Qatar National Bank Group (QNB), one of the Middle East’s largest lenders, has begun using JPMorgan’s Kinexys blockchain platform to process corporate payments in Qatar. The move is expected to transform the speed and efficiency of cross-border transactions, which have traditionally been slowed by banking infrastructure limits.
Near-Instant Payments Around the Clock
In an interview with Bloomberg, Kamel Moris, executive vice president of transactional banking at QNB, hailed the development as “a treasurer’s dream”. He explained that payments can now be guaranteed in as little as two minutes, operating 24 hours a day, seven days a week.
Previously, cross-border payments were constrained to weekdays and could take several days to complete. The adoption of Kinexys removes these delays, offering companies a far more reliable and continuous service.
Kinexys Handles Billions Daily
According to the announcement, Kinexys currently processes about 3 billion US dollars in transactions each day. While that figure is notable, it remains small compared with JPMorgan’s broader payment volumes of approximately 10 trillion US dollars daily.
The platform operates on a permissioned blockchain system that enables clients to move funds held on deposit within JPMorgan in real time. Unlike public blockchains, permissioned systems include an access control layer, ensuring participants can only perform authorised actions.
Expanding into Cross-Chain Settlement
In June, Kinexys partnered with Chainlink and Ondo Finance to complete a cross-chain delivery versus payment settlement. The test involved Kinexys Digital Payments’ permissioned network and Ondo Chain’s testnet, which focuses on the tokenisation of real-world assets.
The collaboration demonstrated the platform’s capacity to connect with both public and permissioned networks. Such developments could play a major role in the expansion of digital payments and asset tokenisation in global markets.
JPMorgan’s Perspective on Stablecoins
Although Kinexys is designed for US dollar payments, questions have emerged about whether stablecoins pose a challenge to traditional banking systems. JPMorgan chief executive Jamie Dimon addressed the issue in a CNBC interview on 23 September. He said he is “not particularly worried” about stablecoins, suggesting they do not represent a threat to the bank’s existing model.
However, Dimon also noted that bank executives need to closely monitor the sector and understand its direction, particularly with regulatory changes and rapid growth across digital assets.
Recent figures highlight the rising role of stablecoins in financial markets. Data from RWA.xyz showed that net inflows into stablecoins increased by more than 320 per cent during the third quarter. Tether’s USDT and Circle’s USDC remain the dominant tokens driving this expansion.
Industry Implications
The shift by QNB to adopt Kinexys is part of a broader trend of financial institutions embracing blockchain technology for payments. The ability to process transactions instantly with heightened security is seen as a competitive advantage, especially in corporate banking where speed and certainty are crucial.
For Qatar, the move reflects efforts to modernise financial infrastructure and align with global trends in digital innovation. For JPMorgan, it further cements the bank’s position as a leader in blockchain-based financial services, even as it navigates the evolving landscape shaped by stablecoins and real-world asset tokenisation.
