J.P. Morgan’s Coin System for Blockchain Based Payments and First Abu Dhabi Bank Announce Test Pilot Success
In Brief
FAB announced a trial run success with J.P. Morgan’s Coin Systems for blockchain-driven international payments.
In a bid to advance the future of blockchain-based cross-border transactions, First Abu Dhabi Bank (FAB), the UAE’s top financial institution, has announced its successful pilot testing with J.P. Morgan proprietary Coin Systems.
This pilot testing aimed to explore the rising utility of blockchain technology, and its potential in streamlining and optimizing global payment solutions.
According to First Abu Dhabi Bank, the phase was completed without any hitches and showcased response times that met all expectations. FAB said that the achievement underscores the potential of J.P. Morgan’s Coin Systems, which uses a permissioned distributed ledger to enable instantaneous value transfer and settlement through its digital solutions.
J.P. Morgan Collaboration and Looking Ahead
The endeavor was carried out in conjunction with Onyx by J.P. Morgan. FAB’s partnership with Onyx aims to showcase its dedication to using cutting-edge technological solutions, particularly evident in the cross-border payments domain. FAB said its Global Transaction Banking arm is keen on delving deeper into potential prospects presented by J.P. Morgan’s Coin Systems, in the near future.
FAB, the crown jewel of UAE‘s banking sector, boasts a vast international network that reaches across five continents. Its stature as a global bank has made it a preferred choice for local, regional and global businesses aiming to operate both domestically and internationally. The bank, with total assets amounting to AED 1.1 Trillion (USD 312 Billion) as of mid-2023, stands tall with the strongest combined ratings by Moody’s, S&P and Fitch in the MENA region.
Additionally, in 2023, industry experts named FAB the most valuable banking brand in the UAE. They have also listed FAB as the Safest Bank in the UAE and Middle East since 2011, and it holds a prominent spot in The Banker’s Top 1000 World Banks 2022 rankings.
FAB also holds a distinguished position as a regional sustainability leader, boasting an ‘A’ MSCI ESG rating. This commitment to sustainability has earned it a place in both the MSCI ESG Leaders and FTSE4Good EM indices.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
