KB Kookmin Bank Teams with JPMorgan on Cross-Border Payment Service

KB Kookmin Bank, South Korea's largest bank, is partnering with JPMorgan to launch a cross-border payment service using Kinexys, JPMorgan's permissioned blockchain platform. The service will be available in August 2026 and will enable import and export businesses to send US dollars across borders to 10 countries, including the US, Singapore, and India.

The service will use JPMorgan's private Blockchain Deposit Accounts, which provide programmable payments and near real-time foreign exchange settlements. This is a significant move for KB Kookmin, as it becomes the first South Korean financial institution to use Kinexys for commercial payments.

KB Kookmin had previously signed a memorandum of understanding with JPMorgan focused on blockchain-based remittance innovation, and this partnership marks the first concrete product to emerge from that agreement. Kinexys has processed over $4 trillion in cumulative transaction volume, with average daily transactions exceeding $7 billion.