KB Kookmin Bank to Launch Blockchain Service for International Corporate Payments
KB Kookmin Bank will become the first financial institution in South Korea to deploy blockchain infrastructure for international payment services for corporate clients. The initiative is part of an agreement with JPMorgan to advance cross border payments using blockchain technology.
KB Kookmin Bank, South Korea’s largest commercial bank, announced the launch of an international payment service for export import companies. The solution will run on the Kinexys by J.P. Morgan blockchain platform, Yonhap News Agency.
According to the bank, Kinexys by J.P. Morgan is one of the world’s largest institutional blockchain payment platforms. It’s integrated with the SWIFT network, supports international money transfers and foreign exchange settlement, and enables near instant cross border payments 24/7.
Initially, the new service will be available to corporate clients of KB Kookmin Bank branches in South Korea and the bank’s Singapore branch. At launch, the service will support U.S. dollar (USD) transfers between the following countries:
- South Korea
- the U.S.
- Singapore
- Saudi Arabia
- India
- Thailand
- Qatar
- the UAE
- Bahrain
- South Africa
The full rollout of the platform is expected within the next month.
The bank said the blockchain infrastructure is expected to accelerate international corporate payments and improve service efficiency for export import companies.
In late June 2026, the Kinexys blockchain platform added support for accounts denominated in Australian dollars (AUD), Hong Kong dollars (HKD), Japanese yen (JPY), Chinese yuan (RMB), and Singapore dollars (SGD).
In May 2026, KB Financial Group completed testing of a payment, settlement, and cross border transfer system based on a stablecoin pegged to the South Korean won. A month later, 8 of South Korea’s largest banks, including KB Kookmin Bank, formed a consortium to develop a shared platform for issuing won denominated stablecoins.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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