Bahrain’s Central Bank to Pilot Digital Currency for Real Time Cross Border Paymentsby Fintechnews Middle East 12. May 2021
The Central Bank of Bahrain (CBB) is collaborating with J.P. Morgan and Bank ABC to introduce real time cross border payment solution in a digital currency settlement pilot scheme.
Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US Dollars for payments from buyers to suppliers.
CBB will act as a close partner in the pilot between Bank ABC and J.P. Morgan and going forward would look to extend the collaboration to Central Bank Digital Currencies (CBDCs).
H.E. Rasheed Al-Maraj, Governor of the Central Bank of Bahrain said,
“We at the Central Bank of Bahrain are extremely pleased to announce this collaboration which is in line 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 emerging technologies.
Through this pilot with J.P Morgan and Bank ABC, we aspire to address the inefficiencies and pain-points which exist today in the traditional cross-border payments arena”.
Ali Moosa, Vice Chairman of Wholesale Payments at J.P Morgan said,
“J.P. Morgan ONYX has been setup with the mandate to lead the buildout of next generation clearing and settlement infrastructures and we are delighted to partner with a leading central bank and regulator like the CBB and an innovation-focused partner like Bank ABC to lead the buildout of a next generation payment and settlement infrastructure”.
Featured image credit: CBB