UAE's BUNA payment system to expand, including new currencies

The UAE-based BUNA, a cross-border payment platform, is set to broaden its reach by incorporating currencies from Pakistan, India, China, and various African and European countries by 2024-2025.

This announcement was made by Fahad Al Turki, chairman of the Arab Regional Payments Clearing and Settlement Organization, at the World Governments Summit in Dubai.

The expansion aims to connect BUNA with other national payment systems, enhancing financial collaboration across continents. UAE Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, highlighted BUNA's potential to boost investment and promote the use of Arab currencies in transactions, noting its strong compliance against money laundering and terrorism financing.

Currently connected to 108 live banks in 14 countries, BUNA supports transactions in six currencies, aiming to add more with this expansion. The inclusion of additional currencies like the Pakistani rupee is expected to streamline cross-border transactions and support economic cooperation.

This strategic growth aligns with global trends toward diversifying currency settlements to decrease reliance on the US dollar, contributing to the financial diversification and de-dollarization efforts of participating countries.