Kinexys by JP Morgan announced that state-owned Qatar National Bank and Saudi National Bank have adopted its Kinexys Digital Payments (formerly JPM Coin) solution, which provides programmable blockchain-based bank accounts. The latest clients are the largest and third largest banks in the Middle East and North Africa (MENA) respectively. At the same time, JP Morgan said this marks adoption by eight of the largest MENA banks.
“With 8 of the largest banks in MENA using the Kinexys Digital Payments platform, we have an opportunity to fundamentally rewire how multi-currency clearing and settlement infrastructure operates in the region and extend the capabilities more broadly and worldwide,” said Naveen Mallela, Global Co-head of Kinexys by JP Morgan.
So far JP Morgan has only named six of the eight banks, with the other four being First Abu Dhabi Bank, Emirates NBD, Commercial Bank of Dubai and Bahrain’s Bank ABC. Hence, the other two banks are likely amongst the list of top 10 MENA banks, which according to S&P Global and TAB Global comprise:
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