South Korea’s largest bank to launch payment service on JPMorgan’s Kinexys
South 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.
KB Kookmin Bank, South Korea's largest commercial lender, has announced plans to launch a cross-border payment service built on JPMorgan's blockchain-based platform, Kinexys. The service will facilitate US dollar transactions for businesses engaged in import and export operations, with the rollout expected to cover 10 countries across multiple regions.
Kinexys, formerly known as JPMorgan Onyx, is the bank's institutional blockchain division focused on wholesale payment infrastructure. The platform processes billions of dollars in transactions daily and has attracted a growing number of financial institutions seeking to modernize cross-border settlement processes. KB Kookmin's integration marks one of the more significant partnerships for the platform in the Asia-Pacific region.
The move reflects a broader trend among traditional financial institutions adopting blockchain-based rails to address longstanding inefficiencies in international payments, including delays, high fees, and limited transaction transparency. By leveraging Kinexys, KB Kookmin aims to offer corporate clients faster settlement times and improved visibility into payment flows across borders.
As the service moves toward launch, market observers will be watching whether other major South Korean banks follow with similar integrations, and how the rollout performs across the 10 target countries. The partnership could also signal further expansion of JPMorgan's Kinexys network into Asian financial markets, where demand for efficient cross-border payment solutions continues to grow.
Source: Cointelegraph
