By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Buna conducts 1st intra-Arab transaction between Mashreq Bank, Banque Misr
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Banking > Buna conducts 1st intra-Arab transaction between Mashreq Bank, Banque Misr
Banking

Buna conducts 1st intra-Arab transaction between Mashreq Bank, Banque Misr

Hossam Mounir
Last updated: 2020/12/28 at 5:05 PM
By Hossam Mounir 4 Min Read
Share
The Arab Monetary Fund
The Arab Monetary Fund
SHARE

The Arab Monetary Fund (AMF) has announced that its Buna payment platform has conducted the first cross-border transaction in UAE Dirham (AED), between the UAE’s Mashreq Bank and Egypt’s Banque Misr.

The transfer marks the start of full operation of the Buna platform, which is affiliated to the AMF-owned Regional Entity for Clearing and Settlement of Intra-Arab Payments.

Abdul Rahman bin Abdullah Al Hamidi, Director General and Chairperson of the AMF, said, “We are proud and happy to announce that the Buna payment platform system is now operating at full capacity, and is able to provide clearing and settlement services for cross-border payments in international and Arab currencies that meet eligibility requirements.”

“In real time, the success of the first payment process is strong evidence of our commitment to follow our plan despite the difficult circumstances and unprecedented challenges at the global level,” he added, “It also constitutes additional confirmation of the platform’s ability to carry out its operational activity within the specified requirements, and in accordance with international standards and principles.”

Al Hamidi also said that this success would not have been possible without the continued support of Arab central banks, and the AMF’s continuous endeavour to expand its network of participating banks and settlement currencies.

“Our focus will always be on providing modern payment solutions throughout the Arab region and beyond, in line with international standards, principles and requirements,” he said.

Banque Misr Chairperson Mohamed El Etreby said, “Given the pioneering position of Banque Misr, and its constant eagerness to support efforts to create an Arab payment platform, the bank welcomes being part of Buna, which is the first regional payment system that links financial infrastructure with main commercial partners of the Arab world.”

He added, “The results of our association with Buna, as a participating bank, will not only enhance the level of services provided by Banque Misr, but will also help us provide a wide and additional range of products and services that meet the needs of our current and future customers.”

El Etreby noted that this comes in addition to strengthening Banque Misr’s leadership in the sector, as one of the first banks to participate in the platform.

For his part, Mashreq Bank CEO Ahmed Abdel Aal said, “Mashreq Bank would like to commend the AMF’s vision in launching the Buna Arab Payments platform, to achieve a pivotal change in the reality of the payments industry in the Arab region.”

“The AMF has a distinct vision that combines empowering intra-Arab payments and providing the integration requirements with regional infrastructures in other markets,” Abdel Aal also said, “This is thanks to a wide range of solutions provided by the Fund through a central payment platform that provides clearing and settlement services.”

He added that these features would enhance the level of consistency and standardisation, contributing to an expansion in global coverage and making cross-border payments faster and safer.

Buna is expecting more than 120 banks to join its network. It is working to expand the list of Arab and international currencies that meet eligibility requirements, and to achieve its vision to empower Arab economies.

This would come in addition to enhancing regional financial integration by encouraging the use of Arab currencies in clearing and settling financial transactions and cross-border investment. It will also create links with the Arab world’s main trading partners.

You Might Also Like

IFC partners with Egypt’s CIB in managing climate risk, boosting sustainability

CIB general assembly approves issuance of financial instruments worth $1bn 

DNE Awards honours CIB as Most Efficient Egyptian Bank

AUB Egypt records 73.6% growth in consolidated net profit to EGP 2.04bn in 2022

CBE approves rules governing payment card service codes

TAGGED: Banque Misr, Buna payment, Buna platform, Mashreq Bank, The Arab Monetary Fund
Share this Article
Facebook Twitter Email Print
Previous Article Škoda Superb Daily News Egypt test drives Škoda Superb
Next Article Minister of Planning and Economic Development Hala El-Said Egypt offers HR development training to health insurance workers
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?