Qatar National Bank Adopts J.P. Morgan Blockchain Platform for Payments
Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa, has officially adopted J.P. Morgan’s blockchain-based payment network, Kinexys, to streamline corporate U.S. dollar transactions. The move underscores the accelerating shift among Gulf-region banks toward blockchain technology as a tool to modernize payment infrastructure, reduce settlement times, and enhance cross-border efficiency.
Reports indicate that with Kinexys, QNB can now process payments in as little as two minutes, a significant improvement compared to the lengthy wait times often associated with traditional settlement systems. The platform operates on a 24/7 basis, allowing QNB and its corporate clients to move funds at any time of day, thereby reducing operational constraints tied to conventional banking hours.
Payment speed and efficiency
Kinexys, formerly known as J.P. Morgan’s Onyx platform, was rebranded in late 2024 as part of J.P. Morgan’s push to scale its blockchain-based financial services globally. The network enables direct settlement of dollar-denominated transactions between participating banks, offering greater reliability, transparency, and efficiency. By bypassing legacy clearing mechanisms, QNB aims to deliver faster, more cost-effective solutions for its clients, especially multinational corporations and regional businesses reliant on U.S. dollar liquidity.
QNB began integrating Kinexys earlier in 2025, according to industry announcements, making it one of the first MENA institutions to actively deploy the blockchain rail for payments. This adoption not only improves its operational capacity but also reinforces its position as a regional leader in financial innovation. For QNB, the embrace of blockchain aligns with its digital transformation strategy and its goal of adopting emerging technologies that enhance customer services and strengthen regional financial infrastructure.
Regional blockchain momentum
In May 2025, J.P. Morgan confirmed that eight of the largest banks in the Middle East and North Africa had joined Kinexys, with QNB among the early adopters. The initiative highlights a broader movement across the region, as banks explore blockchain solutions to reduce settlement costs, enhance liquidity management, and compete more effectively in a global financial environment increasingly shaped by digital innovation.
QNB’s blockchain adoption also complements its recent launch of a tokenized money market fund in September 2025. That initiative marked another step in the bank’s exploration of tokenization and digital assets, signaling its commitment to experimenting with distributed ledger technology across multiple facets of its business. By simultaneously embracing tokenized investment products and blockchain-powered payment systems, QNB is positioning itself at the forefront of the Gulf’s digital finance landscape.
Industry observers believe QNB’s use of Kinexys could influence other regional banks to accelerate their own blockchain adoption strategies. With its scale, influence, and strong regional presence, QNB’s integration of J.P. Morgan’s blockchain platform may serve as a model for broader adoption across the financial sector. As blockchain-based payments move from pilot projects to full-scale implementation, institutions like QNB are demonstrating that distributed ledger technology can deliver tangible benefits in speed, security, and efficiency.
The partnership between Qatar National Bank and J.P. Morgan represents a significant milestone in the evolution of regional banking. It reflects not only the demand for faster settlement systems but also the strategic importance of aligning with global players pushing blockchain innovation. As Gulf banks continue to modernize their infrastructure, QNB’s embrace of Kinexys signals a future in which blockchain-driven payments become a standard rather than an exception.