The Arab Monetary Fund (AMF) has collaborated with Mastercard to boost payment activities in the Middle East and North Africa (MENA) region and other international markets.

Under the memorandum of understanding (MoU) signed in this regard, AMF’s cross-border and multi-currency payment system Buna will work with Mastercard to establish strategic interoperability between their respective systems.

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The interoperability between the two systems is expected to increase the exchange of cross-border payments in the MENA region.

As part of the move, Buna and Mastercard Cross Border Services will offer their participants a reciprocal route to help them expand their footprint in the payment space.

The initiative is said to be in line with both entities’ strategic objectives that focus on encouraging financial inclusion while meeting evolving needs of consumers and corporates for access to payment solutions.

Furthermore, it is said to align with their intention to contribute positively to global efforts to enhance cross-border payments efficiency.

Commenting on the development, AMF director general chairman Abdulrahman Al Hamidy said: “Both Buna and Mastercard will capitalise on this partnership to add value to their respective ecosystems, by creating innovative solutions, in the cross-border and multi-currency payment field, that are diversified, efficient, easy to access.

“The aim is to achieve better risk control and to cater for the strategic and evolving needs of the financial and payment community in the Arab region and beyond.”

Mastercard MENA division president Khalid Elgibali added: “Our partnership with AMF will serve to boost cross-border trade in the region and connect governments, businesses and consumers faster than ever before. Through our multi-rail strategy, Mastercard is working to transform the payments landscape by ensuring universal acceptance and interoperability and help drive inclusive economic growth.”

Earlier this year, AMF reached a MoU with Visa to bolster cross-border payments between the Arab region and the rest of the world.

Meanwhile, Mastercard recently announced a partnership with ProgressSoft to support cross-border remittances across MENA.