Bahrain Completes Digital Payments Trial With JPM Coin

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With support from JPMorgan’s blockchain and Onyx, Bahrain has now successfully completed the trial run of the JPM coin as it looks to explore digital payments system and financial technology at large.

But while the trial was carried out by the Central Bank of Bahrain (CBB), two other organizations were also involved. They are; Manama-based ABC Bank and national aluminum smelter Aluminum Bahrain (Alba).

Central Bank of Bahrain look to blockchain technology

As gathered from the official announcement, the trial involved ABC bank testing real-time digital payments with Alba using the JPM Coin — a stablecoin tied to the US dollar.

And now going by the CBB’s announcement, the test has been adjudged a huge success. The report also highlights the plans of Bahrain to continue in its tracks as it looks to continue simplifying financial technology and making it more accessible, even to the masses.

Part of the statement reads:

“The promising results of the payment test, which was supervised by the Central Bank of Bahrain, indicate the Kingdom’s commitment to elevating financial technology and striving to provide the highest quality of services and the best customer experience”

We will continue to employ ‘pioneering technologies’ — CBB Governor

Meanwhile, the Governor of CBB, Rasheed Al Maraj has also commented on the successful completion of the JPM Coin trial. He says he will personally continue employing “pioneering technologies” so as to help improve the financial system of Bahrain.

In the same light, both Ali Al Baqali, CEO of Alba and group executive vice president of Bank ABC, Sael Al Waqary, seem to share similar sentiments. The duo have also indicated full commitment towards the development of Bahrain’s financial sector.

The CEO of JPMorgan Bahrain, Ali Mousa was also not left out as he reiterated his commitment towards “spearheading the construction of the next generation of clearing and settlement infrastructure”.

Mousa then expressed that the firm was delighted in the partnership with Alba and Bank ABC which he hopes will help to fast-track the development of JPM digital currency in the region.

Mayowa Adebajo

Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.

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