The Central Bank of Bahrain (CBB), introduced the profitable completion of the check with Onyx by JPMorgan’s JPM Coin System, right this moment. CBB highlighted that the financial institution is planning to offer an improved buyer expertise together with environment friendly settlement options.
The check of the JPM Coin System, which is the primary of its sort within the area, has enabled Bank ABC to provoke real-time funds for Aluminium Bahrain (ALBA) to learn ALBA’s counterparties within the US. CBB goals to take the lead within the area’s monetary know-how transformation.
Bahrain is likely one of the fastest-growing economies within the Middle East. With a GDP of greater than $35 billion, the nation gives vital progress alternatives to monetary know-how corporations all over the world.
“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 that exist today in the traditional cross-border payments arena,” Rasheed Al Maraj, the Governor of the Central Bank of Bahrain, commented.
Related content material
Innovative Technologies
Bahrain has accepted revolutionary applied sciences like crypto and blockchain with open arms. In December 2021, Binance, one of many world’s main crypto exchanges, introduced that it has acquired in-principal approval from CBB to function as a crypto-asset service supplier within the nation. Through the current testing of the JPM Coin System, CBB is planning to offer high quality providers associated to monetary settlements.
“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,” Ali Moosa, the Vice Chairman and Senior Country Officer at JP Morgan Bahrain, mentioned.
The Central Bank of Bahrain (CBB), introduced the profitable completion of the check with Onyx by JPMorgan’s JPM Coin System, right this moment. CBB highlighted that the financial institution is planning to offer an improved buyer expertise together with environment friendly settlement options.
The check of the JPM Coin System, which is the primary of its sort within the area, has enabled Bank ABC to provoke real-time funds for Aluminium Bahrain (ALBA) to learn ALBA’s counterparties within the US. CBB goals to take the lead within the area’s monetary know-how transformation.
Bahrain is likely one of the fastest-growing economies within the Middle East. With a GDP of greater than $35 billion, the nation gives vital progress alternatives to monetary know-how corporations all over the world.
“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 that exist today in the traditional cross-border payments arena,” Rasheed Al Maraj, the Governor of the Central Bank of Bahrain, commented.
Related content material
Innovative Technologies
Bahrain has accepted revolutionary applied sciences like crypto and blockchain with open arms. In December 2021, Binance, one of many world’s main crypto exchanges, introduced that it has acquired in-principal approval from CBB to function as a crypto-asset service supplier within the nation. Through the current testing of the JPM Coin System, CBB is planning to offer high quality providers associated to monetary settlements.
“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,” Ali Moosa, the Vice Chairman and Senior Country Officer at JP Morgan Bahrain, mentioned.
