28th July 2026
By Shubhii Verma
KB Kookmin Bank, South Korea’s largest lender by assets, is set to launch a blockchain-based cross-border payment service for importers and exporters in August 2026 through Kinexys by J.P. Morgan.
The new service will initially support U.S. dollar payments across 10 countries, including South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain and South Africa. It is designed to help businesses make faster cross-border payments and settle foreign exchange transactions beyond traditional banking hours.
KB Kookmin will become the first South Korean financial institution to use Kinexys for corporate import and export payment services. Customers will be able to access the service through the bank’s domestic branches as well as its Singapore branch.
The service will connect Kinexys’ blockchain-based settlement infrastructure with existing SWIFT payment rails, allowing businesses to benefit from faster settlement while continuing to use established banking and compliance systems. The bank said the platform will support near-real-time transfers and foreign exchange settlement throughout the day.
Unlike traditional international payment systems, which often depend on banking cut-off times and multiple correspondent institutions, Kinexys operates around the clock for approved participants. This could allow companies to move funds more quickly when making supplier payments, managing international trade or responding to changing liquidity needs.
J.P. Morgan describes Kinexys as a blockchain platform designed for payments, asset tokenisation and near-real-time settlement. The system was previously known as Onyx and has expanded its presence across global financial markets.
In June, J.P. Morgan added Australian dollar, Hong Kong dollar, Japanese yen, Chinese renminbi and Singapore dollar blockchain deposit accounts to the network. The expansion increased the number of supported currencies and enabled institutions to explore 24/7 payments, programmable treasury operations and onchain foreign exchange.
KB Kookmin’s move follows a broader expansion of blockchain initiatives across KB Financial Group. In June, the bank completed a $100 million digital bond sale through HSBC’s Orion platform. The two-year U.S. dollar bond settled in three business days, compared with five days under the previous process.
The bank is also participating in South Korea’s tokenised deposit initiatives and has explored blockchain-based payment systems linking stablecoins with traditional card infrastructure.
The launch comes as major banks worldwide increasingly move blockchain technology from pilot projects into live financial services. J.P. Morgan has already worked with institutions and companies across multiple markets to facilitate faster payments and tokenised asset settlements.
For KB Kookmin’s corporate customers, the new Kinexys service could provide longer operating hours and faster settlement across key international trade corridors. The bank has not yet announced transaction fees, limits or whether additional currencies and countries will be added after the initial rollout.
