KB Kookmin Bank Taps Kinexys for Blockchain-Powered Cross-Border Payments
KB Kookmin Bank has partnered with Kinexys by J.P. Morgan to launch South Korea's first blockchain-powered cross-border corporate payment service. The new service, set to debut next month, will initially support U.S. dollar transfers across 10 countries through the bank's Korean and Singapore branches.
The move marks a significant milestone in KB Kookmin Bank's expanding blockchain strategy, which has already seen the bank complete a $100 million digital bond issuance earlier this year. The new service leverages Kinexys' programmable payments and near real-time settlement capabilities to streamline cross-border trade settlements.
According to Yonhap News Agency, KB Kookmin Bank will become South Korea's first financial institution to adopt the blockchain payment network for corporate import and export settlements. The bank plans to prioritize U.S. dollar transfers involving 10 countries: South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa.
The partnership arrives as more South Korean financial institutions experiment with blockchain infrastructure under regulated frameworks. Government-backed initiatives have already included KB Kookmin Bank among participating institutions, including a regulatory sandbox project that will use tokenized bank deposits for public-sector spending.