Starting August 2026, KB Kookmin Bank will offer cross-border payment services powered by blockchain technology for import and export firms. The South Korean lender will use J.P. Morgan’s Kinexys network to facilitate U.S. dollar transfers across 10 countries.
The new service integrates Kinexys with the existing SWIFT payment infrastructure, allowing corporate clients to access blockchain payments through KB Kookmin’s branches both domestically and in Singapore.
Details of the Kinexys Partnership
KB Kookmin announced the initiative on July 26, following a deal with J.P. Morgan aimed at speeding up remittances and foreign exchange for trade companies. This marks the first time a South Korean bank will utilize Kinexys for blockchain cross-border payments.
The initial rollout covers countries including South Korea, the U.S., Singapore, Saudi Arabia, India, Thailand, Qatar, UAE, Bahrain, and South Africa. Payments will initially be processed in USD, though the exact launch date in August and specifics on fees or transaction limits have yet to be disclosed.
J.P. Morgan describes Kinexys as a bank-led blockchain platform designed for programmable payments, asset tokenization, and near-instant settlement. The platform, formerly known as Onyx until its rebrand in November 2024, operates as a private, permissioned network accessible only to approved institutions.
Unlike public cryptocurrencies, KB Kookmin’s service will use J.P. Morgan’s blockchain infrastructure without involving public tokens. The setup complements SWIFT rather than replacing it, enabling smoother integration with the current international payment system.
In a related move, J.P. Morgan expanded its blockchain deposit accounts in June 2026, introducing multi-currency accounts that hold eight different currencies and enable 24/7 payments along with programmable treasury and on-chain forex functions.
