The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) officially sealed a Memorandum of Understanding (MoU) to enhance cross-border remittances, connecting the Arab region with Pakistan. Dr Abdulrahman Bin Abdullah Al Hamidy, Director General Chairman of the Board of AMF, and Jameel Ahmad, Governor SBP, formalized the MoU during a ceremony hosted by the Arab Monetary Fund (AMF) in Abu Dhabi, as stated in a joint statement by SBP and AMF.

The MoU paves the way for collaboration between Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization (ARPCSO) owned by AMF, and Raast, Pakistan’s Instant Payment System. Buna, overseen by ARPCSO and AMF, will integrate with Raast, which offers secure, fast, and state-of-the-art payment services based on international standard ISO 20022