Chinese, Indian and Pakistani currencies to join UAE's cross-border payments system: how India's four-way payments make money

Buna, a cross-border payment system based in the United Arab Emirates, reportedly plans to include the currencies of India, China, Pakistan, as well as those of African and European countries in its services between 2024 and 2025.

Finance Minister Mohammed bin Hadi Al Husseini said Buna's cross-border payment solution will enhance investments between Arab countries and promote the use of Arab currencies in transactions.

The platform is already connected to 108 online banks within 14 countries and territories, with more than 105 more on the way.

Currently, the Buna platform supports six currencies, including four from the Arab region - the UAE Dirham, Saudi Riyal, Egyptian Pound and Jordanian Dinar - as well as the US Dollar and Euro.

It is learnt that Buna processes thousands of payments every month, including payments and remittances between governments, from governments to citizens and between individuals.