Doha – Qatar National Bank (QNB), the Middle East’s largest lender, has become the first bank in the country to integrate JPMorgan’s blockchain platform, Kinexys Digital Payments, for corporate U.S. dollar transactions.
The move, announced on September 29, 2025, enables near-instant settlements around the clock, cutting processing times from several days to just two minutes. Traditionally, cross-border payments have been slowed by reliance on intermediaries such as SWIFT and correspondent banks.
“This is a treasurer’s dream,” said Kamel Moris, QNB’s executive vice president of transactional banking. “We can now guarantee payments 24/7, including weekends, something that was previously impossible with legacy systems.”
What Kinexys Brings to QNB
Kinexys, launched in 2019 as part of JPMorgan’s Onyx initiative, is a permissioned blockchain designed for secure, programmable institutional payments. Unlike public cryptocurrencies, it provides compliance controls and scalability for global banking needs.
Key benefits for QNB clients include:
- 24/7 instant settlement – Payments completed in minutes instead of days.
- Programmable liquidity – Smart contracts for conditional transfers such as delivery-versus-payment (DvP).
- Enhanced security – Permissioned access aligned with AML and KYC requirements.
- Scalability – Already handling $3 billion daily, with capacity to expand into trillions.
The platform has also been tested with Ondo Finance on tokenized assets, pointing toward a future where traditional fiat and digital tokens operate side by side.
Why QNB is Leading the Charge
With over $300 billion in assets, QNB plays a critical role in managing the region’s dollar-denominated flows for energy companies and multinationals. Current systems often delay settlements by up to five days while also incurring fees of 1–3%.
By adopting Kinexys, QNB hopes to:
- Unlock trapped liquidity for corporate clients.
- Lower transaction costs significantly.
- Position Qatar as a fintech hub in line with Qatar National Vision 2030.
This step builds on QNB’s earlier 2025 pilot with DMZ Finance in Dubai for tokenized money market funds and aligns with broader Gulf initiatives in digital assets.
Broader Industry Implications
QNB joins a growing list of global banks embracing blockchain for fiat payments. More than 100 financial institutions are now experimenting with or deploying similar systems, together processing close to $10 trillion annually.
Ripple’s On-Demand Liquidity and other platforms have long advocated for blockchain’s role in cross-border settlements, but JPMorgan’s Kinexys brings heavyweight institutional credibility. The news has already boosted market confidence, with tokens linked to blockchain-based settlement—such as XRP—seeing upward momentum.
Analysts note, however, that scalability beyond $3 billion daily and interoperability with public chains remain ongoing challenges.
A Blueprint for the Gulf and Beyond
QNB’s leap into blockchain-powered payments sets a new benchmark for the region’s financial sector. For treasurers, the upgrade means faster and more reliable cash management. For the Gulf, it underscores an accelerating shift toward digital finance.
By bridging traditional banking and distributed ledger technology, Qatar’s largest lender has positioned itself at the forefront of a $10 trillion global transformation.
