South Korea's KB Kookmin Bank Joins JPMorgan's Cross-Border Payment Network

KB Kookmin Bank, South Korea's largest lender by assets, is set to launch a cross-border payment service in August using JPMorgan's Kinexys network. The service, which will support US dollar transfers, targets import and export businesses and will connect to the existing SWIFT network for near-instant payments.

The service will initially cover 10 countries, including the United States, Singapore, Saudi Arabia, and the United Arab Emirates. KB Financial Group owns KB Kookmin Bank, which held $552.76 billion in total assets as of its latest reporting period.

JPMorgan's Kinexys network uses blockchain technology for institutional payments, tokenization, and digital assets. The service will also handle foreign exchange settlement.