JPMorgan and Bahraini Bank Launch Blockchain-Based Cross-Border Payment Service
JPMorgan and Bahraini Bank ABC have launched a blockchain-based cross-border payment service, providing cost-effective and faster settlement times. This article explores the collaboration and its potential impact on the global financial system.
Posted 10 months ago in Blockchain
JPMorgan and Bahrain-based Bank ABC have announced the launch of a blockchain-based cross-border payment service. The new service, powered by JPMorgan's Onyx Coin Systems, aims to offer more cost-effective and faster settlement times compared to traditional solutions. Initially, the service will facilitate U.S. dollar transactions between Bahrain, the United States, United Kingdom, Singapore, and Hong Kong. However, the partners have plans to expand to euro transactions and introduce programmable payments in the future.
The collaboration between JPMorgan and Bank ABC was closely supervised by the Central Bank of Bahrain (CBB), which already conducted a successful trial in January 2022 using JPM Coin to settle payments between Aluminium Bahrain and its U.S. counterparties through Bank ABC. This partnership marks JPMorgan's first blockchain service collaboration in the Middle East.
Earlier this year, JPMorgan's Onyx also partnered with six Indian banks for USD settlement and integrated with German conglomerate Siemens for euro settlement. JPM Coin, the digital currency launched by JPMorgan in 2020, continues to gain traction in the global financial market.
Bahrain has been actively modernizing its financial system, with Binance recently receiving a license in the country to operate as an international crypto exchange. This move positions Bahrain as a leading member of the Cooperation Council for the Arab States of the Gulf in embracing cryptocurrency technology. The launch of the blockchain-based payment service further solidifies Bahrain's commitment to financial innovation.
Last updated 9/26/2023, 12:41:51 PM
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