Kinexys by J.P. Morgan, the firm’s dedicated blockchain business unit, has deepened its footprint across the Middle East and North Africa (MENA), securing high-profile mandates from Qatar National Bank (QNB) and Saudi National Bank (SNB).
These developments mark a significant milestone in the platform’s regional expansion, with eight of the largest financial institutions in MENA now live on Kinexys, including Emirates NBD, Commercial Bank of Dubai, First Abu Dhabi Bank, and Bank ABC, according to FF News.
Backed by nearly a century of operations in the region, J.P. Morgan is leveraging its longstanding client relationships to deliver advanced blockchain solutions tailored to the evolving needs of financial institutions.
These recent engagements underscore Kinexys’ role in redefining cross-border payments and digital financial infrastructure for banks across the region.
In March 2025, Qatar National Bank became the first institution in the country to adopt Kinexys Digital Payments (KDP) for blockchain-based corporate USD flows. By utilizing blockchain deposit accounts, QNB now offers its clients 24/7 settlement for cross-border transactions—bringing new levels of speed, transparency, and automation to commercial treasury operations.
“At QNB, our alliance with Kinexys by J.P. Morgan marks a bold step forward in delivering on our client-first promise,” said Kamel Moris, Executive Vice President, Global Transaction Banking at QNB. “This relationship reinforces our commitment to innovation, seamless connectivity, and global financial leadership. By integrating next-generation infrastructure, we’re shaping the future of treasury with purpose and precision.”
Following closely behind, Saudi National Bank went live with KDP in February 2025, enabling real-time programmable payments across its treasury operations. The deployment allows SNB to move funds instantly between branches and fulfill obligations on a 24/7 basis without cut-off times. The bank plans to extend this capability to large corporate clients in the near future.
“We are excited to have achieved this landmark milestone in collaboration with Kinexys by J.P. Morgan,” said Ali Al Shubbar, Head of Treasury Operations and International Operations at SNB. “As part of our mission to create the ‘Bank of Tomorrow,’ we’ve leveraged KDP to facilitate seamless cross-border payments and enhance our digital capabilities. This technology will help us scale our offerings and drive innovation across our network.”
He added, “We see the evolution of settlement platforms as key to enabling future digital economies and remain committed to supporting Saudi Arabia’s vision for fintech leadership at home and abroad.”
Other major financial institutions in MENA have also adopted Kinexys solutions to enhance cross-border payment infrastructure:
Commercial Bank of Dubai (CBD) became the first bank in the region to integrate Kinexys Liink’s Confirm application into both its corporate banking portal and mobile app. The feature improves payment security and efficiency through real-time account validation, initially targeting key corridors such as the United States and India.
First Abu Dhabi Bank (FAB) conducted a successful pilot of programmable payments via KDP in September 2024. The pilot featured time-based and threshold-triggered funding for deposits, demonstrating potential applications in invoice automation, margin settlement, and treasury operations.
Bank ABC (Bahrain) partnered with Kinexys in September 2023 to launch a faster cross-border payment solution using KDP, enabling near-instant USD commercial transactions between Bahrain and the United States—marking the first commercial deployment of its kind in the region.
As a core part of J.P. Morgan Payments, Kinexys by J.P. Morgan encompasses four main pillars:
Kinexys Digital Payments (KDP): a blockchain-based deposit ledger and payment system.
Kinexys Digital Assets (KDA): a platform for tokenizing financial instruments.
Kinexys Liink: a permissioned network for sharing payments-related data.
Kinexys Labs: a global research hub for digital finance innovation.
Kinexys has processed over $1.5 trillion in transaction volume to date, with daily volumes exceeding $2 billion and year-over-year payments growth of 10x. Clients span five continents, including both central and commercial banks, underscoring Kinexys’ growing global relevance.
A notable innovation includes the integration of KDP with J.P. Morgan FX Services, enabling real-time, on-chain FX settlement in USD, EUR, and GBP—an industry first. This feature reduces foreign exchange settlement risk and significantly accelerates trade execution.
“We are driven by a relentless focus on building next-generation financial infrastructure backed by deep industry expertise,” said Naveen Mallela, Global Co-Head of Kinexys by J.P. Morgan. “The increasingly digital global economy in the Middle East and North Africa presents a unique opportunity to support our clients through innovation. We are excited to continue shaping the future of finance with our partners across MENA.”
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