Bank ABC introduces JPM Coin payments in Bahrain

Bank ABC introduces JPM Coin payments in Bahrain

Bank ABC has become the first Middle East bank to introduce faster cross-border payments to specific corridors for corporates and financial institutions using JP Morgan’s Coin Systems.

Coin Systems is a blockchain-based permissioned system that serves as a payment rail and deposit account ledger and sits within Onyx by JP Morgan.

The soft launch of the new payment service by Bank ABC follows close collaboration with the Central Bank of Bahrain (CBB).

The CBB provided support across various aspects of the initiative including integrating and scaling the innovative blockchain-based solution within Bahrain’s payments landscape.

“After working closely with JP Morgan and Bank ABC over the past two years to experiment the execution of cross-border commercial transactions between Bahrain and the US, leveraging the JP Morgan Coin System, we are pleased to witness the soft launch of this innovative banking solution by a Bahraini-based bank,” said Central Bank of Bahrain Governor Rasheed Al Maraj.

“This initiative aligns with the CBB’s strategic vision to embrace innovation and digitalise the kingdom’s financial services sector by eliminating inefficiencies that exist in traditional cross-border payment railways, facilitating trade between Bahrain and the US, and thereby inducing economic activity. We commend Bank ABC on their commitment to enhance their banking offerings