KB Kookmin Bank to Launch Blockchain Payment Service on JPMorgan's Kinexys Network

South Korea's KB Kookmin Bank is set to launch a blockchain-based cross-border payment service in August, using JPMorgan's Kinexys network. This move will allow import and export businesses to make US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia, and the United Arab Emirates.

The new service will initially support US dollar transfers and will integrate with the existing SWIFT payment network for near-instant cross-border payments and foreign exchange settlement. This integration is expected to enhance the efficiency of international transactions for businesses in South Korea.

According to Yonhap, KB Kookmin Bank's parent company, KB Financial Group, ranked as South Korea's largest lender by assets with $552.76 billion in total assets, and the 28th-largest bank in the Asia-Pacific region.