PHOTO
Manama, Kingdom of Bahrain:- As part of the Central Bank of Bahrain’s (CBB) vision to improve customer experience for safe and efficient settlement solutions, the CBB has today announced the successful completion of a test with Onyx by J.P. Morgan’s JPM Coin System. This is a first of its kind test of JPM Coin System in the region.
The test enabled Bank ABC to initiate real-time payments for Aluminium Bahrain (ALBA) to benefit ALBA's counterparties in the United States, leveraging JPM Coin System, a permissioned system that serves as a payment rail and deposit account ledger, enabling participating entities to transfer US Dollars held on deposit with J.P. Morgan. The promising outcome of the test, overseen by the Central Bank of Bahrain, signifies the Kingdom's commitment to a significant uplift of its financial technology apparatus in the endeavor to deliver the highest quality of services and the best customer experience to continue leading the Financial Technology transformational journey in the region.
On this occasion, His Excellency the Governor of the Central Bank of Bahrain, Rasheed Al Maraj, said: “We at the Central Bank of Bahrain are extremely pleased to announce the success of this test which aligns with our vision and strategy to continually develop and enrich the capabilities extended to the stakeholders within our financial services sector in the Kingdom using advanced and leading emerging technologies. Through our work with ALBA, Bank ABC and Onyx by J.P. Morgan, we aspire to address and eliminate the inefficiencies and pain-points which exist today in the traditional cross-border payments arena.”
The CEO of ALBA, Ali Al-Baqali said “We at ALBA are very happy to have participated in and contributed towards a successful test of this cutting-edge technology, which we're certain will optimize our cash management activities. ALBA has been at the forefront of leveraging new innovative, secure and reliable financial solutions that bring speed, seamless efficiencies into our financial operations. We're also proud to be part of such a flagship initiative in the Kingdom of Bahrain and work with close and strong banking partners under the sponsorship of the Central Bank of Bahrain.”
Sael Al Waary, Deputy Group CEO of Bank ABC commented, “We are very excited to have achieved this landmark milestone in collaboration with the CBB, ALBA and Onyx by J.P. Morgan. As part of our mission to create the ‘bank of the future’, we have been able to leverage the digital banking capabilities of Bank ABC, to facilitate seamless cross-border payments using our APIs together with JP Morgan’s blockchain network. The pilot was tested using US dollars, and this technology will allow us to scale-up our existing offering and introduce more currencies in the future. We envisage major changes across the world with digital currencies, which will play a critical role in enabling future digital economies. We remain steadfast in our role as a key contributor in supporting Bahrain’s ambition to lead innovation within the financial technology arena in the region.”
Ali Moosa, Vice Chairman and Senior Country Officer, J.P. Morgan Bahrain added saying “Onyx by J.P. Morgan is committed to leading the buildout of next generation clearing and settlement infrastructures and we are delighted to work with a leading central bank like CBB and an innovation-focused institution in Bank ABC to lead this project in the region. The completed test with ALBA and Bank ABC will help inform further development of JPM Coin Systems for future use by our correspondent banking partners.”
-Ends-
© Press Release 2022
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
