JP Morgan collaborates with 8 banks in the Middle East and North Africa for blockchain payments... 'Kinexys' global expansion

Minseung Kang

Summary

JP Morgan's blockchain division Kinexys is reported to be expanding its blockchain-based payment infrastructure by collaborating with 8 banks in the Middle East and North Africa region.
These banks plan to improve cross-border payments and fund management efficiency through Kinexys, and co-head Naveen Mallela announced plans to address structural limitations requiring 24-hour real-time payments.
Kinexys has processed over $1.5 trillion in transactions since its launch, with an average daily transaction volume exceeding $2 billion.

JP Morgan's blockchain business unit, Kinexys (formerly Onyx), is formalizing its global expansion by partnering with 8 major banks in the Middle East and North Africa (MENA) region.

On the 1st (local time), the cryptocurrency-focused media The Block reported that "JP Morgan's Kinexys is expanding its blockchain-based payment infrastructure in collaboration with 8 banks in the MENA region." The partner banks include ▲Qatar National Bank (QNB) ▲Saudi National Bank (SNB) ▲First Abu Dhabi Bank (FAB) ▲Emirates NBD ▲Commercial Bank of Dubai (CBD) ▲ABC Bank, with the remaining 2 undisclosed.

These banks are expected to improve cross-border payments, fund management, and transaction efficiency through Kinexys.

Naveen Mallela, co-head of Kinexys, stated, "The MENA region has structural limitations in commercial payments and liquidity funding, and there is a need for infrastructure that enables 24-hour real-time payments," adding that "Kinexys is designed to address this."

Launched in 2019, Kinexys has processed over $1.5 trillion in transactions to date, with an average daily transaction volume exceeding $2 billion. Kinexys consists of four core services: ▲Digital Payments ▲Asset Tokenization ▲Information Network (Liink) ▲Blockchain Labs.

Meanwhile, Kinexys Digital Payments is integrated with JP Morgan's foreign exchange services, supporting on-chain payments in US dollars, euros, and British pounds, with plans to gradually expand the supported currencies.