KB Kookmin Bank to Launch Blockchain-Based Cross-Border Payments on Kinexys

South Korea's largest bank is set to launch a blockchain-based cross-border payment service for import and export businesses. KB Kookmin Bank will utilize JPMorgan's Kinexys network, formerly known as Onyx, for this purpose.

The new service will initially support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia, and the United Arab Emirates. Integration with the existing SWIFT payment network is expected to enable near-instant cross-border payments and foreign exchange settlement.

According to Yonhap, KB Financial Group, the parent of KB Kookmin Bank, ranked as South Korea's largest lender by assets in an April research report by S&P Global. The group boasts $552.76 billion in total assets, placing it 28th among Asia-Pacific region banks.