KB Kookmin Bank, South Korea's largest lender, has unveiled a new blockchain payment service designed to operate 24/7 for corporate clients involved in import and export. The bank plans to roll out the platform in August 2026, initially covering U.S. dollar transactions across ten countries including the United States, Singapore, India, and South Africa.
The service uses J.P. Morgan's Kinexys platform, which enables near-real-time payments by integrating blockchain settlement with traditional SWIFT infrastructure. Instead of replacing the existing correspondent banking network, the system links Kinexys with current payment rails, ensuring compliance while enhancing settlement speed.
This marks KB Kookmin as the first financial institution in South Korea to adopt Kinexys for commercial payments. The bank aims to support businesses dealing with overseas trade financing, supplier payments, and foreign exchange settlements. Details on fees, transaction limits, and a precise launch date remain undisclosed.
J.P. Morgan positions Kinexys as a blockchain-based platform facilitating payments, tokenization, and fast settlements. Earlier in June, the platform expanded its currency support to eight, adding blockchain deposit accounts in Australian dollars, Japanese yen, Chinese yuan, and more, which allows continuous payments and programmable treasury management.
KB Kookmin's move towards blockchain follows its prior ventures into digital bonds and tokenized deposits, signaling a deepening commitment to digital finance innovations.
Market response to this announcement has yet to show significant moves.
