Qatar's QNB adopts JP Morgan blockchain 'Kinexys'

Qatar National Bank (QNB) has adopted JP Morgan's blockchain payment platform 'Kinexys', enabling corporate dollar payments to be processed in real-time 24 hours a day. This change is a measure to overcome the limitations of traditional banking networks and increase the efficiency of cross-border remittances.

According to Bloomberg on the 29th (local time), by adopting JP Morgan's blockchain technology, QNB was able to shorten overseas payments that used to take several business days in the traditional banking network to a few minutes. Kamel Moris, QNB's vice president, said, "This is a dream for treasurers," and added, "We can guarantee payments within 2 minutes."

Currently, Kinexys processes about 3 billion dollars in transactions a day. Although this is only a part of JP Morgan's total daily payment volume (10 trillion dollars), participating clients can move JP Morgan deposits in real time on a blockchain-based permissioned network.

Meanwhile, Jamie Dimon, CEO of JP Morgan, said in a recent CNBC interview, "I am not worried that stablecoins will threaten the bank business model." However, he added, "Executives must understand and prepare for regulation and market growth."