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The three entities will test an instantaneous cross border payment solution, which will include the use of digital currencies. It will see funds transferred between Bahrain and the US via Bank ABC and JP Morgan, on the behalf of buyers paying suppliers.
“Through this pilot, […] we aspire to address the inefficiencies and pain-points which exist today in the traditional cross-border payments arena,” says Rasheed Al-Maraj, the central bank’s governor. Sael Al Waary, Bank ABC’s deputy group CEO, calls this a “landmark pilot” and says digital currencies “will play a critical role in enabling the future digital economies”. “Onyx has been setup with the mandate to lead the buildout of next generation clearing and settlement infrastructures,” says the bank in its latest statement. JP Morgan has similar plans in Singapore, where it intends to develop “digitised commercial bank money”, as well as make settlement of funds easier.
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