Naveen Mallela is a Managing Director at J.P. Morgan and the Global Co-Head of Kinexys, the firm's business unit for enterprise blockchain solutions and digital assets. He is a prominent figure in the institutional adoption of distributed ledger technology (DLT), having led the development of foundational products such as JPM Coin and the Partior cross-border payment network. Mallela's work focuses on the tokenization of financial assets and the creation of next-generation financial market infrastructure. ^{[1] [2]}​

Education and Certifications

Naveen Mallela holds a Master of Business Administration (MBA) from the Indian Institute of Management, Bangalore. He also holds a Bachelor of Engineering degree from the National University of Singapore. In addition to his degrees, Mallela is a Chartered Financial Analyst (CFA) charterholder. ^{[3] [4] [5]}

Career

Mallela's career has been situated at the intersection of technology and finance, with a focus on capital markets, digital innovation, and blockchain technology. Before joining J.P. Morgan, he held roles at several technology and financial firms, including Tata Consultancy Services, Citi, Accenture, and Standard Chartered Bank. At Accenture, he was a Senior Manager in the capital markets practice, and at Standard Chartered, he served as a Director focused on innovation, digitalization, and DLT initiatives. ^{[6] [5] [7]}​

J.P. Morgan

Mallela joined J.P. Morgan around 2018, initially serving as the APAC Head for Fintech & Innovation within the Corporate & Investment Bank. In this capacity, he was responsible for the bank's digital payments strategy in the Asia-Pacific region. His work in this role led to his involvement in the establishment of Partior, a multi-bank, multi-currency payment network. ^{[6] [2]}​

He transitioned to focus exclusively on blockchain technology, becoming one of the founding members of Onyx by J.P. Morgan, the firm's business unit dedicated to DLT. As part of the Onyx leadership, he was appointed Head of Onyx Coin Systems, where he was the chief designer and product lead for JPM Coin. He also oversaw the development of the bank's Deposit Token solutions and led the pilot launch of these tokens as part of the Monetary Authority of Singapore's (MAS) Project Guardian initiative in 2023. ^{[2] [3]}​

In 2025, J.P. Morgan's blockchain initiatives evolved with the launch of Kinexys, a new business unit representing the firm's holistic platform for tokenized financial infrastructure. Mallela was appointed Global Co-Head of Kinexys, a role he shares with Kara Kennedy. ^{[8] [6]}​

Major Projects and Initiatives

Partior

During his time as APAC Head of Digital Payments, Mallela spearheaded J.P. Morgan's initiative to co-found Partior. Launched in collaboration with DBS Bank and Temasek, Partior is a Singapore-based technology company that operates a blockchain-based interbank clearing and settlement network. The platform aims to reduce friction in cross-border payments by enabling multi-bank, multi-currency transactions with improved speed and efficiency. ^{[3] [2]}​

Onyx Coin Systems and JPM Coin

As Global Head of Onyx Coin Systems, Mallela led the unit responsible for JPM Coin, J.P. Morgan's permissioned, blockchain-based payment system. He served as the chief designer and product lead for the system, which allows institutional clients to conduct real-time, 24/7 transfers of tokenized U.S. Dollars and other currencies held as deposits at the bank. JPM Coin functions as a deposit token—a direct liability of the bank—and is a cornerstone of the Onyx platform, facilitating wholesale payments and enabling atomic settlement for tokenized asset transactions. Under his leadership, the platform evolved into a multi-asset, programmable payment and settlement system. ^{[2] [9]}​

Kinexys

Kinexys is described as the evolution of J.P. Morgan's blockchain efforts, consolidating its capabilities into a comprehensive platform for tokenized financial infrastructure. As Global Co-Head, Mallela directs the strategy for Kinexys, which is structured around three main pillars:

• Kinexys Digital Payments (KDP): Incorporates JPM Coin and programmable payment features for real-time settlement.
• Kinexys Digital Assets (KDA): A platform for tokenizing various asset classes, including solutions for a streamlined fund flow process in alternative investments.
• Kinexys Liink: A permissioned, bank-led information exchange network designed to improve cross-border transactions.

By 2026, the Kinexys platform had reportedly processed over $3 trillion in transaction volume. ^[8]​

Canton Network Integration

In January 2026, Mallela was a key spokesperson for the announcement that Kinexys by J.P. Morgan would integrate its U.S. Dollar deposit token (JPM Coin) with the Canton Network. The Canton Network, developed by Digital Asset, is a privacy-focused, interoperable blockchain designed for institutional finance. This integration marked a significant strategic move, allowing JPM Coin to operate natively on a third-party, multi-institution network for the first time. The goal of the collaboration is to enable J.P. Morgan's clients to use its regulated digital cash for settlement against tokenized assets from other participating institutions on the Canton Network, unlocking efficiencies through near-real-time atomic settlement. ^{[7] [10] [6]}​

Views and Thought Leadership

Through public speaking and interviews, Mallela has shared his views on the evolution of financial markets driven by blockchain technology.

On Tokenization and Interoperability

Mallela is a proponent of tokenization, arguing that it has the potential to unlock significant value from traditionally illiquid assets by making them more divisible, accessible, and transferable. He has stated that the "whole thesis around tokenization is to see how we can unlock hidden wealth for everyone." ^{[1] [5]}​

He identifies the lack of interoperability between "blockchain islands" as a primary obstacle to the widespread adoption of digital assets. He positions Kinexys and initiatives like the Canton Network integration as solutions to this challenge, building bridges between siloed networks rather than creating another isolated system. Speaking on the Canton integration, Mallela noted:

“JPM Coin delivers the security of bank-issued deposits and settlement, combined with the speed and innovation of 24/7, near real-time blockchain transactions. In bringing JPM Coin on to Canton, we can further increase efficiency and unlock liquidity.” ^[10]

On Institutional Adoption and Regulation

Mallela advocates for a pragmatic approach to innovation, emphasizing that a clear value proposition, such as increased efficiency or new investment opportunities, is necessary for institutional adoption of new technology. He has commented on the need for strong organizational structures and cross-business collaboration to scale tokenization. ^[8]​

He also stresses the importance of a consistent regulatory framework, arguing that oversight should be aligned with the financial activity itself, regardless of the underlying technology. He believes this clarity is crucial for building user confidence and driving broader adoption of digital assets. ^[8]​

Industry Engagement and Publications

Mallela is actively engaged in the global fintech and digital asset communities. He is a frequent speaker at major industry conferences, including the Singapore FinTech Festival, Money20/20 USA, Point Zero Forum, and events hosted by the Financial Times and Finastra. His speaking topics cover digital currencies, asset tokenization, and the future of financial market infrastructure. ^{[11] [2]}​

He has authored multiple white papers on foundational topics in digital finance, including Central Bank Digital Currencies (CBDCs), shared ledgers, and deposit tokens. Mallela has also participated in multiple industry initiatives, such as providing industry guidance for the Monetary Authority of Singapore's Project BLOOM, which focuses on standards for blockchain networks. ^{[3] [8]}​

Interviews

Tokenized Deposits and Banking Infrastructure #01

On May 4, 2023, Naveen Mallela appeared in an interview on the YouTube channel DigFin VOX by AMTD. During the discussion, he addressed the concept of tokenized deposits and their possible role within commercial banking systems. At that time, Mallela held the position of Managing Director and Head of Onyx Global Coin at JPMorgan Chase, operating from Singapore.

In the interview, Mallela described tokenized deposits as digital representations of bank deposit liabilities issued by licensed financial institutions on blockchain-based infrastructure. According to his explanation, these instruments differ from cryptocurrencies and stablecoins because they remain legally equivalent to traditional deposits and are subject to existing banking regulations. He framed tokenized deposits as a development related to internal blockchain payment systems, such as JPM Coin, with an expanded scope that could allow transfers beyond a single institution’s internal network.

Mallela stated that converting deposit balances into tokenized form could support continuous transaction processing and enable programmable settlement mechanisms, while preserving established compliance practices. These include customer identification procedures, sanctions screening, and internal risk management processes. He also clarified that, from his perspective, tokenized deposits are accounted for as liabilities on a bank’s balance sheet and are not structured around full reserve backing models typically associated with stablecoins.

Regulatory aspects were also discussed. Mallela indicated that broader use of tokenized deposits would raise questions regarding the application of deposit insurance, supervisory frameworks, and cross-border regulatory alignment in blockchain environments. He noted that regulatory coordination across jurisdictions would be required to address differences in legal treatment and to support interaction with other forms of digital money, including central bank digital currencies.

The interview presents Mallela’s view that tokenized deposits may represent an adaptation of existing commercial banking instruments to blockchain-based settlement systems, emphasizing continuity with current legal and regulatory structures rather than a departure from them. ^[12]

Tokenized Deposits vs. Stablecoins Inside Kinexys #02

An interview published on November 20, 2025, on the YouTube channel Money Code features Naveen Mallela, Global Co-Head of Kinexys at J.P. Morgan, discussing the use of tokenized deposits within blockchain-based financial infrastructure. During the conversation with hosts Chuk Okpalugo and Raj Parekh, Mallela explains how Kinexys approaches digital money and outlines structural differences between tokenized deposits, such as JPMD, and stablecoins.

From Mallela’s perspective, tokenized deposits are digital representations of commercial bank deposits recorded on shared ledger systems. These instruments retain characteristics associated with the banking framework, including balance sheet integration, regulatory supervision, and the capacity for credit creation. In contrast, stablecoins are described as pre-funded digital instruments that generally operate outside the traditional banking model and are commonly used in permissionless or peer-to-peer transaction environments.

The discussion also addresses the development of blockchain infrastructure within J.P. Morgan. Mallela describes a progression from internal, single-institution ledgers to multi-bank consortium arrangements, followed by efforts to support broader ledger interoperability. Within this framework, interoperability is presented as a technical requirement for enabling transactions across different payment systems and digital asset networks. The interview concludes with the view that multiple forms of digital money are likely to coexist, each serving distinct operational and regulatory contexts, connected through interoperable systems rather than unified under a single model. ^[13]