RIYADH: The Saudi British Bank, known as SABB, has joined the ‘Buna’ payment system which specializes in providing clearing and settlement services in multiple currencies across the Arab region.
Operated by the Arab Regional Payments Clearing and Settlement Organization, a subsidiary of the Arab Monetary Fund, the system was launched in 2020 to foster wider international trade and investment between Arab countries.
Buna now has multiple settlement currencies, including the Emirati dirham, Saudi riyal, US dollar, Jordanian dinar and euro.
Yasser Al-Barrak, CEO of Corporate and Institutional Banking at SABB, said: “This partnership aligns with the bank’s plans for digital transformation, providing the latest banking payment solutions that comply with international standards and principles, and achieving excellence in payment operations in the region by leveraging the latest and most secure technologies.”
Thanking the Saudi Central Bank for its continuous support, Mehdi Manaa, CEO of Buna said: “We are pleased to welcome Saudi British Bank as a participant in Buna. We will be happy to continue collaborating with SABB on enhancing cross-border payments in compliance with global standards and international best practices.”
He added: “With more banks joining Buna from different countries, we are enriching our network and realizing our vision to empower economies and strengthen integration within the Arab world.”
In January, First Abu Dhabi Bank also joined the Buna payment system to enhance regional cross-border payment capabilities.
Founded in 1976, the Arab Monetary Fund is headquartered in Abu Dhabi and it currently has 22 member countries.