KB Kookmin Bank of South Korea will connect to J.P. Morgan's Kinexys to launch blockchain-based cross-border payment services

Odaily reported that South Korea's KB Kookmin Bank will launch a blockchain-based corporate cross-border payment service next month and connect to J.P. Morgan's Kinexys blockchain payment network, becoming the first financial institution in South Korea to utilize the Kinexys network for corporate import and export settlement.

According to reports, the service will be provided through KB Kookmin Bank's domestic branches in South Korea and its Singapore branch, initially prioritizing support for USD cross-border remittances, covering 10 countries including South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the UAE, Bahrain, and South Africa. Kinexys is J.P. Morgan's blockchain business platform, offering institutional clients programmable payments, asset tokenization, and near-real-time settlement services. (The Block)