back Back

Central Bank of Bahrain announces digital currency pilot with JP Morgan

By Leandra Monteiro

May 14, 2021

  • Bahrain
  • Central

JPMorgan, digital currency, JP Morgan, Central Bank of Bahrain, Onyx, blockchain Bank ABC in partnership with JP Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain using digital dollars. The trial is for cross border US dollar supply chain payments and receipts with Bahrain’s Bank ABC.

The central bank claims it will act as a close partner in the pilot trials and aims to extend the collaboration to Central Bank Digital Currencies (CBDCs). Also, the pilot aims “to develop a more efficient payments infrastructure, focused on addressing the current limitations in cross-border payments,” said Sael Al Waary, deputy CEO of Bank ABC, according to media reports. “We envisage major changes across the world with digital currencies, which will play a critical role in enabling the future digital economies.”

According to media reports, H.E. Rasheed Al-Maraj, governor of the Central Bank of Bahrain stated, “Through this pilot with JP Morgan and Bank ABC, we aspire to address the inefficiencies and pain-points which exist today in the traditional cross-border payments arena”.

The settlement solution is part of JP Morgan’s Onyx blockchain division. Additionally, Onyx is involved with Singapore in an interbank settlement platform, Partior, that uses blockchain and digital currencies. Temasek and DBS Bank have partnered with the company for that project.

The commercial applications of the payments network consist of cross-border payments in numerous currencies, foreign currency exchange, settlement of foreign currency denominated securities, as well as integration with other blockchain-based platforms.

Previous Article

May 14, 2021

Paysend opens new Singapore regional head quarters

Read More
Next Article

May 17, 2021

TECH5 secures $8 million investment from Yinda Infocomm

Read More

IBSi Daily News Analysis


February 23, 2024


Regulated firms battle surge in financial crime attempts, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


Vencora acquires CREALOGIX to expand its banking technology services

Read More


Axway to buy most of Sopra Banking Software activities for €330m

Read More

February 22, 2024

Kani Payments taps Pismo for data reconciliation and reporting

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023