- Home
- Middle East
- UAE
- AMF, SBP sign MoU to facilitate cross-border remittances between Arab region and Pakistan
AMF, SBP Sign MoU To Facilitate Cross-border Remittances Between Arab Region And Pakistan
Faizan Hashmi Published November 03, 2023 | 08:15 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 03rd Nov, 2023) The Arab Monetary Fund (AMF) announced today 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 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, Director-General and Chairman of the board of AMF and Chairman of the Board of ARPCSO, 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, Governor of the State Bank of Pakistan, said, “This MoU is a significant strategic achievement that opens the door to a closer connection between Pakistan and the Arab region. This collaboration between SBP and AMF is in line with our vision to leverage cross-border integrations to complement the objective of building an innovative Digital Financial Services ecosystem.”
He added, “The integration of the two payment systems will increase remittances to Pakistan through formal channels, with enhanced speed, safety, and savings in these cross-border transactions. With over 5 million Pakistanis residing in the Arab region and around 55 percent of Pakistan’s total remittances received from Arab countries, SBP is committed to completing the necessary work and operationalising the connectivity between Raast and Buna in the shortest possible time.”
Recent Stories
Seven labourers from Punjab shot dead in Gwadar
Nation will never forget criminals of 9th May who attacked state for politics: P ..
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 9 May 2024
Today Gold Rate in Pakistan 09 May 2024
IHC adjourns PTI founder, Qureshi's appeal till Thursday
CDWP recommends 3 projects to ECNEC for approval
Tarar assures APNS to resolve issues of newspaper industry
Pakistan urged to capitalize on economic stability, for Tobacco Tax Reforms
N. Macedonia polls set to upend ties with EU neighbours
Croatia's ruling party reaches coalition deal with right wing
Bayern coach Tuchel makes three changes for Madrid showdown
Olympic flame arrives on French soil for Paris Games
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago