Fintech helps upgrade GCC payment systems

Arabian Post Staff

AFAQ and BUNA systems have helped improve payments in the GCC region, Khaled Al Basias, Director Financial Sector Development, Saudi Central Bank, stressed while speaking at the Global Fintech Fest 2023.

AFAQ system was created in 2020 to link all the GCC countries’ RTGS payments and central banks for foreign exchange transactions. Over 50 financial institutions are now part of it.

The BUNA system connects the larger Arab countries in a centralised payment system across the 6 major currencies.

Al Basias was participating in a panel discussion with Abhaya Prasad Hota, Former MD & CEO, NPCI, Aleksi Grym, Head of Fintech, Bank of Finland, Masaki Bessho, Head of FinTech Centre, Payment and Settlement Systems Department, Bank of Japan, Shahrokh Moinian, MD, Head of Payments Europe, Middle East, and Africa, JP Morgan and Rashmi Satpute, Country Manager, India, Wise.

The discussion on ‘Cross Border Payments: Bridging Global Economies’ was hosted by Kunal Jhanji, MD and Partner, Head of Payments UK, Belgium and The Netherlands, Global co-lead for Digital Assets and Digital Currencies, BCG.

Al Basias, said, “We have also a Memorandum of Understanding with NPCI International for the BUNA system to explore how can we link the technical knowhow, knowledge and implementation with NPCI and see how further collaboration can happen between BUNA and NPCI.”

Also published on Medium.

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