South Korea’s Largest Bank Adopts JPMorgan’s Kinexys Blockchain

• KB Kookmin becomes South Korea’s first bank to use JPMorgan’s Kinexys payments network.
• New service enables faster USD transfers across 10 countries for import and export firms.
• Kinexys integrates with SWIFT to deliver near-instant settlement for corporate payments.

South Korea’s largest lender, KB Kookmin Bank, will launch a blockchain-based cross-border payment service using JPMorgan’s Kinexys platform in August. The new service targets import and export businesses by enabling faster U.S. dollar transfers across 10 countries while integrating with the existing SWIFT network for near-instant settlement.

KB Kookmin Expands Cross-Border Payments With Kinexys

KB Kookmin Bank has announced the launch of a blockchain-powered cross-border payment service for corporate customers using JPMorgan’s Kinexys network. The platform will become available in August and will initially support U.S. dollar transfers for import and export businesses.

The service will cover payments across 10 countries, including South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. Customers will access the service through KB Kookmin’s domestic branches and its Singapore branch.

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