Financial giant QNB has adopted JPMorgan's blockchain to speed up dollar transactions.
Date: 2025-09-30 Author: Oliver Abernathy Categories: BLOCKCHAIN
QNB Group, the largest bank in Qatar and a leader in the Middle East, announced it has adopted JPMorgan's Kinexys blockchain solution to process corporate transfers in US dollars. This initiative aims to enable clients to make payments 24/7 and complete transactions in just a few minutes.
Until recently, international transfers through the traditional banking system could take several days. Now, thanks to the implementation of Kinexys, the process is accelerated tenfold. As Kamel Moris, Executive Vice President of Transaction Banking at QNB, emphasized, speed and reliability are key requirements for corporate treasurers. He stated, "Two-minute payment confirmation, 24/7, is the ideal solution for businesses."
The use of blockchain in banking reflects a global trend: major financial institutions are gradually adopting distributed ledger technologies. They see them as a way to optimize internal processes and improve settlement efficiency. However, experts note that despite more than a decade of blockchain experimentation, only a few platforms have achieved significant scale and commercial adoption.
Kinexys, founded by JPMorgan in 2019, is already demonstrating impressive results. The network currently processes approximately $3 billion in transactions daily. However, compared to the total turnover of JPMorgan's payments division, which reaches $10 trillion per day, this is still only a small fraction. Nevertheless, the bank intends to significantly expand the platform.
A key factor in scaling will be leveraging JPMorgan's extensive correspondent network, spanning numerous countries and financial institutions. This move will allow Kinexys to connect not only the bank's direct clients but also other organizations interested in fast and secure cross-border settlements.
Navin Mallela, co-CEO of Kinexys, noted that the expansion of the network's membership paves the way for the creation of a global instrument for institutional payments. He stated that large-scale participation will ensure the system can compete with traditional international interbank transfer channels.
Therefore, the implementation of blockchain solutions in QNB's operations can be seen as an important step toward modernizing the global payment infrastructure. Although Kinexys' share of global turnover is still insignificant, the platform's rapid growth and integration with international financial networks suggest that it will become a significant player in cross-border payments in the coming years.
