JP Morgan’s Kinexys Gains Ground in MENA Region

Hey Payments Fanatic!

Eight of the biggest banks in the Middle East and North Africa are now using JP Morgan’s Kinexys Digital Payments platform. This week, Qatar National Bank and Saudi National Bank joined the group, adding to a list that already includes banks like First Abu Dhabi Bank, Emirates NBD, Commercial Bank of Dubai, and Bahrain’s Bank ABC.

Kinexys gives banks programmable, blockchain-based accounts that help move money faster and more easily across borders. For banks in the region, where business days don’t always align with global markets, the ability to make payments instantly and at any time is solving a long-standing challenge.

“With 8 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 by JP Morgan.

The journey often starts simply, moving funds between branches or handling internal treasury needs, before extending to corporate clients with international operations.

After first supporting only USD, the platform now handles EUR and GBP as well. So far, around $1.5 trillion has moved through it. As this builds, other efforts are also taking shape: Emirates NBD joined the Partior cross-border payments network, FAB is exploring a stablecoin, and the UAE plans to launch both retail and wholesale central bank digital currencies later this year.

Read more global payment industry updates below 👇 and I'll be back with more tomorrow!

Cheers,

Marcel

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