ila Bank, a trailblazer in Bahrain’s digital banking sector and a subsidiary of Bank ABC, has recently announced its collaboration with BUNA, the Arab Monetary Fund’s innovative cross-border and multi-currency payment system.
This partnership marks ila Bank as the first digital bank in Bahrain, and a regional leader, to offer its customers an advanced, secure, and efficient cross-border multicurrency payments service. Currently, ila Bank enables transactions in AED, with plans to expand to additional currencies for seamless transactions and remittances.
Founded by the Arab Monetary Fund, BUNA specializes in facilitating cross-border payments across different currencies, playing a key role in economic integration and trade expansion in the Arab region and with global trading partners.
This partnership is set to revolutionize the way customers engage in cross-currency transactions. It aligns with the regional leadership’s commitment to fostering economic progress through advanced financial initiatives like BUNA.
Nada Tarada, Head of Business & Customer at ila Bank, expressed her enthusiasm about the partnership: “We take great pride in our association with BUNA, which strengthens and adds additional value to our cross-currency transfers offering. With our unique multi-currency accounts offering, we are delighted to be able to offer our customers a fast, transparent and cost effective cross-currency transfer service.”
Further emphasizing the significance of this alliance, Mehdi Manaa, Chief Executive Officer of BUNA, remarked: “We are pleased to welcome ila Bank to Buna’s network of participants. Our collaboration with Bank ABC group strengthens our commitment to make cross-border payments more efficient and secure. This will in turn facilitate international trade and investment within the Arab region and with the main global partners.”
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