Bahrain uses JPMorgan's blockchain for cross-border payments

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Bank ABC, an international bank operating in the Middle East and North Africa region, announced that it will support fast international money transfers between Bahrain and several other countries, through Coin's blockchain platform. Systems, a company of the global financial group, JPMorgan.

Currently, Bank ABC has begun deploying Coin Systems for a number of international money transfers, starting with the use of USD in transactions between Bahrain and the US, Singapore, UK and Hong Kong.

According to Coin Systems global CEO Naveen Mallela, the geographic scope of the blockchain payment system will expand, and the option to use the euro will also be added. Bank ABC CEO Sael Al Waary said Coin Systems is expected to significantly improve performance and shorten payment times, and is also developing programmable payments.

Notably, Bank ABC has been involved in the development of this service since January 2022, when JPMorgan, under the supervision of the Central Bank of Bahrain (CBB), carried out the first test transaction in region by using the JPM Coin blockchain system for payments between Aluminum Bahrain and its partners in the US through Bank ABC's infrastructure.

CBB CEO Rasheed Al Maraj emphasized that this initiative is in line with Bahrain's strategy to innovate and digitize the financial services industry, and believes that the use of JPMorgan's blockchain system will boost its operations. economic activity in the region and facilitate effective trade between Bahrain and the United States.

Bank ABC now becomes JPMorgan's first blockchain service partner in the Middle East. 2023 has also seen the pilot implementation of payments between banks based on the Onyx blockchain system in India. Furthermore, JPMorgan 's corporate clients, such as German conglomerate Siemens, have been offered the opportunity to test payments in euros.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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