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The Arab Monetary Fund (AMF) has issued a policy guide to develop the fintech industry and support digital financial transformation in Arab countries by adopting distributed ledger technology (DLT) and blockchain.
Digital banking key to enhancing financial inclusion omanobserver.om - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from omanobserver.om Daily Mail and Mail on Sunday newspapers.
The move paves the way for Buna to continue expanding its network of participants and currencies, he said.
“Our focus will always be to offer modern payment solutions across the Arab region and beyond, within the highest standards of information security and in compliance with international standards.”
In February, the AMF rolled out Buna, a multi-currency platform that enables financial institutions, including commercial lenders and central banks in the Arab world, to send and receive cross-border payments.
Last week, Saudi Arabia s riyal was included as the third Arab settlement currency in Buna after the UAE dirham and Egyptian pound.
The kingdom s largest lender, National Commercial Bank, was nominated as a settlement bank for the Saudi riyal, the AMF and Saudi Arabian Monetary Authority said in a December 24 statement.
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Saudi Arabia s riyal has been included as a settlement currency in the Arab Monetary Fund (AMF) s regional cross-border payment system, becoming the third Arab currency to join the platform.
The kingdom s largest lender National Commercial Bank (NCB) has been assigned as a settlement bank for the Saudi currency, according to a joint statement from the AMF and Saudi Arabian Monetary Authority on Thursday.
The Saudi riyal s inclusion in Buna, as the AMF payments clearing and settlement system is known, follows the acceptance of the UAE dirham and Egyptian pound. We are on the right track to realise our strategic goal of adding key currencies to our platform in a consistent and sustainable pattern, Abdulrahman Al Hamidy, director general and chairman of the AMF board, said. Adding the Saudi riyal to Buna’s list of settlement currencies, represents additional solid proof of the added value that our multi-currency platform can bring not only at regional level, but to the g