[ad_1]
Mohammedia – Qatar National Bank (QNB), the largest lender in the Middle East and Africa by assets, has become the latest bank to join Kinexys, the blockchain-based payment network created by JPMorgan.
The decision marks an important step for QNB as it looks to improve the speed and reliability of payments in foreign currencies, especially the US dollar. The bank confirmed it has already begun using Kinexys Digital Payments to settle corporate flows in dollars, allowing payments to move outside traditional banking hours.
The adoption comes as many financial institutions in the Middle East look for new ways to overcome the delays and costs, often linked to international transactions.
By turning to blockchain technology, QNB hopes to provide its corporate clients with payments that are near real-time, cutting the risks of long settlement periods. The move also places QNB alongside other major banks in the region that are working with JPMorgan to reshape cross-border banking services.
Why QNB chose Kinexys
Traditional cross-border payments are lengthy, with transactions passing through several banks before reaching the final recipient. This can lead to high fees and settlement risk.
Kinexys, JPMorgan’s blockchain unit formerly known as Onyx, promises a faster and more efficient system by using digital deposit accounts that are updated instantly on a shared ledger.
For QNB, offering payments that operate 24 hours a day and seven days a week is key. Corporate clients often face delays when trying to move money during weekends or outside US banking hours.
With Kinexys, payments can now be processed at any time, giving businesses more flexibility and reducing the risk of disruptions caused by time zones.
The platform also opens the door to further automation, where payments can be linked to certain conditions or triggers, making treasury management easier for large firms.
QNB’s adoption is also in line with broader goals across Qatar and the Gulf region to position themselves as leaders in digital finance. The use of blockchain for real-world banking services reflects a push to modernize infrastructure and attract global partners.
A growing network in the Middle East
QNB is not alone in this shift. Several other large Middle Eastern banks — including Saudi National Bank, First Abu Dhabi Bank, Commercial Bank of Dubai, Emirates NBD, and Bank ABC — have already joined Kinexys.
Together, they are helping build one of the largest blockchain-based financial networks outside the United States.
The growth of this network is backed by impressive numbers. JPMorgan says Kinexys has already processed over 1.5 trillion dollars in payments since its launch, with more than 2 billion dollars moving across the system on an average day.
This scale is seen as proof that blockchain can handle real-world volumes in banking, far beyond pilot projects or small-scale tests.
By joining the network, QNB gains access to an ecosystem where member banks can transact directly, cutting out many of the intermediaries that slow down traditional transfers.
This could give QNB’s corporate clients an advantage in speed and efficiency, while also reducing costs in the long run.
This decision signals growing confidence in blockchain as more than a theoretical solution. By moving live corporate payments onto Kinexys, QNB has taken a practical step toward reshaping how money moves across borders.
Read Also: Morocco’s Vision for 2030: Can Blockchain and AI Drive Economic Growth?
[ad_2]
Source link