Abu Dhabi, The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have formalized an agreement to cooperate on facilitating cross-border remittances through a Memorandum of Understanding (MoU) signed today. The partnership connects Buna, AMF’s cross-border payment system, with Pakistan’s Raast Instant Payment System, aiming to streamline financial transactions between the Arab region and Pakistan.

According to the State Bank of Pakistan, this strategic MoU will not only offer instant, safe, and cost-effective cross-border payments but will also bolster economic, financial, and investment ties between the Arab countries and Pakistan. Dr. Abdulrahman Bin Abdullah Al Hamidy, Director General Chairman of the Board of AMF, emphasized the initiative’s alignment with Buna’s vision to enhance cross-regional economic connections and reduce the costs and processing times of cross-border remittances.

Mr. Jameel Ahmad, Governor of SBP, highlighted the significant potential of this collaboration given the substantial Pakistani expatriate population in the Arab region and the volume of remittances from there. He expressed SBP’s commitment to implementing this connectivity expediently, in line with Pakistan’s vision to innovate its digital financial services ecosystem.

Buna, owned by ARPCSO and AMF, is dedicated to enabling payments in various currencies, adhering to international compliance standards to foster integration in the Arab region. Raast, launched by SBP, has seen significant adoption, with millions of transactions processed to date, indicating readiness for the expansion into cross-border services with Buna.