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Kinexys-Based Trade Payments
KB Kookmin Bank plans to launch in August a blockchain-based cross-border payment service for import and export businesses using JPMorgan’s Kinexys network, with the initial service supporting US dollar transfers across 10 countries.
“The largest bank in South Korea will launch a payment service on JPMorgan's Kinexys platform”
The Seoul Economic Daily says the service will use Kinexys, JPMorgan’s blockchain payment infrastructure, to provide interbank dollar settlement, overseas remittances, and tokenized asset transactions in near real time while operating “around the clock, 365 days a year.”
The service is set to be available at KB Kookmin Bank’s domestic branches and its Singapore branch, and it will initially prioritize US dollar remittances.
The Cryptonews.net report similarly ties the August rollout to Kinexys, formerly known as Onyx, and says it will integrate with the existing SWIFT payment network for near-instant cross-border payments and foreign exchange settlement.
In the initial phase, the supported destinations are listed as the USA, Singapore, Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, India, Thailand, South Africa, and South Korea, with the first phase focused on USD transfers.
Speed, 24/7 Settlement
The Seoul Economic Daily frames the core benefit as faster overseas remittance services, saying Kinexys supports interbank dollar settlement, overseas remittances, and tokenized asset transactions in near real time and runs “around the clock, 365 days a year.”
Cryptonews.net adds that the service is designed for near-instant cross-border payments and foreign exchange settlement through SWIFT integration, while also positioning Kinexys as JPMorgan’s blockchain platform for institutional payments, tokenization and digital assets.
The DigitalToday report says the programmable payment function can automate international payments and fund transfers “24 hours a day, year-round,” and it links the service to the existing SWIFT payment network.
The FinanceFeeds report describes the model as combining blockchain infrastructure with the existing SWIFT payment network, aiming to reduce settlement delays and improve visibility of payments for import-export firms.
In the initial phase, multiple sources emphasize that the service does not require businesses to abandon existing banking rails, with the FinanceFeeds account describing a hybrid approach that keeps SWIFT in place while blockchain improves circulation and settlement.
Scale and Next Steps
Several reports connect the launch to KB Financial Group’s scale, with Cryptonews.net citing an April S&P Global research report that ranked KB Financial Group as South Korea’s largest lender by assets and listing it as the 28th-largest bank in the Asia-Pacific region with $552.76 billion in total assets.
“South Korea’s largest bank to launch payment service on JPMorgan’s Kinexys KB Kookmin Bank will use JPMorgan’s blockchain platform to support US dollar cross-border payments for import and export businesses across 10 countries”
The Seoul Economic Daily says Kinexys has processed more than 4 trillion dollars in cumulative transactions to date and reports an average daily transaction volume of 7 billion dollars, positioning the network as already proven for institutional settlement.
FinanceFeeds similarly describes Kinexys as JPMorgan’s platform for institutional payments, tokenisation and services of assets numériques, and it says the network is designed to let participating institutions and corporate clients circulate value via a shared digital infrastructure.
The CryptoDnes report adds that KB Kookmin Bank announced the service on July 26 after signing an agreement with J.P. Morgan on blockchain remittance services, while also noting that the bank had not published customer fees, transaction limits or an exact August launch date.
Across the coverage, the initial scope is consistently described as USD transfers across 10 countries through KB Kookmin Bank’s domestic branches and its Singapore branch, with the next phase not specified beyond an expectation of expansion in response to the changing global payment environment.
