JPMorgan's blockchain unit Kinexys has partnered with eight major banks in the Middle East and North Africa, aiming to improve blockchain integration in traditional banking.
JPMorgan and MENA Banks Partnership
JPMorgan's blockchain unit Kinexys has formed significant partnerships with eight banks in the MENA region, including Qatar National Bank and Saudi National Bank. The initiative aims to enhance blockchain technology within traditional banking, addressing challenges in transactions and liquidity.
Benefits of Real-Time Payments
The collaboration promises to revolutionize cross-border transactions, improving efficiency and lowering transaction costs. It signals growing institutional trust in blockchain technology.
JPMorgan's Long-Term Presence in the Region
JPMorgan has been operating in MENA for nearly a century, providing a solid foundation for blockchain technology implementation. Past ventures highlight the region's commitment to technological innovation in finance.
Experts predict increased blockchain adoption in banking, driven by efficiency gains and faster settlements.
