Qatar National Bank Group (QNB), the Middle East’s biggest lender by assets, has taken a major step into blockchain-powered finance by adopting JPMorgan’s Kinexys platform to process US dollar corporate payments.
The move is designed to cut out the inefficiencies of legacy banking systems, where cross-border transactions can take several days and are restricted to business hours.
In a Bloomberg interview, Kamel Moris, executive vice president of transactional banking at QNB, described the transition as “a treasurer’s dream,” emphasizing the ability to send and receive funds 24/7. “We can guarantee
payments as fast as two minutes,” Moris said, underscoring the platform’s speed compared to conventional rails.
The bank has not disclosed the scope of its rollout beyond corporate clients, but the adoption marks one of the region’s most significant blockchain integrations to date.
Kinexys Clears $3B Daily, But JPMorgan Handles Far More
Kinexys currently processes around $3 billion in daily transactions — a strong figure but still modest compared to JPMorgan’s broader payments network, which clears roughly $10 trillion every day.
Unlike open, permissionless blockchains such as Ethereum, Kinexys is a permissioned blockchain, meaning only vetted participants can access and move funds. This ensures faster, more secure transfers while keeping
compliance and regulatory oversight intact.
Earlier this year, Kinexys partnered with Chainlink and Ondo Finance on a cross-chain settlement test, bridging a permissioned payment network with a public blockchain testnet — a step toward interoperability between traditional finance and decentralized ecosystems.
Dimon: Stablecoins Not a Threat
Despite JPMorgan’s heavy investment in blockchain infrastructure, CEO Jamie Dimon has downplayed concerns that stablecoins could disrupt traditional banking. Speaking to CNBC on Sept. 23, he said he was “not particularly worried” about stablecoins, though he acknowledged that banks must monitor the sector closely as adoption grows.
Stablecoins remain one of the fastest-growing areas of digital assets. According to RWA.xyz, net inflows into stablecoins surged over 320% in Q3, led by Tether’s USDT and Circle’s USDC, underscoring the appetite for fast, dollar-linked settlement options.