KB Kookmin Bank to Launch Dollar Payments via JPMorgan’s Kinexys Platform

South Korea’s largest bank, KB Kookmin Bank, will launch a blockchain-based cross-border payment service using JPMorgan’s Kinexys platform. The service, set to go live in August, will initially support USD transfers across 10 countries, including the US, Singapore, Saudi Arabia, and the UAE. Kinexys, formerly known as Onyx, is JPMorgan’s institutional payments, tokenization, and digital assets platform. The service will integrate with the existing SWIFT network for near-instant cross-border payments and foreign exchange settlements. According to S&P Global, KB Financial Group, the parent of KB Kookmin Bank, is South Korea’s largest lender by assets, ranking 28th in the Asia-Pacific region with total assets of $552.76 billion. This development underscores South Korea’s push for digital payment infrastructure while expanding JPMorgan’s corporate blockchain solutions.

This move accelerates South Korea’s adoption of blockchain for international payments. JPMorgan’s Kinexys integration merges traditional systems with digital solutions, potentially fueling future growth in digital assets and tokenization projects.