South Korea's KB Kookmin Bank will launch USD cross-border payments on JPMorgan's Kinexys network in August, covering trade across 10 countries.
Crypto Adoption News
KB Kookmin Bank, based in South Korea, will launch a new cross-border payment service in August. The service will run on JPMorgan's Kinexys network, formerly called Onyx, which uses blockchain technology. JPMorgan built it for institutional payments, tokenization, and digital assets. Several South Korean media outlets reported the plan.
The service targets import and export businesses. It will start by supporting US dollar transfers. The service will cover 10 countries at launch, including the United States, Singapore, Saudi Arabia and the United Arab Emirates.
Service Links to SWIFT Network
The service will connect to the existing SWIFT network, supporting near-instant payments. It will also handle foreign exchange settlement, according to Yonhap.
KB Financial Group owns KB Kookmin Bank. S&P Global ranked the group in an April report, naming it the largest lender in South Korea by assets and ranking it as the 28th-largest bank in the Asia-Pacific region. The group held $552.76 billion in total assets.
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