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KB Kookmin Bank to Launch Cross-Border Payment Service on JPMorgan's Kinexys

Created at 26 Jul · 10:36 AM1 source↑ Market-relevant
IN SHORT

South Korea's KB Kookmin Bank will launch a blockchain-based cross-border payment service in August, utilizing JPMorgan's Kinexys network for US dollar transfers across 10 countries. The service aims to provide near-instant payments by integrating with the SWIFT network.

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Key Numbers

$552.76 billionKB Financial Group total assets
28thKB Financial Group ranking in Asia-Pacific
10countries supported by the new payment service

Who's Involved

KB Kookmin Bank
South Korea's largest lender by assets, launching a cross-border payment service
JPMorgan
Provider of the Kinexys blockchain platform for the new service
KB Financial Group
Parent company of KB Kookmin Bank, ranked 28th largest in Asia-Pacific

↳ Why This Matters

The collaboration between KB Kookmin Bank and JPMorgan signifies a growing adoption of blockchain technology for traditional financial services, potentially enhancing efficiency and speed in global cross-border payments.

Key facts

  • KB Kookmin Bank, South Korea's largest lender by assets, is launching a new cross-border payment service.
  • The service will operate on JPMorgan's Kinexys blockchain platform.
  • It will facilitate US dollar transfers for import and export businesses.
  • The service will initially cover 10 countries and integrate with the SWIFT network.

South Korea's KB Kookmin Bank is set to introduce a blockchain-based cross-border payment service in August, leveraging JPMorgan's Kinexys network. This initiative aims to streamline US dollar transfers for import and export businesses across 10 countries, including the United States, Singapore, Saudi Arabia, and the United Arab Emirates.

Kinexys, previously known as Onyx, is JPMorgan's established blockchain platform designed for institutional payments and digital assets. The new service will integrate with the existing SWIFT payment network, promising near-instant cross-border payments and foreign exchange settlements.

KB Financial Group, the parent entity of KB Kookmin Bank, was identified by S&P Global as South Korea's largest lender by assets. The group holds the 28th position among banks in the Asia-Pacific region, with total assets amounting to $552.76 billion.

Frequently asked questions

Kinexys is JPMorgan's blockchain platform designed for institutional payments, tokenization, and digital assets. It was formerly known as Onyx.

The service will initially support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia, and the United Arab Emirates.

It will integrate with the existing SWIFT payment network to enable near-instant cross-border payments and foreign exchange settlement.

What Happens Next

01KB Kookmin Bank to launch the cross-border payment service in August.

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Cadence

How It Developed

KB Kookmin Bank will launch a blockchain-based cross-border payment service in August.
The service will use JPMorgan's Kinexys network for US dollar transfers.
It will initially support 10 countries, including the US, Singapore, Saudi Arabia, and the UAE.
The service will integrate with the SWIFT network for near-instant payments.

Sources

T1
South Korea’s largest bank to launch payment service on JPMorgan’s KinexysSouth Korea’s largest lender will use JPMorgan’s blockchain platform to support US dollar cross-border payments for import and export businesses across 10 countries.Cointelegraph

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