Dubai, UAE – May 2, 2025 — JPMorgan’s blockchain arm, Kinexys (formerly Onyx), has made significant inroads into the Middle East and North Africa (MENA) region, with eight of the region’s largest banks now leveraging its blockchain-based payments infrastructure.
Among the confirmed financial institutions are;
- Qatar National Bank
- Saudi National Bank
- First Abu Dhabi Bank
- Emirates NBD
- Commercial Bank of Dubai
- Bank ABC.
JPMorgan declined to name the remaining two banks. These institutions are utilizing Kinexys Digital Payments to enhance cross-border payments, streamline treasury operations, and boost transactional efficiency.
“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, in a statement to The Block.
Mallela emphasized that MENA-based financial institutions are contending with ongoing challenges in cross-border settlements and liquidity funding. Kinexys Digital Payments, he noted, is built to support 24/7, near real-time settlement, offering a more agile and resilient financial infrastructure.
Launched in 2019, Kinexys has processed over $1.5 trillion in total transaction volume. The platform currently handles over $2 billion in average daily volume and has seen its year-over-year payments volume grow tenfold. Despite these gains, it still represents a small share of JPMorgan’s $10 trillion daily payments business.
The Kinexys suite comprises four main components:
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Kinexys Digital Payments: A blockchain-based payments and deposit rail.
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Kinexys Digital Assets: Focused on asset tokenization.
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Kinexys Liink: A permissioned network for payment-related data exchange.
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Kinexys Labs: The research and innovation division for blockchain solutions.
Kinexys Digital Payments is also integrated with JPMorgan’s foreign exchange services, enabling on-chain settlement in U.S. dollars, euros, and British pounds. Additional currencies are expected to be supported soon. This integration allows for round-the-clock cross-border forex settlements, enhancing speed and reducing settlement risk.
The adoption of Kinexys by top-tier MENA banks marks a pivotal moment in the region’s transition toward blockchain-based financial infrastructure and reflects a growing appetite for next-generation, real-time global payment solutions.
Source: The Block
