Gulf Banking Giant Embraces Blockchain for 24/7 USD Transfers

Qatar National Bank (QNB), the Middle East’s largest lender, has integrated JPMorgan Chase’s Kinexys blockchain platform to process US dollar corporate payments. This marks a major step in blockchain adoption by Gulf financial institutions.

The Kinexys system allows QNB’s corporate clients in Qatar to execute 24/7 dollar settlements in as little as two minutes. This is a sharp improvement over traditional payment rails that often take days and are limited to weekdays.

“This enables a 24/7 service window. We can guarantee payments as fast as two minutes,” said Kamel Moris, EVP of transactional banking at QNB.

The move enables QNB to work with global partners like JPMorgan to strengthen financial infrastructure. With regional economies looking to diversify beyond oil, faster and cheaper settlement systems are seen as key to attracting international investors and capital flows.

JPMorgan’s Kinexys platform, launched in 2019, currently processes around $3 billion in daily transactions, a small but growing share of the bank’s $10 trillion payments business.

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