JPMorgans Blockchain Unit Secures Partnerships With Eight Major MENA Banks
The expansion underscores a growing appetite for blockchain-driven financial infrastructure among major institutions in the region.
According to a statement released Thursday, six of the partner banks include Qatar National Bank, Saudi National Bank, First Abu Dhabi Bank, Emirates NBD, Commercial Bank of Dubai, and Bank ABC. The names of the remaining two banks were not disclosed.
The banks are now using Kinexys Digital Payments platform to streamline cross-border payments, enhance treasury operations, and improve transaction efficiency.
With eight of the largest banks in MENA using the Kinexys Digital Payments platform, we have an opportunity to fundamentally rewire how multi-currency clearing and settlement infrastructure operates in the region and extend the capabilities more broadly and worldwide, said Naveen Mallela, global co-head of Kinexys at JPMorgan.
Mallela highlighted that financial institutions in the region continue to face friction in commercial settlements, particularly with cross-border transactions and liquidity constraints. He emphasized that Kinexys infrastructure is tailored to meet those demands by offering 24/7, near-instant settlement capabilities.
This development marks a significant step in JPMorgans broader Blockchain At its core, blockchain is a digital chain of blocks, but not in the traditional sense. These 'blocks' consist of bits of information, and when we refer to a 'block' and 'chain,' we're talking about digital data stored in a public database. Blockchain provides an innovative way to transfer information automatically and securely. A transaction begins when one party creates a block, which is then verified by thousands, even millions, of computers across the network. This decentralized ledger of financial transactions is constantly evolving, with new data continuously added. What makes blockchain tamper-proof is that each record is unique, with its own distinct history. To alter one record would require changing the entire chain of millions of other records. Blockchain is grounded in three key principles: decentralization, transparency, and immutability.
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