Abdulrahman Al Hamidy, AMF’s director general, expressed his happiness at the launch of this platform.

Al Hamidy said:

“The move aims to encourage and develop Arab financial activities, commercial trade and cross-border investments. Thus, this system aims to promote trade relations and develop investment activities between the Arab countries.”

Earlier, Cryptolydian reported that the UAE’s Ministry of Health has launched its topnotch blockchain-powered platform that aims to integrate blockchain technology into all health services.

Moreover, the platform will help medical professionals when they want to know specific drugs, methods of use, suppliers and costs.

Blockchain adoption can save $3bn for UAE

The UAE can save over AED 11 billion ($3 billion) through adopting the cutting-edge blockchain technology, according to a recent survey.   

The paper, entitled “Inclusive Deployment of Blockchain: Case Studies and Learning from the United Arab Emirates” was jointly prepared by Dubai Future Foundation, C4IR UAE and the World Economic Forum.

Thus, the survey aimed to highlight the current deployment phases in the ecosystem as well as the relevant challenges and success factors.

More than 100 stakeholders from over 60 public and private entities actively use the blockchain widely across the country, the study showed.

Accordingly, it seems that the UAE focuses on the blockchain industry as it was reported that 80% of public and private entities adopt such cutting-edge technology widely.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.