Kinexys Cross-Border Payments Come to South Korea

KB Kookmin Bank, South Korea's largest lender by assets, is set to launch a blockchain-based cross-border payment service using JPMorgan's Kinexys platform in August. The new service will enable faster USD transfers across 10 countries for import and export firms, integrating with the existing SWIFT network for near-instant settlement.

The platform, previously known as Onyx, is an institutional blockchain platform for payments, digital assets, and tokenization that operates around the clock. Kinexys supports programmable payments and near-instant foreign exchange settlement while maintaining existing banking compliance requirements.

The service will initially support USD transfers across 10 countries, including South Korea, the US, Singapore, Saudi Arabia, India, Thailand, Qatar, the UAE, Bahrain, and South Africa. KB Kookmin becomes the first South Korean financial institution to adopt Kinexys for corporate import and export payments.