South Korea’s largest bank to launch payment service on JPMorgan’s Kinexys
Summary
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. The service will initially handle U.S. dollar transfers across 10 countries, including the U.S., Singapore, Saudi Arabia, and the UAE. It will also connect with SWIFT to enable near-instant cross-border payments and foreign exchange settlement. KB Financial Group, Kookmin’s parent, is South Korea’s largest lender by assets and ranks 28th in the Asia-Pacific region.
