QNB Joins Kinexys to Enable Near-Instant, 24/7 Cross-Border Settlements
Qatar National Bank Group (QNB), the largest financial institution in the Middle East and Africa, has partnered with JPMorgan’s Kinexys blockchain platform to modernize its U.S. dollar payment infrastructure, according to Bloomberg.
The shift represents a major step away from the limitations of traditional banking systems, where cross-border transfers are often restricted to weekdays and can take multiple days to settle.
“A Treasurer’s Dream” – Payments in Just Two Minutes
Kamel Moris, executive vice president of transactional banking at QNB, praised the development as transformative.
“We can guarantee payments as fast as two minutes,” Moris said, adding that the platform’s 24/7 operational capability is a “treasurer’s dream” for corporates handling global transactions.
This advancement could significantly enhance liquidity management for QNB’s clients, particularly in sectors where timing and cash flow certainty are critical.
Kinexys: JPMorgan’s $3 Billion Blockchain Rail
Kinexys currently processes about $3 billion in daily transactions, a fraction of JPMorgan’s total $10 trillion in daily payment flows, but it demonstrates the potential of blockchain in mainstream finance.
The platform operates on a permissioned blockchain, meaning only authorized participants can join and transact. This ensures higher levels of security, compliance, and control compared to open, permissionless networks.
In June 2025, Kinexys partnered with Chainlink and Ondo Finance to conduct a successful cross-chain Delivery-versus-Payment (DvP) settlement, bridging real-world assets (RWAs) with blockchain-based payment rails.
JPMorgan’s Position on Stablecoins
While Kinexys focuses on bank-driven payments in U.S. dollars, JPMorgan CEO Jamie Dimon recently commented that he is “not particularly worried” about stablecoins as a competitive threat.
However, he acknowledged that banks must monitor the sector’s rapid growth and adapt to regulatory changes. His comments come amid data showing that stablecoin inflows surged by over 320% in Q3 2025, with Tether (USDT) and Circle’s USDC leading adoption.
QNB’s adoption of Kinexys highlights a broader trend: traditional banks are embracing blockchain for settlement efficiency, not just for cost-cutting but also for competitive advantage against fintech and stablecoin issuers.
As global payment volumes expand, the ability to guarantee near-instant transfers could reshape cross-border commerce, particularly in regions like the Middle East where energy trade and global capital flows demand faster settlement infrastructure.
Disclaimer
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