Abu Dhabi: First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and strongest financial institutions, is pleased to announce the successful completion of pilot testing with J.P. Morgan’s Coin Systems for blockchain-based cross-border payments.
Coin systems support digital solutions on proprietary blockchain network to enable instant transfer and settlement of value on a permissioned distributed ledger. The pilot phase, executed seamlessly and within satisfactory response times, have demonstrated the capabilities and potential of blockchain technology in enhancing cross-border payment solutions.
FAB's achievement through collaboration with Onyx by J.P. Morgan, is a demonstration of the bank's commitment to leveraging cutting-edge technologies to provide innovative solutions to its clients around payments space and particularly cross border payments domain. Looking ahead, FAB’s Global Transaction Banking business plans to explore further opportunities using J.P. Morgan’s Coin Systems.
ABOUT FIRST ABU DHABI BANK (FAB)
FAB is the UAE’s largest bank with an international network that spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is consistently ranked one of the world’s largest, safest and most socially responsible banks. A global bank and regional banking powerhouse, FAB is established in 20 markets from the Americas to Asia, and is known for consistently delivering results, generating returns and creating value.
FAB is proactively shaping the future with purposeful action for sustainable growth. With total assets of AED 1.1 Trillion (USD 312 Billion) as of June-end 2023, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively - the strongest combined ratings of any bank in the MENA region. FAB was named the UAE’s most valuable banking brand in the 2023 Brand Finance UAE 50 and Brand Finance Banking 500 rankings. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East since 2011, and #31 Safest Bank globally in 2022. The Banker’s Top 1000 World Banks 2022 rankings, measured by Tier 1 capital, ranked FAB as #2 in the UAE, #5 in the Middle East and #90 across the globe. FAB is also a regional sustainability leader (MSCI ESG rating of ‘A’), and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.
FAB is a strategic pathway partner of the 28th UN Climate Change Conference of Parties (COP28), which is being held in the UAE from November 30 to December 12, 2023.
For further information, visit: www.bankfab.com.