South Korea’s KB Kookmin Bank will launch a cross-border payment service based on JPMorgan’s Kinexys

PANews July 26, according to Cointelegraph, KB Kookmin Bank, the largest bank in South Korea, plans to launch a cross-border payments service based on JPMorgan’s blockchain platform Kinexys in August. The service is aimed at import and export companies. The first batch will support cross-border payments and foreign exchange settlement in US dollars, covering 10 countries including the United States, Singapore, Saudi Arabia, and the United Arab Emirates. Kinexys, formerly known as Onyx, is positioned as JPMorgan’s payment, tokenization, and digital asset infrastructure for institutions. The report cites Yonhap News Agency as saying that the service will be integrated with the existing SWIFT network, enabling near-instant cross-border payments and foreign exchange settlement. KB Kookmin Bank’s parent company, KB Financial Group, is the largest banking group in South Korea by asset size and ranks 28th in the Asia-Pacific region, with assets of about $552.76B.