AMF and SBP sign agreement

The Arab Monetary Fund (AMF) announced that it has signed a Memorandum of Understanding (MoU) with the State Bank of Pakistan (SBP) to establish a framework for cooperation between the “Buna”, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organisation “ARPCSO”, owned by AMF, and “Raast,” Pakistan’s instant payment system.

The MoU was signed by Dr Abdulrahman Abdullah Al Hamidy, Director-General and Chairman of the Board of AMF and Chairman of the Board of ARPCSO and Jameel Ahmed, Governor of the State Bank of Pakistan.

The integration of Raast with Buna aims to facilitate Cross-border Remittances between the Arab region and Pakistan through formal channels. This initiative will benefit individuals as well as businesses not only through instant, safe and cost-effective cross-border payments, but also by strengthening economic, financial, and investment ties between the Arab countries and Pakistan.

Dr Abdulrahman Abdullah Al Hamidy said, “This strategic collaboration with Raast underscores Buna’s commitment to continue connecting different regions and reinforcing economic, financial, and investment ties between the Arab region and its main global partners. This resonates with the shared vision of innovating cross-border payment solutions to offer safe and efficient cross-border instant payment access for individuals and corporates.”

He added, “We also aim to increase cross-border remittances by reducing costs and processing times, this initiative confirms the global character of Buna which adheres to the highest compliance standards to connect the Arab region with its main global partners in line with the vision of its founders, in the Council of Central Bank Governors. On this occasion, we would like to thank the Governor of the State Bank of Pakistan and his colleagues for their instrumental support of this initiative.”

For his part, Jameel Ahmed said, “This MoU is a significant strategic achievement that opens the door to a closer connection between Pakistan and the Arab region.”