South Korea’s largest lender, KB Kookmin Bank, is preparing to launch a blockchain-based cross-border payment service using JPMorgan’s Kinexys platform in August. The service is designed for import and export companies and will enable faster U.S. dollar transfers across 10 countries while remaining connected to the existing SWIFT network for near-instant settlement.

KB Kookmin will become the first South Korean financial institution to use JPMorgan’s Kinexys payments network for corporate import and export payments. The rollout follows an agreement between KB Kookmin Bank and JPMorgan to expand blockchain-based remittance services.

KB Kookmin Adds Kinexys for Corporate Cross-Border Payments

KB Kookmin Bank announced that it will introduce a blockchain-powered cross-border payment service for corporate clients through JPMorgan’s Kinexys network. The platform is scheduled to become available in August and will initially support U.S. dollar transfers for businesses involved in imports and exports.

The service will cover payments across 10 countries: South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. Customers will be able to use the service through KB Kookmin’s domestic branches as well as its Singapore branch.

Kinexys, formerly known as Onyx, is JPMorgan’s institutional blockchain platform for payments, digital assets, and tokenization. The network operates 24 hours a day, allowing participating financial institutions to process transactions outside standard banking hours.

Unlike public blockchain networks, Kinexys is a permissioned platform built for regulated financial institutions. It supports programmable payments and near-instant foreign exchange settlement while preserving existing banking compliance requirements.

The new payment service will integrate with SWIFT rather than replace it. As a result, corporate users can access blockchain-based settlement capabilities while continuing to rely on established international payment infrastructure. For companies handling trade payments, faster settlement can also improve visibility over cash positions and reduce delays tied to bank cut-off times and intermediary processing.

Banks Continue to Adopt Institutional Blockchain Infrastructure

The launch underscores increasing interest among major banks in applying blockchain technology to international payments. Rather than building separate networks independently, many financial institutions are joining established blockchain platforms designed for institutional settlement.

JPMorgan has continued to expand Kinexys across markets and currencies. The platform supports institutional payments in several major currencies and enables continuous settlement and treasury operations throughout the day.

Previous corporate users, including Qatar National Bank and other international financial institutions, have adopted Kinexys to reduce settlement times for cross-border payments. Some transactions that previously took more than one business day can now settle within minutes.

KB Kookmin’s planned launch also fits into its broader blockchain strategy. The lender has recently taken part in digital bond issuance projects, tokenized deposit initiatives, and stablecoin payment development within South Korea’s financial sector.

According to S&P Global, KB Financial Group remains South Korea’s largest banking group by assets, with approximately $552.76 billion. The institution also ranks among the largest banks in the Asia-Pacific region, giving the new payment service a sizable corporate customer base.

The rollout shows how traditional financial institutions are incorporating blockchain technology into existing banking systems while continuing to use established global payment networks such as SWIFT. Its implementation will also provide another example of how permissioned blockchain rails are being tested alongside, rather than outside, the correspondent banking infrastructure used by corporate clients.