During the World Governments Summit in Dubai, Fahad Al Turki, Chairman of the Arab Regional Payments Clearing and Settlement Organisation (Buna), announced plans to integrate Chinese, Indian, and Pakistani currencies into their cross-border payment system. This move aims to enhance financial connectivity and facilitate transactions among nations.

Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasized that the expansion of Buna's payment solution will foster investment opportunities among Arab countries and promote the use of Arab currencies in international transactions. He highlighted Buna's stringent compliance measures to combat illicit financial activities, ensuring a secure and transparent payment environment.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, commended Buna for its achievements, underscoring the significance of the platform in promoting economic integration.

Buna's cross-border payment system currently encompasses 108 live banks across 14 countries, with additional banks in the process of joining. Presently, the platform supports six currencies, including the UAE dirham, Saudi riyal, Egyptian pound, Jordanian dinar, US dollar, and euro, facilitating real-time fund transfers at minimal costs.

Mehdi Manna, CEO of Buna, highlighted the challenges facing cross-border payments, such as delays and lack of transparency, and affirmed Buna's commitment to addressing these issues. He emphasized the platform's role in bolstering economic cooperation within the Arab region and streamlining payments for various entities, including governments, citizens, and individuals.

Buna's platform, which currently processes thousands of payments monthly, aims for substantial growth, anticipating millions of transactions monthly by the end of the year. Plans are underway to onboard additional currencies from China, India, Pakistan, Africa, and Europe, further diversifying the platform's reach and capabilities. With its centralized infrastructure, Buna strives to minimize operational costs and maximize efficiency in cross-border transactions.