JPMorgan’s Blockchain Unit Secures Partnerships With Eight Major MENA Banks
JPMorgan’s blockchain unit, Kinexys (formerly known as Onyx), is deepening its presence in the Middle East and North Africa (MENA), forging partnerships with eight of the region’s top 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 JPMorgan’s broader blockchain ambitions and reflects growing institutional momentum in favor of decentralized technologies to modernize traditional finance systems.
Kosta Gushterov
Reporter at Coindoo
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