The Arab Monetary Fund (AMF) has signed a Memorandum of Understanding (MoU) with payments giant Visa to drive cross-border payments between the Arab region and global markets.

As part of the MoU, Visa will work with AMF’s regional payment platform Buna to enable additional rails of money transfer across the two systems to drive cross-border payments between the Arab region and the rest of the world.

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They will also offer ‘cost effective and secure channels’ for their respective network of participants and member banks to facilitate cross-border payments in Arab and international currencies.

To serve the evolving financial needs of the Arab region, Buna and Visa plan to develop optimal solutions that will tap sustainable opportunities in the payment space.

Commenting on the development, AMF director general chairman of the board Al Hamidy said: “Buna and Visa partnership is in line with our strategic approach to join forces with international institutions that share with us the same vision to contribute to the development and growth of the payment industry across the Arab world and globally.”

Visa Group general manager for GCC Saeeda Jaffar added: “This MOU reinforces Visa’s commitment to support the evolution of the Arab region and the vital role digital payments plays in this sphere.”

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Hamidy added: “Both Visa and Buna will capitalise on this partnership to deliver joint cross-border payment products and services that are risk-controlled and with broad coverage and extended availability to better serve the diverse needs of the financial and payment community in the Arab region and beyond.”

Recent partnerships by Visa

Recently, US-based digital banking and payment solutions provider i2c teamed up with Visa to provide buy now pay later (BNPL) capabilities at the point of sale for participating issuers in North America.

In June this year, Goldman Sachs Transaction Banking signed a global strategic partnership with Visa to enhance cross-border payments for its commercial and corporate banking clients.

In May, Fintech Tala partnered with Visa with aim of developing a cryptocurrency solution that will enable underbanked populations to convert, store, and use crypto currencies.