South Korea’s largest bank to launch payment service on JPMorgan’s Kinexys

South Korea’s KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export businesses in August using JPMorgan’s Kinexys network, according to multiple local media reports.

Kinexys, formerly known as Onyx, is JPMorgan’s blockchain platform for institutional payments, tokenization and digital assets.

The service will initially support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia and the United Arab Emirates.

According to Yonhap, it will integrate with the existing SWIFT payment network for near-instant cross-border payments and foreign exchange settlement.

In an April research report, S&P Global ranked KB Financial Group, the parent of KB Kookmin Bank, as South Korea’s largest lender by assets. The group is also listed as the 28th-largest bank in the Asia-Pacific region, with $552.76 billion in total assets.