South Korea’s largest bank to launch payment service on JPMorgan’s KinexysSouth Korea’s largest lender will use JPMorgan’s blockchain platform to support US dollar cross-border payments for import and export businesses across 10 countries.
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South Korea’s largest bank, KB Kookmin Bank, plans to launch a blockchain-based cross-border payment service for import and export businesses in August. This service will utilize JPMorgan’s Kinexys network, a blockchain platform designed for institutional payments, tokenization, and digital assets. The new system aims to facilitate US dollar transfers across 10 countries, including the United States, Singapore, Saudi Arabia, and the United Arab Emirates.
The payment service will integrate with the existing SWIFT network, enabling near-instant cross-border payments and foreign exchange settlements, according to Yonhap News. This integration is intended to streamline international transactions for KB Kookmin Bank’s corporate clients.
KB Kookmin Bank is part of KB Financial Group, which, according to an April research report from S&P Global, is South Korea’s largest lender by assets and ranked as the 28th-largest bank in the Asia-Pacific region. The group holds total assets amounting to approximately $552.76 billion. This development reflects growing adoption of blockchain technology within traditional banking sectors to enhance payment efficiency and security.