1. Could you provide us with an introduction to Buna and its vision and mission?

Buna is a cross-border and multi-currency payment system. It aims at making cross-border payments as efficient as domestic ones by onboarding Financial Institutions from different countries onto the system and processing payments directly between them centrally. This is the most effective and straightforward approach to resolve the known frictions of cross-border payments, the high costs, slow processing times, lack of transparency, and limited access.

Buna has already progressed well towards its objective, as we have already more than one hundred Financial Institutions from different countries participating in the system and we also offer payments in six settlement currencies, which are the Emirati dirham (AED), the Saudi riyal (SAR), the Egyptian pound (EGP), the Jordanian dinar (JOD), the Euro (EUR), and the US dollar (USD).

While Buna is now operated by an independent organization owned by the Arab Monetary Buna, its inception was triggered by the vision of the Arab central banks to support economic integration between Arab countries, promote greater financial inclusion and strengthen ties with main global partners.

In this context, providing safe, cost-effective, and transparent payments has always been a key priority for us. We have made for example critical choices to ensure the compliance of our whole ecosystem with the highest international AML and CFT standards. We have a very strict due diligence process in place, and we have embedded AML and CFT controls in the core of our system, an exception for Financial Market Infrastructures which usually let this responsibility lie solely with their participants.

2. Recently, Buna announced the interlinking with Raast and the inclusion of the Pakistani Rupee. What are the outlook and plans for the remainder of 2024?

Indeed, the interlinking between Buna and Raast, Pakistan’s instant payment system, is a very important project that resonates with many of our objectives. It is one of our different initiatives to interlink with our partners around the globe and it is expected to support financial inclusion, as it will make remittance flows safer and more affordable.

In July this year, this initiative entered the implementation phase building on the joint work of the few previous months that has laid a solid foundation to reach this milestone. The teams from both sides are currently increasing their collaboration and fine tuning the plans with the objective to finalize the rollout in the course of 2025.

3. How do you envision the future of cross-border payments?

Enhancements to cross-border payments are inevitable. The global economy is becoming more interconnected, and the demand for efficient, reliable payments is only growing. Cross-border payments cannot remain a source of friction. The delays and costs that have long hindered the efficiency of cross-border transactions should be gradually eliminated.

I strongly believe that cross-border payments should be as seamless and efficient as domestic payments. In fact, we envision a future where the concept of "cross-border" payments ceases to exist because payments, regardless of where they originate or terminate, will be processed with the same speed and ease as local transactions. This vision aligns closely with the objectives of the G20’s efforts to enhance cross-border payments. The G20’s roadmap has laid the groundwork for these improvements, and we at Buna are both appreciative and supportive of their work. We recognize the challenges ahead, but we are equally optimistic. The combination of international collaboration, competitive innovation, and technological advancements will drive the transformation we seek.

We are actively working alongside international bodies, financial institutions, and Fintech to make our vision a reality. The future is one where payments, whether domestic or international, are simply payments—efficient, secure, and accessible to all.

4. What are your personal goals?

I think that I have been a very lucky person... I am ambitious. I had many goals throughout my life that I have been incrementally revising after reaching them. I cannot pretend that I have realized all of them, but I consider that I received a lot already, and that it is now time for me to focus on giving back something to the society and try contributing to a better future.

Luckily again, my personal goals align perfectly with the professional ones, because I am convinced that more efficient and more inclusive payments, and in particular cross-border payments, will benefit corporates and individuals alike, and build a better future for all.

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The content of this article does not reflect the official opinion of Edgar, Dunn & Company. The information and views expressed in this publication belong solely to the author(s).

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