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Qatar National Bank (QNB), one of the largest lenders in the Middle East, has partnered with JPMorgan to use blockchain technology for processing US dollar corporate payments.
The move represents a major advancement in adopting blockchain technology in regional banking.
Speeding Up Cross-Border Payments
Under the new arrangement, QNB will adopt JPMorgan’s Kinexys Digital Payments system, a blockchain-based platform designed to settle dollar transactions in near real time. Consequently, business clients in Qatar will be able to complete transfers within minutes, rather than waiting several days under the traditional banking system.
Kinexys: JPMorgan’s Expanding Blockchain Platform
Kinexys, rebranded from Onyx in 2024, stems from JPMorgan’s blockchain initiatives launched in 2019. The platform processes an estimated $2 billion worth of transactions each day, connecting banks across multiple regions to settle payments more efficiently.
QNB began leveraging the system in March 2025, joining a growing number of regional banks already participating in the network. These include Emirates NBD, Commercial Bank of Dubai, Bank ABC, First Abu Dhabi Bank, and Saudi National Bank.
Broader Web3 Strategy
The Kinexys partnership is part of QNB’s broader digital transformation agenda, which extends beyond payments.
In July 2025, QNB partnered with DMZ Finance to introduce the QCD Money Market. It is the first tokenized money market fund in the Dubai International Financial Centre (DIFC). The fund obtained official DIFC authorization, marking a major milestone for regulated tokenized assets in the Gulf region.
Later this year, during the Web Summit Qatar 2025, QNB entered into a memorandum of understanding with the Qatar Financial Centre. This collaboration enables fintech companies to leverage QNB’s infrastructure. It also opens avenues in areas such as digital assets, tokenization, and embedded financial services.
In 2021, Finansbank, the Turkish arm of the bank, joined forces with Ripple to test a new international payment service. The project leveraged RippleNet technology to enable instant cross-border money transfers.
These moves laid the foundation for QNB’s current strategy of integrating blockchain into its mainstream operations.