First Abu Dhabi Bank (FAB), the largest commercial bank in the United Arab Emirates (UAE), has completed a pilot using blockchain technology for cross-border transactions. The pilot made use of JPMorgan’s Onyx, a permissioned distributed ledger designed to enhance interbank settlements. The trial was reportedly executed seamlessly and within acceptable response times. While the bank has not specified when it will launch a mainstream service, it is exploring more use cases for JPMorgan’s Onyx, with potential applications in tokenization and security settlement.
FAB’s adoption of blockchain-based cross-border payments could play a significant role in the expansion of Onyx, particularly in the MENA region. Onyx has been making inroads in the Middle East, including a pilot with Bahrain’s Bank ACB for instant cross-border transactions with the United States. The project has been progressing in U.S. dollar settlements in recent months.
JPMorgan’s Onyx, which was launched in 2022, has major global clients like BNP Paribas, DBS, and Goldman Sachs, processing up to $2 billion in daily transaction value. While the platform currently operates on a permissioned ledger, the company is considering a transition to publicly distributed ledgers in line with the Web3 ethos. However, this transition may face regulatory challenges in the future.
The financial industry is experiencing heightened regulatory scrutiny following events like the implosion of FTX, which is leading to new concerns about privacy, anti-money laundering, and Know Your Customer (KYC) procedures.
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}