KB Kookmin Bank, South Korea's largest lender, is preparing to roll out a blockchain-based service for cross-border USD payments starting August 2026. The bank will become the first in the country to utilize JPMorgan's Kinexys platform for live corporate transactions.
How the service works
The new offering is designed for import-export firms, enabling them to send USD remittances to ten key countries including the United States, Singapore, India, and the UAE. Clients can access this service both through KB Kookmin’s branches in South Korea and its Singapore office.
Traditional international payments routed via SWIFT often take several days to clear and rely on multiple correspondent banks, adding complexity and delays. Kinexys, previously known as Onyx, is a permissioned blockchain network tailored for institutional payments and digital asset settlements. It operates around the clock, providing real-time settlements by leveraging tokenized deposits.
Since its launch, Kinexys has handled over $4 trillion in cumulative transaction volume, reflecting its growing adoption among financial institutions. The platform’s 24/7 operation and instant settlement capability reduce capital tied up in transit and mitigate counterparty risk.
This development follows a similar move by India’s Axis Bank, which adopted Kinexys for USD clearing in March 2025. For JPMorgan, the expansion into South Korea marks another milestone in broadening its blockchain payment network across Asia, reinforcing the platform’s network effects as more banks join.
