QNB Adopts JPMorgan’s Blockchain for Dollar Settlements in Gulf Banking Shift

QNB Group, the Middle East's second-largest lender, has integrated JPMorgan Chase's blockchain-based Onyx Digital Payments system to process US dollar corporate transactions. The Doha-based bank now enables near-instant settlements for Qatari business clients—a stark contrast to traditional multi-day processing windows limited to business hours.

"This is a treasurer's dream," said Kamel Moris, QNB's transactional banking chief. The 24/7 system guarantees payment finality in as little as two minutes, addressing growing corporate demand for real-time cross-border liquidity management. The MOVE signals accelerating DLT adoption among Gulf financial institutions seeking to attract global capital through infrastructure modernization.

JPMorgan's blockchain solution effectively eliminates the 'weekend liquidity gap' that has long constrained international dollar flows. Regional observers note the deployment establishes a new operational benchmark for Middle Eastern banks competing with Singaporean and European rivals in corporate treasury services.