It was announced that the Central Bank of Bahrain (CBB) is working together with J.P. Morgan and Bank ABC to present an ongoing cross-line transaction arrangement in advanced cash repayment pilot methods. Bank ABC alongside J.P. Morgan will guide the moving of assets from and to the Kingdom of Bahrain in US Dollars for transactions from purchasers to providers and the method is very efficient. CBB will go about as a nearby partner in the pilot between Bank ABC and J.P. Morgan and going ahead would hope to stretch out the coordinated effort to Central Bank Digital Currencies (CBDCs) which is one of the most highly anticipated events.
“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,” said Governor of the Central Bank of Bahrain, H.E. Rasheed Al-Maraj.
“J.P. Morgan ONYX has been set up 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 regulators like the CBB and an innovation-focused partner like Bank ABC to lead the build out of a next-generation payment and settlement infrastructure,” said the Vice-Chairman of Wholesale Payments at J.P Morgan, Ali Moosa.