Gulf Bank QNB Turns To JPMorgan Blockchain For US Dollar Settlements
QNB Group, one of the Middle East’s biggest lenders, has adopted JPMorgan Chase’s blockchain platform to process US dollar corporate payments, marking a big step in mainstream use of distributed ledger technology.
Bloomberg reported Tuesday that Doha-based QNB will use JPMorgan’s Kinexys Digital Payments system, allowing its business clients in Qatar to settle dollar payments in minutes and at any time of the week. Traditional rails often take several days and operate only on weekdays.
Corporate clients are increasingly demanding faster and more reliable cross-border payments, Kamel Moris, executive vice president of transactional banking at QNB, told the outlet.
“Now we can have a 24/7 service window, we can guarantee payments as fast as in two minutes,” he said. “It’s a treasurer’s dream.”
QNB didn’t return Cryptonews’ request for comment by press time.
Faster, Cheaper Settlements Seen As Key To Attract Global Capital
The move places QNB among a growing group of Gulf banks turning to global partners like JPMorgan to modernize payments. The region, which has long relied on oil-linked wealth and dollar liquidity, is now seeking to strengthen its financial infrastructure to support diversification strategies and attract global investors. Faster and cheaper settlement systems are seen as crucial to that shift.
JPMorgan’s Kinexys platform, launched in 2019, is already processing about $3b in daily transactions. While that is only a fraction of the $10 trillion handled by the bank’s broader payments arm, the network has been expanding steadily as more institutions join.
The US bank is the largest dollar clearer in the world and is using its position to extend Kinexys’ reach.
QNB Adoption Shows Gulf Banks Driving Wider Blockchain Use
For QNB, instant access to dollar payments meets the rising expectations of treasurers. In today’s global economy, information moves seamlessly, and money is expected to follow. Moreover, faster settlement allows the bank to compete more aggressively in corporate banking against both regional and international peers.
At the same time, large financial institutions worldwide are investing more heavily in blockchain-based solutions. Their goal is to simplify back-office operations and improve transparency. For over a decade, banks have experimented with distributed ledger technology. However, only a handful of platforms have managed to scale commercially.
QNB’s adoption signals that Gulf banks, often among the earliest in emerging markets to test new financial technologies, are now pushing toward wider implementation. The shift reflects both the competitive pressure to modernize and the strategic importance of maintaining reliable access to US dollars.
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Gulf Bank QNB Turns To JPMorgan Blockchain For US Dollar Settlements
QNB Group, one of the Middle East’s biggest lenders, has adopted JPMorgan Chase’s blockchain platform to process US dollar corporate payments, marking a big step in mainstream use of distributed ledger technology.
Bloomberg reported Tuesday that Doha-based QNB will use JPMorgan’s Kinexys Digital Payments system, allowing its business clients in Qatar to settle dollar payments in minutes and at any time of the week. Traditional rails often take several days and operate only on weekdays.
Corporate clients are increasingly demanding faster and more reliable cross-border payments, Kamel Moris, executive vice president of transactional banking at QNB, told the outlet.
“Now we can have a 24/7 service window, we can guarantee payments as fast as in two minutes,” he said. “It’s a treasurer’s dream.”
QNB didn’t return Cryptonews’ request for comment by press time.
Faster, Cheaper Settlements Seen As Key To Attract Global Capital
The move places QNB among a growing group of Gulf banks turning to global partners like JPMorgan to modernize payments. The region, which has long relied on oil-linked wealth and dollar liquidity, is now seeking to strengthen its financial infrastructure to support diversification strategies and attract global investors. Faster and cheaper settlement systems are seen as crucial to that shift.
JPMorgan’s Kinexys platform, launched in 2019, is already processing about $3b in daily transactions. While that is only a fraction of the $10 trillion handled by the bank’s broader payments arm, the network has been expanding steadily as more institutions join.
The US bank is the largest dollar clearer in the world and is using its position to extend Kinexys’ reach.
QNB Adoption Shows Gulf Banks Driving Wider Blockchain Use
For QNB, instant access to dollar payments meets the rising expectations of treasurers. In today’s global economy, information moves seamlessly, and money is expected to follow. Moreover, faster settlement allows the bank to compete more aggressively in corporate banking against both regional and international peers.
At the same time, large financial institutions worldwide are investing more heavily in blockchain-based solutions. Their goal is to simplify back-office operations and improve transparency. For over a decade, banks have experimented with distributed ledger technology. However, only a handful of platforms have managed to scale commercially.
QNB’s adoption signals that Gulf banks, often among the earliest in emerging markets to test new financial technologies, are now pushing toward wider implementation. The shift reflects both the competitive pressure to modernize and the strategic importance of maintaining reliable access to US dollars.
The post Gulf Bank QNB Turns To JPMorgan Blockchain For US Dollar Settlements appeared first on Cryptonews.
Read More
Breaking: SWIFT, Banks, & Consensys Announce Shared Blockchain Ledger for Global Payments