KB Kookmin Bank, South Korea’s largest lender, plans to launch a blockchain-based cross-border payment service for import and export businesses in August using JPMorgan’s Kinexys network, according to multiple local media reports.

Kinexys, formerly known as Onyx, is JPMorgan’s blockchain platform for institutional payments, tokenization and digital assets. JPMorgan has developed the platform as part of its digital asset and institutional settlement infrastructure for financial institutions and corporate clients.

The new service will initially support US dollar transfers across 10 countries, including the United States, Singapore, Saudi Arabia and the United Arab Emirates. According to Yonhap, the service will connect with the existing SWIFT payment network to enable near-instant cross-border payments and foreign exchange settlement.

For importers and exporters, cross-border payments often involve multiple banking intermediaries, currency conversion and reconciliation steps. KB Kookmin’s planned service targets that trade-finance workflow by using blockchain-based institutional settlement infrastructure while retaining connectivity with established bank messaging rails.

KB Kookmin Bank is part of KB Financial Group. In an April research report, S&P Global ranked KB Financial Group as South Korea’s largest lender by assets. The group was also listed as the 28th-largest bank in the Asia-Pacific region, with $552.76 billion in total assets.

The planned launch adds a major South Korean banking institution to the group of financial firms using blockchain-based infrastructure for institutional payments while maintaining links to established banking networks such as SWIFT. Its rollout will be watched for how banks combine tokenized payment systems with existing compliance, foreign exchange and correspondent banking processes rather than replacing them outright.