KB Kookmin Bank plans to launch a blockchain-based payment service for import and export companies in August, initially using JPMorgan’s Kinexys network to process US dollar payments for corporate clients.

The South Korean lender announced the plan on July 26. The service will focus first on dollar-denominated trade payments and remittances for companies involved in cross-border commerce, an area where banks are testing blockchain rails for institutional settlement rather than retail crypto use.

KB Kookmin Moves Dollar Trade Payments to JPMorgan Blockchain

Kinexys is JPMorgan’s blockchain unit, formerly known as Onyx. The platform supports institutional payments, tokenization, and digital asset settlement. JPMorgan has said Kinexys has processed more than $4 trillion since launch, with average daily transactions exceeding $7 billion. The bank’s Kinexys information page is available at JPMorgan.

According to local media reports, KB Kookmin’s new service will initially support dollar remittances to 10 countries, including South Korea. The list also includes the US, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa.

The service will be provided through KB Kookmin’s branches in South Korea and the bank’s Singapore office, tying the rollout to corporate banking channels rather than a consumer-facing app.

The announcement follows KB Kookmin’s recent selection for a government-backed deposit token payment project. The program is run by South Korea’s Ministry of Science and ICT and the Korea Internet & Security Agency.

Together, the Kinexys rollout and the domestic deposit token project show KB Kookmin working on both cross-border dollar settlement and local tokenized payment infrastructure. Whether other Korean lenders adopt Kinexys will test how far tokenized deposits extend beyond JPMorgan’s own client network.