Emirates NBD, a leading banking organisation in the Middle East, North Africa and Turkey (MENAT) region, is pleased to announce its partnership with the Arab payment formula Buna to facilitate invoices and transfers within the Arab region. Buna is operated through Arab Regional Payment Clearing and Settlement Organization “ARPCSO”, a subsidiary of the Arab Monetary Fund (MFA).
The historic combination with Buna will provide Emirates NBD consumers with a faster, more efficient and secure way to make invoices and transfers in the Arab region, reinforcing Emirate NBD’s position as one of the leading edge banks in the region. The platform provides transparent clearing facilities and multi-currency settlements across the Arab region and aims to inspire greater economic integration through increased industrial and investment opportunities.
Commenting on the announcement, Ahmed Al Qassim, Senior Executive Vice President and Group Head of Corporate and Institutional Banking at Emirates NBD, said: “Emirates NBD’s partnership with Buna reflects our commitment to delivering the most productive products and facilities that will enable our customers to achieve their goals at an accelerated speed in a virtual conversion environment. The alliance with Buna further strengthens our payment strategy, offering our consumers a real-time, transparent, secure and cost-effective virtual experience in payment speed. Look to the future to take full credit for the platform’s functions and seize the opportunities that the collaboration between Buna, the UAE Central Bank and Emirates NBD will create as the regional payment formula transforms.
Mehdi Manaa, CEO of Buna, added: “Buna is very happy that Emirates NBD is signing up for our network of developing participants. This collaboration reinforces our commitment to better cross-border bills and opens up new opportunities to boost Arab economies and enrich industrial relations. We look forward to working with Emirates NBD to provide a compatible, effective and secure payment infrastructure and facilitate the use of multiple currencies in the Arab region and beyond. “
Emirates NBD, the leading banking organization in the region, was established on June 19, 1963, when the late Highness Sheikh Rashid bin Saeed Al Maktoum signed the charter of the National Bank of Dubai (NBD), which has become the first national bank established in Dubai and the United Arab Emirates (UAE). With the blessing of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on March 6, 2007 to form Emirates NBD , the largest banking organization in the region. through assets. On October 16, 2007, Emirates NBD shares were officially indexed on the Dubai Capital Market (DFM). The merger between EBI and NBD to create Emirates NBD has become a style of regional consolidation for the banking and money sector as it has combined the momentum of the UAE and the fourth largest bank to shape a banking champion capable of offer higher prices to corporate, retail and retail clients, Islamic and investment banking in the region.
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