Tue 08-03-2022 17:39 PM
ABU DHABI, 8th March, 2022 (WAM) -- Buna, the cross-border and multi-currency payment system owned by the Arab Monetary Fund (AMF), today signed a Memorandum of Understanding (MoU) with NPCI International Payments Limited (NIPL), the international arm of National Payments Corporation of India (NPCI), to support the growth of trade and investment flows between the Arab world and India.
The MoU aims to implement payment solutions that lead to interoperability between their instant payment services and allow their participants to exchange cross-border payments in a cost-effective and secure way, instantly, 24 hours a day and 365 days a year.
Mehdi Manaa, CEO of Buna, and Ritesh Shukla, CEO of NIPL, signed the MoU in the AMF headquarter in Abu Dhabi, in the presence of Sunjay Sudhir, Ambassador of India to the UAE, and Dr. Abdulrahman A. Al Hamidy, Director General Chairman of the Board of the Arab Monetary Fund.
The alliance between Buna and NIPL presents a strategic opportunity for both payment systems to build on the high potential of their instant payment services with the objective of spreading the benefits of cross-border instant payments to citizens and corporates.
Dr. Al Hamidy said, "Enhancing cross-border payments is a pillar for the growth of financial and commercial ties between the different parts of the world. By establishing a joint modern solution to streamline the flow of funds between their participants, Buna and NIPL are introducing a safe and efficient payment rail that represents a key driver for the growth and expansion of economic ties and opportunities between the Arab region and India, as well as the different international markets across the globe. This partnership is a milestone in Buna’s plans to promote the usage of its cross-border multi-currency instant payment service and its contribution to the development of the payment industry in the Arab region and at a global level."
For his part, Ritesh Shukla commented, "We believe that this strategic partnership with Arab Monetary Fund is a significant step towards actualizing our vision of taking our exemplary payments solutions to global markets. We are focused on bringing about a superior cross-border experience through our cutting-edge real-time payment solution – UPI. Our partnership with AMF and Buna would further boost the growth of cross-border payments through UPI."