KB Kookmin Bank Taps Kinexys for Blockchain-Based Cross-Border Payments

South Korea's largest bank is set to launch a blockchain-based cross-border payment service in August using JPMorgan's Kinexys network. The service will initially support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia, and the United Arab Emirates.

Kinexys, formerly known as Onyx, is JPMorgan's blockchain platform for institutional payments, tokenization, and digital assets. The service will integrate with the existing SWIFT payment network for near-instant cross-border payments and foreign exchange settlement.

KB Kookmin Bank, a subsidiary of KB Financial Group, ranked as South Korea's largest lender by assets, is behind this new initiative. According to S&P Global, KB Financial Group has $552.76 billion in total assets, placing it 28th among banks in the Asia-Pacific region.