Khaberni - Arab Bank, one of the leading banks in the Middle East and North Africa, has announced the adoption of the Kinexys digital payment platform from J.P. Morgan, which enables the enhancement of the bank's financial system in the Middle East for payments across an existing network leveraging blockchain technology. This collaboration is part of the bank’s ongoing efforts to develop and enhance its services in banking transactions and payments.
This collaboration allows selected branches across the Arab Bank network to use the blockchain-based payment network from Kinexys to explore specific payment solutions across borders for clients, manage liquidity, and enhance operational efficiency, in line with the Arab Bank's digital transformation strategy.
The Kinexys digital payment platform, a scalable blockchain-based deposit account network, provides services for settling trade payments and managing cash liquidity 24/7, enabling Arab Bank's corporate and individual clients to conduct transactions outside of specified market business hours, and bypass restrictions associated with traditional market closing times.
In her comment on this collaboration, Maram Al Jazeera - Director of Financial Institutions and Sustainability said: "This step reflects the strength of our long-term relationship with J.P. Morgan, covering a range of banking products and services. Collaborating on the Kinexys platform marks a new milestone in our ongoing path to modernizing our digital infrastructure, enhancing service efficiency, and delivering a more flexible and responsive banking experience to our customers".
On her part, Akshika Gupta - Global Head of Key Client Solutions, Digital Payments - J.P. Morgan Singapore said: "Our vision is centered around building a new generation of financial infrastructure supported by profound sector expertise to better serve our clients. We are delighted to support Arab Bank in its efforts to innovate a blockchain-based ecosystem across its global network, and we look forward to continuing our collaboration in the region".
