ONYX powers up Bahrain’s blockchain dreams

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Central Bank of Bahrain completed a first of kind test in the region yesterday with ONYX by JP Morgan - a blockchain-based platform for exchanging value, information and digital assets.

The test enabled Bank ABC to initiate real-time payments for Aluminium Bahrain to benefit Alba’s counterparties in the United States, leveraging JPM Coin System.

ONYX serves as a payment rail and deposit account ledger, enabling participating entities to transfer US Dollars held on deposit with JP Morgan.

The outcome of the test, CBB said, signifies Bahrain’s commitment to a significant uplift of its financial technology apparatus.

The Governor of the Central Bank of Bahrain, Rasheed Al Maraj, said: “Through our work with ALBA, Bank ABC and Onyx by JP 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.”

Sael Al Waary, Deputy Group CEO of Bank ABC commented, “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.”

Ali Moosa, Vice Chairman and Senior Country Officer, JP Morgan Bahrain added saying “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.”