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.