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

South Korea's KB Kookmin Bank is set 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 support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia, and the United Arab Emirates.

The KB Kookmin Bank's new service will integrate with the existing SWIFT payment network for near-instant cross-border payments and foreign exchange settlement. This is a significant move by one of South Korea's largest banks to enhance its international payment capabilities.