JP Morgan has secured partnerships with two major banks in the Middle East and North Africa for its Kinexys blockchain platform.
Qatar National Bank has recently adopted Kinexys Digital Payments as its blockchain payment system for USD corporate flows. This initiative aims to tackle complex challenges in commercial settlements, including cross-border payments and liquidity funding needs.
Similarly, Saudi National Bank has implemented Kinexys Digital Payments to enable real-time programmable payments within its treasury operations. This technology allows SNB to seamlessly transfer funds across its branches and fulfill treasury payment obligations without interruptions, 24/7. Plans are in place to extend these capabilities to select large corporate clients.
Ali Al Shubbar, head of treasury operations and international operations at SNB, stated, “We’ve successfully piloted U.S. dollar-denominated flows. This technology will enable us to enhance our current offerings and introduce advanced, frictionless capabilities for our branches, affiliates, and clients moving forward.”
Kinexys has established a strong presence in the MENA region, with eight major banks, including Commercial Bank of Dubai, First Abu Dhabi Bank, and Bank ABC, already utilizing the platform.
Naveen Mallela, global co-head of Kinexys by JP Morgan, remarked, “The increasingly digital global economy in the Middle East and North Africa presents a unique opportunity to support clients through our innovative offerings. We are excited to collaborate with our clients across MENA to shape the future of finance.”