South Korea’s largest bank, KB Kookmin Bank, will integrate JPMorgan’s Kinexys to launch cross-border payment services

Deep Tide TechFlow message. On July 26, according to Cointelegraph, South Korea’s largest commercial bank, KB Kookmin Bank (KB Kookmin Bank), will launch cross-border payment services based on JPMorgan’s blockchain platform Kinexys in August this year, providing dollar cross-border remittances for import and export businesses.

The report says that Kinexys (formerly Onyx) is JPMorgan’s blockchain platform for institutional clients, covering payments, tokenization, and digital asset-related businesses. In its first phase, the service will support U.S. dollar cross-border payments across 10 countries such as the United States, Singapore, Saudi Arabia, and the UAE, and will be integrated with the SWIFT payments network to enable near real-time cross-border remittances and foreign exchange settlement.

According to a research report released by S&P Global in April this year, KB Kookmin Bank’s parent company, KB Financial Group, has total assets of approximately $552.76 billion, making it the largest financial group in South Korea by asset size, and the 28th largest bank in the Asia-Pacific region.