KB Kookmin Bank unveils blockchain cross-border payments

KB Kookmin Bank will launch a blockchain-based cross-border payment service in August 2026 using JPMorgan’s Kinexys, enabling near-instant US dollar transfers for businesses across 10 countries.

KB Kookmin Bank, South Korea’s largest bank, plans to launch a blockchain-based cross-border payment service for import and export businesses in August 2026. The service will utilize JPMorgan’s Kinexys platform and initially support US dollar transfers across 10 countries, including the United States, Singapore, Saudi Arabia, Qatar, and the United Arab Emirates. By integrating Kinexys with the existing SWIFT network, KB Kookmin Bank aims to enable near-instant cross-border payments and foreign exchange settlements. This will help reduce settlement times and banking fees, offering businesses faster, blockchain-powered payment rails that operate beyond standard banking hours. This marks the first use of Kinexys by a South Korean financial institution for corporate settlements. Customers will be able to access the service through KB Kookmin Bank’s domestic and Singapore branches, streamlining international trade payments and foreign exchange settlements for South Korean companies.