QNB Taps JPMorgan’s Kinexys to Speed Up Cross-Border Dollar Settlements

Qatar National Bank (QNB) has officially adopted JPMorgan’s blockchain payment platform, Kinexys, to accelerate corporate US dollar transactions.

The system enables near-instant settlements and operates continuously, allowing cross-border payments outside traditional banking hours.

QNB Streamlines US Dollar Settlements

QNB, the largest bank in the Middle East and Africa, has integrated JPMorgan’s Kinexys platform to improve corporate US dollar payments. The blockchain network allows transactions to settle within minutes, significantly faster than traditional methods. Unlike conventional systems, which rely on manual clearing and limited banking hours, Kinexys provides continuous, round-the-clock settlement.

The system also records all transactions on a distributed ledger, offering greater transparency and auditability. For regional corporations and multinational clients, this translates into quicker access to funds, lower operational risk, and reduced transaction costs.

QNB expects these efficiencies to strengthen its position in corporate US dollar flows in the Gulf. The bank also plans to use blockchain in its broader digital strategy. It emphasizes technology adoption to improve client services and enhance its regional competitive advantage.

This strategic adoption signals the bank’s commitment to modernizing regional financial infrastructure and aligns with broader trends in digital finance across the Gulf region.

Kinexys: Blockchain Efficiency and Adoption

Kinexys, formerly JPMorgan Onyx, was rebranded in late 2024 as part of JPMorgan’s global blockchain expansion. The platform supports direct settlement between banks, bypassing legacy clearinghouses and reducing reconciliation delays. QNB started testing the platform earlier in 2025 and is among the first Middle East banks to adopt it for US dollar corporate payments.

The platform uses smart contracts to verify and record transactions automatically, minimizing errors and reducing the need for manual intervention. It also connects QNB clients with multiple international counterparties through the JPMorgan network, enabling efficient cross-border transactions.

Analysts note that early adoption positions QNB as a regional leader in blockchain settlement and may influence standards for future implementations across Gulf banks. The bank emphasizes that the platform will improve speed and transparency while maintaining regulatory compliance.

Regional Momentum in Digital Finance

QNB’s adoption of Kinexys reflects a broader trend among Gulf banks exploring blockchain technology. Regional institutions increasingly seek faster settlements, reduced costs, and improved liquidity management. In 2025, JPMorgan reported that eight leading banks in the Middle East and North Africa (MENA) joined Kinexys, signaling growing confidence in blockchain-enabled payments.

The move aligns with QNB’s broader digital strategy, which includes plans for tokenized products and expanded digital asset services. Observers suggest that QNB’s integration may serve as a model for other regional banks, demonstrating the practical benefits of blockchain for corporate payments.

Overall, the adoption underscores the Gulf’s ambition to modernize financial infrastructure while aligning with international standards as regional banks continue exploring distributed ledger technology—initiatives like QNB signal blockchain’s potential to become a standard component of cross-border corporate finance.