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.
AMF added that at the level of geographical regions, both Africa and Asia are distinguished by playing a pioneering role in digital financial inclusion
Meeting was held in cooperation with International Monetary Fund
Fund president stresses importance of dialogue, consultation between Middle East’s central banks to face post-crisis challenges
The new service is the latest part of its “Beni” platform for Arab payments, with several other services set to launch in the coming period.
Arab banking sector assets reached $3.4trn by end-2018 equivalent to 124% of Arab countries’ GDP
