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QNB Group, the Middle East’s largest financial institution, has officially adopted the QNB Digital Payments system powered by JPMorgan Chase’s blockchain platform to process U.S. dollar corporate payments. The move, announced on September 24 and first reported by Bloomberg, allows business clients in Qatar to settle payments within minutes which is a stark contrast to the traditional rails that often take days and operate only during weekdays.
The new QNB Digital Payments system leverages JPMorgan’s Kinexys Digital Payments network, which enables 24/7 transactions and near-instant settlement. For corporate treasurers, the shift addresses a growing demand for speed, reliability, and flexibility in cross-border payments.
“Now we can have a 24/7 service window, we can guarantee payments as fast as in two minutes,” said Kamel Moris, executive vice president of transactional banking at QNB, in an interview with Bloomberg. “It’s a treasurer’s dream.”
The adoption of the QNB Digital Payments system reflects a broader shift in the Gulf region. For decades, economies such as Qatar’s have relied heavily on oil-linked wealth and dollar liquidity. Today, with diversification strategies underway, banks are modernizing their payment infrastructure to attract foreign investment.
“Faster and cheaper settlement systems are no longer optional as they’re critical to ensuring Gulf states remain attractive to global capital,” said Rania El Gamal, independent financial analyst based in Dubai.
JPMorgan’s Kinexys platform, launched in 2019, already processes about $3 billion in daily transactions, according to the bank’s official reports. Although this is still only a fraction of the $10 trillion handled by JPMorgan’s broader payments arm, the blockchain-based network has steadily expanded as institutions like QNB come on board.
As the largest U.S. dollar clearer globally, JPMorgan is using its dominant position to push blockchain adoption through platforms like Kinexys, making it a natural partner for Gulf lenders.
By adopting the QNB Digital Payments system, QNB joins a growing number of Gulf banks turning to blockchain-based solutions. The system provides instant access to U.S. dollars, a key requirement for regional corporates managing energy exports and international supply chains.
For QNB, this move is about more than just technology as it’s a strategic decision to remain ahead in corporate banking.
“Treasurers today expect efficiency, transparency, and reliability,” Moris explained. “The QNB Digital Payments system allows us to deliver all three in real time.”
Globally, financial institutions have been testing distributed ledger technology for more than a decade. Many pilots failed to scale, but QNB’s adoption signals a turning point: blockchain platforms are now moving from experimentation to commercial deployment.
“This is a milestone for blockchain in the Middle East,” said Samer Al-Jaouni, fintech consultant at Arab Monetary Fund. “With the QNB Digital Payments system, the region is no longer just testing blockchain as it is operationalizing it to serve real corporate needs.”
The launch of the QNB Digital Payments system underscores how large financial institutions are increasingly embedding blockchain into everyday operations. By cutting transaction times from days to minutes, the system reduces costs, enhances liquidity management, and supports the Gulf’s broader economic diversification goals.
Still, challenges remain. Regulatory frameworks for blockchain-based settlement systems are evolving, and adoption will depend on the willingness of corporates to transition from legacy rails. Yet experts believe momentum is on QNB’s side.
“Blockchain has long promised efficiency in payments,” said El Gamal. “With the QNB Digital Payments system, that promise is finally materializing at scale.”
As more Gulf banks follow QNB’s lead, the region could become a proving ground for mainstream blockchain adoption in corporate banking with global implications for how money moves across borders.
