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KB Kookmin Bank will launch a blockchain-based payment service for import and export companies in August, using JPMorgan’s Kinexys network to process cross-border U.S. dollar transfers.
The rollout will make KB Kookmin the first South Korean financial institution to use Kinexys for corporate trade payments. Businesses will gain access to near-real-time transfers outside conventional banking cut-off times.
U.S. Dollar Transfers Will Cover 10 Markets
The service will be available through KB Kookmin’s branches in South Korea and its Singapore branch. It will initially support U.S. dollar payments involving South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa.
KB Kookmin is targeting companies that need to pay overseas suppliers or collect export proceeds. The bank expects the longer operating window to reduce delays for transactions involving markets with different time zones, working weeks and public holidays.
Fees, Transaction Limits and New Currencies Remain Undisclosed
The launch follows an agreement between KB Kookmin and JPMorgan to develop blockchain-based cross-border remittance services.
The bank has not disclosed customer fees, transaction limits or whether it plans to add more currencies after the initial dollar rollout.
Those details will determine how broadly importers and exporters can use the service beyond the first supported corridors.
Kinexys Combines Blockchain Settlement With SWIFT
Kinexys is JPMorgan’s permissioned blockchain infrastructure for institutional payments, foreign exchange settlement and tokenized assets. It supports transfers around the clock and uses digital representations of commercial bank deposits rather than public cryptocurrencies or stablecoins.
The network can connect with existing SWIFT payment infrastructure, allowing banks and corporate clients to keep much of their current operational setup. Its programmable payment functions can automate transfers once specified conditions are met.
Kinexys Has Processed More Than $3T
JPMorgan says Kinexys has processed more than $3 trillion since launch. The platform handles more than $7 billion in average daily transaction volume.
It has expanded its supported currencies and banking partners across Asia, Europe, the Middle East and Latin America.
That existing institutional footprint gives KB Kookmin a bank-grade blockchain network for the August trade-payment service.
August Rollout Brings Blockchain to Corporate Trade Payments
KB Kookmin’s adoption places blockchain infrastructure inside a commercial service used by exporters and importers, rather than limiting it to a pilot or internal bank transfer system.
The first phase will test whether the network can shorten settlement times and improve access to dollar liquidity for South Korean companies trading across the 10 covered markets.
KB Kookmin has not given an exact August launch date, leaving customer onboarding and final service terms as the next details to be announced.
