Dukhan Bank Joins J.P. Morgan’s Kinexys Payment Network

Dukhan Bank has joined J.P. Morgan’s blockchain-based deposit account network, Kinexys, becoming the first Sharia-compliant lender in Qatar to operate on the platform.

The integration, completed on August 3, 2026, is expected to provide the bank’s corporate and institutional clients with continuous cross-border payment and settlement capabilities. The move also expands J.P. Morgan’s presence among financial institutions in the Gulf region as banks increase investment in digital payment infrastructure.

Dukhan Bank’s integration with Kinexys gives its corporate and institutional clients access to around-the-clock cross-border settlement through J.P. Morgan’s blockchain-based deposit account network.

Kinexys is designed to support payment and settlement activity at all hours, including weekends and public holidays. The availability of a continuously operating settlement system could help corporate treasury teams manage funds across different time zones without depending on conventional banking schedules.

Dukhan Bank said the launch formed part of its broader digital transformation strategy. The bank indicated that the technology would support the development of innovative financial services while maintaining compliance with Sharia principles.

Ahmed I. Hashem, the acting group chief executive officer of Dukhan Bank, said the integration reflected the lender’s effort to provide Sharia-compliant solutions that respond to changing client requirements. He indicated that the technology was expected to improve the speed, transparency, and efficiency of international payments.

Blockchain Deposits Support Faster Settlement

J.P. Morgan’s system accepts cash deposits from participating clients and represents those deposits as digital tokens on a blockchain operated by the bank. Transactions can then be settled rapidly within the regulated banking system.

The platform also provides programmable payment capabilities, which can allow institutions to establish automated conditions for transferring funds and managing liquidity. Such features are intended to give corporate clients greater flexibility in coordinating payment activity and treasury operations.

The Kinexys network combines tokenized bank deposits with programmable payment tools to support faster settlement and more efficient liquidity management within a regulated banking framework.

The network had processed more than $4 trillion in cumulative transactions by June 2026 and was handling more than $7 billion in daily transaction volume, according to figures previously disclosed by J.P. Morgan.

Kinexys supports transactions in eight currencies. The Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi, and Singapore dollar were added to the network alongside the US dollar, euro, and British pound.

J.P. Morgan initially developed the blockchain infrastructure under the Onyx brand before renaming the business Kinexys in November 2024.

J.P. Morgan Expands Its Gulf Banking Network

The addition of Dukhan Bank brings the number of major regional banks using the Blockchain Deposit Account network to eight, according to Akshika Gupta, global head of product sales and solutions at Kinexys.

Gupta indicated that the onboarding would help financial institutions participate in the next stage of digital payment development. The expansion reflects growing interest among banks in using distributed ledger technology to improve payment processing, settlement availability, and operational efficiency.

Dukhan Bank also highlighted the potential compatibility between distributed ledger technology and Islamic finance principles. The lender said blockchain-based systems could strengthen transparency, certainty, and efficiency in financial transactions, which are important considerations in Sharia-compliant banking.

The partnership expands Kinexys’ Gulf banking network while supporting Dukhan Bank’s efforts to deliver transparent and efficient digital payment services aligned with Sharia-compliant financial principles.

J.P. Morgan also operates JPM Coin, a US dollar-denominated deposit token identified by the ticker JPMD. The bank considers the token a regulated deposit liability rather than a stablecoin.

The token is operating on Coinbase’s Base blockchain network, while an integration with Canton Network is expected before the end of 2026. The planned expansion could increase the token’s connectivity with other institutional blockchain systems.

In a separate initiative, Kinexys and Singapore-based DBS Bank began developing an interoperability framework in November 2025. The project is intended to support the transfer of tokenized deposits across different blockchain networks.

Dukhan Bank’s adoption of Kinexys marks another step in the expansion of blockchain-based banking infrastructure across the Gulf. The partnership could provide the lender’s institutional clients with faster and more flexible cross-border settlement while strengthening J.P. Morgan’s position in the region’s developing digital payments market.