- KB Kookmin Bank will launch blockchain-based cross-border payments next month.
- The service will run on JPMorgan's Kinexys blockchain network.
- Initial rollout will support U.S. dollar transfers across 10 countries.
South Korea's largest bank, KB Kookmin Bank, is preparing to launch a blockchain-powered cross-border payment service through JPMorgan's Kinexys platform.
The service will enable corporate customers to settle import and export payments using blockchain technology. The initial rollout will support U.S. dollar transfers across South Korea, the U.S., Singapore, Saudi Arabia, India, Thailand, Qatar, the UAE, Bahrain, and South Africa.
By integrating with Kinexys, KB Kookmin will become the first Korean financial institution to use JPMorgan's blockchain payment network for corporate cross-border settlements.
The launch highlights how major banks are increasingly adopting blockchain infrastructure to improve payment speed and efficiency. It also follows KB Kookmin's recent partnership with Avalanche to explore hybrid stablecoin payment solutions.
