KB Kookmin Bank announced that it will introduce a blockchain-based payment service for importers and exporters next month, expanding its cross-border transaction capabilities through JPMorgan Chase & Co.’s Kinexys blockchain payments infrastructure.
The launch follows a business partnership established between KB Kookmin Bank and JPMorgan to enhance blockchain-powered remittance services. The initiative represents the first time that a South Korean financial institution has integrated Kinexys by J.P. Morgan into payment services designed specifically for import and export businesses.
KB Kookmin Bank will become the first South Korean bank to deploy JPMorgan’s Kinexys blockchain payments network for trade-related cross-border payments, aiming to improve the speed and efficiency of international transactions for importers and exporters.
Service marks the first use of JPMorgan’s Kinexys network by a South Korean bank for trade payments
The new offering is expected to streamline international payment processes by leveraging blockchain technology for institutional financial transactions. The collaboration reflects growing interest among banks in adopting distributed ledger technology to improve settlement efficiency, reduce processing delays, and enhance transparency in cross-border payments.
Kinexys serves as JPMorgan’s blockchain-focused business unit and provides blockchain-based payment infrastructure for institutional clients worldwide. The platform is connected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), enabling it to support international remittances and foreign exchange settlements across participating financial institutions.
According to the bank, the blockchain-enabled network is capable of processing international payments and foreign exchange transactions in near real time while operating continuously throughout the day. Unlike traditional banking systems that are often constrained by business hours, weekends, and regional holidays, the infrastructure allows transactions to be processed automatically on a 24-hour, seven-day-a-week basis.
The adoption of blockchain infrastructure is expected to offer businesses engaged in international trade greater flexibility when managing overseas payments. Faster settlement times may also improve liquidity management for importers and exporters that rely on timely fund transfers to support supply chain operations and commercial transactions.
Initially, KB Kookmin Bank plans to provide the service through its domestic branch network in South Korea as well as its branch in Singapore. During the first phase of the rollout, the platform will support remittances denominated in U.S. dollars, with the possibility of broader currency support as the service develops.
The blockchain-powered payment platform will initially process U.S. dollar remittances through KB Kookmin Bank’s South Korean and Singapore branches while operating continuously with near real-time settlement capabilities.
The service will be available across 10 countries, providing businesses with access to blockchain-enabled cross-border payment services in South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. The geographic coverage is intended to support companies engaged in international trade across key commercial corridors in Asia, the Middle East, Africa, and North America.
The rollout underscores a broader trend among global financial institutions to incorporate blockchain technology into traditional banking infrastructure, particularly for cross-border payment services that have historically involved multiple intermediaries and extended settlement times. By integrating blockchain with established international payment networks such as SWIFT, banks are seeking to modernize international fund transfers while maintaining compatibility with existing financial systems.
By combining JPMorgan’s Kinexys blockchain infrastructure with the global SWIFT network, the new service is designed to deliver faster, automated, and more efficient cross-border payments for businesses conducting international trade across 10 markets.