South Korea Largest Bank to Launch Cross-Border Payment Service on JPMorgan’s Blockchain Network

South Korea’s largest lender, KB Kookmin Bank, will launch a blockchain based cross-border payment service in August using JPMorgan’s Kinexys network, according to multiple local media reports.

Service Details

Kinexys, formerly known as Onyx, is JPMorgan’s blockchain platform built for institutional payments, tokenization, and digital assets. The new service will target import and export businesses, initially supporting US dollar transfers across 10 countries, including the United States, Singapore, Saudi Arabia, and the United Arab Emirates. According to Yonhap, the platform will integrate with the existing SWIFT network to enable near-instant cross border payments and foreign exchange settlement.

KB Financial Group’s Market Position

S&P Global ranked KB Financial Group, the parent company of KB Kookmin Bank, as South Korea’s largest lender by assets in an April research report. The group also ranked as the 28th-largest bank in the Asia Pacific region, with total assets of $552.76 billion.