Central Bank of Bahrain Tests JPM Coin

The Central Bank of Bahrain (CBB), announced the successful completion of the test with Onyx by JPMorgan’s JPM Coin System, today. CBB highlighted that the bank is planning to provide an improved customer experience along with efficient settlement solutions.

The test of the JPM Coin System, which is the first of its kind in the region, has enabled Bank ABC to initiate real-time payments for Aluminium Bahrain (ALBA) to benefit ALBA’s counterparties in the US. CBB aims to take the lead in the region’s financial technology transformation.

Bahrain is one of the fastest-growing economies in the Middle East. With a GDP of more than $35 billion, the country offers significant growth opportunities to financial technology firms around 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.

Innovative Technologies

Bahrain has accepted innovative technologies like crypto and blockchain with open arms. In December 2021, Binance, one of the world’s leading crypto exchanges, announced that it has received in-principal approval from CBB to operate as a crypto-asset service provider in the country. Through the recent testing of the JPM Coin System, CBB is planning to provide quality services related to financial 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, said.