- Buna, a provider of online money transfers for the Middle Eastern market, has signed a new memorandum of understanding with Bahrain’s electronic payment system.
- The signing occurred during a ceremony led and organised by the Arab Monetary Fund.
- “We are pleased to be working alongside Benefit as we are aligned on the same vision of developing innovative cross-border payment solutions that enhance the user’s experience,” said a spokesperson for Buna.
Buna, a provider of online money transfers for the Middle Eastern market, has signed a new memorandum of understanding with Bahrain’s electronic payment system.
Buna said it had struck up the arrangement with BENEFIT, which runs the national electronic payments system in Bahrain in the Middle East.
Buna is involved in international money transfers in the region and is operated by the Arab Regional Payments Clearing and Settlement Organization.
The two organisations will cooperate and build electronic money transfer services. They will aim to build systems that can send money abroad in real-time, all day, and ensure that their goals fit with global compliance standards.
The signing occurred during a ceremony led and organised by the Arab Monetary Fund. BENEFIT’s Chief Executive Abdulwahed AlJanahi hosted the event and was joined by Mehdi Manaa, the CEO of Buna.
In a statement, Mehdi Manaa said that the pairing-up with BENEFIT would boost Buna’s adherence to moving ahead with its strategic plans.
“This key collaboration with BENEFIT reinforces Buna’s adherence to progress further in the creating of a strategic hub that connects the different national instant payment systems from the Arab region and beyond,” he said.
“We are pleased to be working alongside Benefit as we are aligned on the same vision of developing innovative cross-border payment solutions that enhance the user’s experience,” he continued.
For BENEFIT, meanwhile, the Chief Executive, Abdulwahed AlJanahi, said that the company was also pleased to be signing the agreement. He added that “a linking gateway” would now be established.
“We are very pleased to sign this important MOU, which will open broad horizons for instant cross-border transfers and financial payments by establishing a linking gateway between the national electronic fund transfer system and the “Buna” network, which is expected to link Arab countries and then the rest of the world,” he said.
As this article has shown, this is a sector that is ever-changing – and which will no doubt continue to change as time goes on. Don’t lose out on the latest insights: head over to our money transfer reviews pages to get the latest information on what’s happening.
