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KB Kookmin Bank to launch blockchain cross-border payments on JPM Kinexys

The August rollout will initially enable US dollar transfers across 10 countries and integrate with SWIFT for near-instant payments and FX settlement.

Reported · Written up by our desk · Market Structure

South Korea’s KB Kookmin Bank plans to launch a blockchain-based cross-border payment service for import and export businesses in August, using JPMorgan’s Kinexys network, according to multiple local media reports cited by Cointelegraph.

The service will support US dollar transfers across 10 countries, including the United States, Singapore, Saudi Arabia, and the United Arab Emirates.

Yonhap reports it will integrate with the SWIFT payment network to support near-instant cross-border payments and foreign exchange settlement, the outlet said.

Cointelegraph also noted that S&P Global ranked KB Financial Group, KB Kookmin Bank’s parent, as South Korea’s largest lender by assets, and said the group has $552.76 billion in total assets.

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