Qatar National Bank (QNB), the Middle East’s largest lender, has become the first bank in Qatar to adopt JPMorgan’s blockchain platform, Kinexys Digital Payments, to process US dollar corporate payments. Announced on September 29, 2025, this integration enables near-instant, 24/7 settlements—reducing processing times from days to as little as two minutes—addressing longstanding inefficiencies in traditional cross-border banking. QNB’s executive vice president of transactional banking, Kamel Moris, described it as a “treasurer’s dream,” highlighting the platform’s ability to guarantee payments around the clock, even on weekends.
For corporate treasurers, fintech innovators, and global bankers navigating a $10 trillion daily payments market, QNB’s move exemplifies blockchain’s shift from pilot to production, potentially unlocking billions in trapped liquidity. As JPMorgan’s Kinexys processes $3 billion daily— a fraction of the bank’s $10 trillion overall volume—this adoption signals accelerating institutional embrace of distributed ledger technology (DLT) for fiat settlements. Let’s unpack the platform, QNB’s rationale, and the broader ripple effects.
Kinexys Digital Payments: JPMorgan’s Permissioned Blockchain for Fiat Flows
Launched in 2019 as an evolution of JPMorgan’s Onyx project, Kinexys is a permissioned blockchain network tailored for institutional use, offering secure, programmable payments without the volatility of public cryptos. Unlike decentralized protocols, it incorporates access controls for compliance, enabling features like atomic settlements and multi-currency support.
Key capabilities powering QNB’s adoption:
| Feature | Benefit | QNB-Specific Impact |
|---|---|---|
| 24/7 Instant Settlement | Bypasses traditional rails’ weekday limits | Payments in 2 minutes vs. days; weekend processing for global corps |
| Programmable Liquidity | Smart contracts for conditional transfers | Automates DvP (delivery vs. payment) with partners like Ondo Finance |
| Permissioned Security | Controlled access for AML/KYC compliance | Integrates with QNB’s systems for seamless corporate flows |
| Scalability | Handles $3B daily; expandable to trillions | Supports QNB’s MENA operations amid $10T JPMorgan volume |
The test involved Kinexys’ network and Ondo Chain’s testnet for real-world asset (RWA) tokenization, showcasing hybrid fiat-crypto potential.
QNB’s Rationale: Efficiency in a Dollar-Dependent Region
As the Middle East’s largest bank by assets ($300 billion+), QNB processes billions in USD flows for oil-rich corporates and multinationals. Traditional systems—reliant on SWIFT and correspondent banks—incur delays (1-5 days) and costs (1-3% fees), trapping liquidity in transit. Kinexys addresses this, enabling 24/7, minute-fast settlements that Moris called a “game-changer” for treasurers.
QNB’s blockchain journey:
- 2025 Tokenization Pilot: Launched a tokenized money market fund with DMZ Finance in Dubai.
- Broader Vision: Positions Qatar as a fintech hub, aligning with the Qatar National Vision 2030 for digital finance.
This isn’t QNB’s first DLT foray; it builds on JPMorgan’s June 2025 Chainlink-Ondo collaboration for cross-chain DvP.
Broader Implications: Blockchain’s TradFi Takeover
QNB’s adoption accelerates a trend: Over 100 banks now use blockchain for payments, processing $10 trillion annually via platforms like Kinexys. For corporates, it frees liquidity (e.g., $3 billion daily on Kinexys) and cuts costs by 50-70%. Fintechs like Ripple (ODL for crypto-fiat bridges) gain validation, boosting tokens like XRP (+5% post-news).
Global ripple:
- MENA Fintech Boom: Qatar joins UAE’s tokenized funds, signaling Gulf’s $100 billion digital asset push.
- Regulatory Tailwinds: Aligns with Basel III’s DLT allowances; could inspire EU MiCA integrations.
- Crypto Confidence: Validates permissioned blockchains, spilling liquidity to DeFi (e.g., Ondo’s RWA testnets).
Challenges: Scalability beyond $3 billion daily and interoperability with public chains remain hurdles.
Conclusion: QNB’s Kinexys Leap – Blockchain Goes Mainstream in the Gulf
Qatar’s adoption of JPMorgan’s Kinexys for faster US dollar payments isn’t just a tech upgrade—it’s a blueprint for TradFi’s blockchain future, delivering minute-fast, 24/7 settlements in a $10 trillion market. As QNB leads the MENA charge, expect more banks to follow, blending fiat rails with DLT efficiency. For treasurers, it’s a dream; for crypto, a confidence booster. cryptotelegraph
