Qatar National Bank has embraced JP Morgan’s Kinexys blockchain technology for its USD payments, ensuring faster transactions and 24/7 availability for fiat currency.
Summary
- Qatar National Bank is the first in Qatar to implement JPMorgan’s Kinexys blockchain platform for on-chain USD payments.
- This strategy enhances QNB’s broader Web3 initiatives, including a tokenized money market fund and testing Ripple’s cross-border remittance network.
On Sept. 29, Qatar National Bank Group, one of the largest financial entities in the Middle East, transitioned to JPMorgan’s blockchain platform for U.S. dollar corporate payments. The bank, based in Doha, can now expedite U.S.-dollar transactions for business clients like never before.
This integration marks QNB as the inaugural bank in Qatar to utilize JPMorgan’s Kinexys Digital Payments system for settling corporate transactions, automating on-demand multi-currency cross-border payments.
A recent Bloomberg report states that Kamel Moris, executive vice president of transactional banking at QNB, noted the blockchain facilitates a USD payments system with a 24/7 service window for clients.
This marks significant progress compared to traditional banks that typically process fiat transactions on business days, leaving clients waiting days for funds to arrive.
“We can guarantee payments in as little as two minutes,” Moris conveyed to Bloomberg. “It’s a treasurer’s dream.”
Established in 2019, JPMorgan’s Kinexys Digital Payments system processes approximately $3 billion in daily transactions. QNB Group began its collaboration with the blockchain unit as early as March 2025.
Currently, the blockchain includes eight prominent financial institutions from the Middle East and North Africa, such as First Abu Dhabi Bank, Saudi National Bank, Emirates NBD, Commercial Bank of Dubai, and Bank ABC.
Qatar National Bank’s Web3 Initiatives
While the adoption of JP Morgan’s blockchain technology is a step toward digital asset integration, QNB is already involved in tokenization and the burgeoning web3 ecosystem.
In July 2025, QNB partnered with DMZ Finance to create the first tokenized money market fund in the Dubai International Financial Centre. Known as QCD Money Market, it has received formal approval from the Centre.
Moreover, at Web Summit Qatar 2025, QNB signed a Memorandum of Understanding with the Qatar Financial Centre. This agreement allows fintech firms to access QNB’s banking infrastructure while supporting innovations in digital assets, tokenization, and embedded finance.
In 2021, the banking group collaborated with Ripple to pilot RippleNet through its Turkish subsidiary, Finansbank, aiming to launch a cross-border remittance service that processes real-time payments utilizing blockchain technology.
