Dubai, United Arab Emirates Eight well-known banks from the Middle East and North Africa (MENA) region have partnered with JPMorgan, marking a significant milestone for the company’s blockchain division. The statement, which was announced on Thursday, represents a major advancement in the bank’s efforts to use decentralized technology to upgrade cross-border financial infrastructure.
Qatar National Bank, Saudi National Bank, First Abu Dhabi Bank, Emirates NBD, Commercial Bank of Dubai, and Bank ABC are some of the confirmed partners. JPMorgan has not revealed the identities of the other two banks involved.
The Kinexys Digital Payments platform, a blockchain-powered technology intended to improve liquidity management, expedite treasury operations, and optimize cross-border transactions, has been implemented by these financial institutions.
“With eight of the largest banks in MENA using the Kinexys Digital Payments platform, we have an opportunity to fundamentally rewire how multi-currency clearing and settlement infrastructure operates in the region and extend the capabilities more broadly and worldwide,” said Naveen Mallela, Global Co-Head of Kinexys at JPMorgan.
Mallela underscored ongoing challenges that regional banks face—particularly around cross-border settlement delays and liquidity bottlenecks. He noted that Kinexys provides a purpose-built solution, enabling 24/7 near-instant settlement and reducing friction in international payments.
The partnership signals a significant vote of confidence in blockchain’s potential to transform legacy financial systems. It also reinforces JPMorgan’s broader strategy to expand its blockchain footprint globally, as more institutions seek faster, more transparent, and cost-effective transaction models.
This move comes as the financial sector in MENA increasingly embraces digital innovation, positioning the region as a key player in the evolving global fintech landscape.
