KB Kookmin Bank plans to introduce a blockchain-based cross-border payment service for import and export companies in August 2026, using J.P. Morgan’s Kinexys platform for U.S. dollar payments across 10 markets.

The service will combine blockchain-based settlement with existing SWIFT payment infrastructure, enabling corporate transfers beyond standard banking hours. KB Kookmin Bank will become the first South Korean financial institution to use Kinexys for corporate import and export payment services.

The South Korean lender said the new offering will support near-real-time transfers and foreign exchange settlement throughout the day. Customers will be able to access the service through KB Kookmin Bank’s domestic branches and its Singapore branch.

KB Kookmin becomes first Korean bank to use Kinexys

KB Kookmin Bank announced the service on July 26 after signing an agreement with J.P. Morgan covering blockchain remittance services. According to Yonhap News Agency, the bank will become the first financial institution in South Korea to use Kinexys for payment services targeting import and export companies.

The agreement is focused on speeding up cross-border remittances for companies handling overseas trade, supplier payments and foreign exchange settlement. The first phase of the rollout will prioritize U.S. dollar transfers, a common settlement currency for corporate trade payments across multiple jurisdictions.

The initial supported markets will be South Korea, the U.S., Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain and South Africa. KB Kookmin Bank has not disclosed customer fees, transaction limits or the exact August 2026 launch date.

Kinexys links blockchain settlement with bank payment rails

J.P. Morgan describes Kinexys as a bank-led blockchain platform for payments, asset tokenization and near-real-time settlement. The network operates continuously, allowing approved institutions to move funds without relying on traditional banking cut-off times. Kinexys was previously known as Onyx.

KB Kookmin Bank’s service is not intended to replace SWIFT. Instead, it will connect Kinexys with the existing messaging and correspondent banking system. The structure allows banks to use blockchain for faster movement and settlement while retaining established compliance checks, account arrangements and foreign exchange processes. That approach keeps the service within bank-controlled infrastructure rather than exposing corporate users directly to public crypto payment rails.

J.P. Morgan has expanded Kinexys into multiple markets. In June, the bank added blockchain deposit accounts in Australian dollars, Hong Kong dollars, Japanese yen, Chinese yuan and Singapore dollars. J.P. Morgan said the expansion brought the platform’s supported currencies to eight and enabled 24/7 payments, programmable treasury operations and onchain foreign exchange.

Other financial institutions have already used Kinexys for corporate payments. Qatar National Bank adopted the platform for U.S. dollar payments in 2025. That service enabled corporate transfers outside normal banking hours and reduced some settlement times to minutes.

KB Financial Group broadens blockchain activity

The cross-border payment launch follows several blockchain-related projects across KB Financial Group. In June, KB Kookmin Bank completed a $100 million digital bond sale through HSBC’s Orion platform. The two-year U.S. dollar bond settled in three business days, compared with five days under the previous process.

KB Kookmin Bank is also involved in South Korea’s tokenized deposit initiatives. The Ministry of Economy and Finance selected nine banks for a project linking tokenized deposits with government spending systems. The planned test will use programmable conditions and a shared record of public payments.

KB Kookmin Card, meanwhile, has been developing a payment system that connects stablecoins with traditional credit. Crypto.news reported that the project uses Avalanche and OpenAsset infrastructure. The design is intended to allow users to pay from stablecoin wallets while preserving standard card settlement for merchants.

Large banks continue moving blockchain into payments

KB Financial Group was ranked as South Korea’s largest lender by assets in S&P Global Market Intelligence’s 2026 Asia-Pacific bank review. The group placed 28th in the region, with about $552.76 billion in assets. That scale gives KB Kookmin Bank an established corporate network for introducing the Kinexys-based service.

The planned rollout also reflects broader bank activity around tokenized deposits and blockchain settlement. In May, J.P. Morgan, Mastercard, Ripple and Ondo Finance tested a cross-border Treasury redemption. Kinexys handled the payment instructions and U.S. dollar settlement, while the tokenized asset moved on the XRP Ledger.

J.P. Morgan has also used Kinexys with companies including Axis Bank, Mitsubishi Corporation and EBANX. In July, EBANX said the platform reduced some internal cross-border transfers from more than 24 hours to minutes by removing local cut-off restrictions.

For KB Kookmin Bank’s corporate clients, the main change will be access to longer operating hours and faster settlement across selected trade corridors. For companies managing payments across different time zones, removing local cut-off restrictions can make payment timing more flexible while still using bank channels. The bank has not said whether it plans to add more currencies or countries after the first phase. The August 2026 rollout will show how the service operates alongside existing SWIFT processes for commercial payments.