Dubai: Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Turkey) region, is pleased to announce its partnership with the Arab payment system Buna to facilitate payments and transfers within the Arab region. Buna is operated by the Arab Regional Payments Clearing and Settlement Organization “ARPCSO,” a subsidiary of the Arab Monetary Fund (AMF).
The landmark tie-up with Buna will provide Emirates NBD’s clients with a more rapid, efficient and safe way to make payments and transfers within the Arab region, reinforcing Emirate’s NBD’s position as one of the most innovative banks in the region. Buna’s cross-border payment platform provides seamless clearing and settlement services in multiple currencies across the Arab region and is aimed at encouraging greater economic integration through increased trade and investment opportunities.
Commenting on the announcement, Ahmed Al Qassim, Senior Executive Vice President and Group Head, Corporate and Institutional Banking at Emirates NBD, said: “Emirates NBD’s partnership with Buna reflects our commitment to provide best-in-class products and services that will allow our clients to meet their goals at an accelerated pace in a rapidly evolving digital environment. 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. We look forward to fully leveraging the capabilities of the platform and to take advantage of opportunities that the collaboration between Buna, the Central Bank of the UAE and Emirates NBD will create as the regional payment system is transformed.”
Mehdi Manaa, Chief Executive Officer of Buna, added: “Buna is pleased to have Emirates NBD join our growing network of participants. This collaboration furthers our commitment to enhance cross-border payments and unlocks new opportunities to empower Arab economies and enrich trade relations. We look forward to cooperating with Emirates NBD to provide a compliant, efficient and safe payment infrastructure and facilitate the use of multiple currencies in the Arab region and beyond.”
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Turkey) region with a presence in 13 countries, serving over 17 million customers. As at 30th June 2022, total assets were AED 711 billion, (equivalent to approx. USD 193 billion). The Group has operations in the UAE, Egypt, India, Turkey, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 900 branches and 4,086 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 3.7 billion.
Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv., the lifestyle digital bank for millennials.
Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE’s main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is also an early supporter to Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
For further information on Emirates NBD, please contact:
Senior Vice President
Head – Group Corporate Affairs
e-mail: [email protected]
e-mail: [email protected]