According to ChainCatcher news reported by ledgerinsights, Axis Bank, one of the five largest banks in India, will use JPMorgan's Kinexys Digital Payments (formerly JPM Coin) for cross-border payments. Swift payments are inevitably limited by the differences in bank operating hours, while JPMorgan's blockchain-based bank accounts enable 24/7 instant payments.Since 2023, JPMorgan has been piloting Kinexys in GIFT City, initially conducting sandbox experiments with five banks including Axis. The city aims to compete with other international financial centers such as Singapore and Dubai. Earlier this month, it launched a tokenization consultation. Meanwhile, other banks using Kinexys include Bahrain's ABC Bank and First Abu Dhabi Bank. The Kinexys blockchain supports various other applications, including tokenized collateral. The total transaction volume of Kinexys has now exceeded $1.5 trillion, averaging $2 billion per day.

ChainCatcher news, according to Bitcoin.com News, shows that a recent survey by Ripple indicates that 52% of financial leaders in the Middle East and North Africa (MENA) prioritize blockchain payments and tokenized assets for development. The survey points out that, led by Saudi Arabia and the UAE, blockchain technology is expected to fundamentally change banking in the region by 2025.