South Korea’s Largest Bank Adopts JPMorgan’s Kinexys Blockchain

• KB Kookmin becomes South Korea’s first bank to use JPMorgan’s Kinexys payments network.
• New service enables faster USD transfers across 10 countries for import and export firms.
• Kinexys integrates with SWIFT to deliver near-instant settlement for corporate payments.

South Korea’s largest lender, KB Kookmin Bank, will launch a blockchain-based cross-border payment service using JPMorgan’s Kinexys platform in August. The new service targets import and export businesses by enabling faster U.S. dollar transfers across 10 countries while integrating with the existing SWIFT network for near-instant settlement.

KB Kookmin Expands Cross-Border Payments With Kinexys

KB Kookmin Bank has announced the launch of a blockchain-powered cross-border payment service for corporate customers using JPMorgan’s Kinexys network. The platform will become available in August and will initially support U.S. dollar transfers for import and export businesses.

The service will cover payments across 10 countries, including South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. Customers will access the service through KB Kookmin’s domestic branches and its Singapore branch.

Kinexys, previously known as Onyx, is JPMorgan’s institutional blockchain platform for payments, digital assets, and tokenization. The network operates around the clock, allowing participating institutions to process transactions beyond traditional banking hours.

Unlike public blockchain networks, Kinexys functions as a permissioned platform that serves regulated financial institutions. It supports programmable payments and near-instant foreign exchange settlement while maintaining existing banking compliance requirements.

The payment service will also integrate with the SWIFT network instead of replacing it. 

Consequently, businesses can benefit from blockchain settlement while continuing to use established international payment infrastructure.

KB Kookmin becomes the first South Korean financial institution to adopt Kinexys for corporate import and export payments. The launch follows an agreement signed between the bank and JPMorgan to expand blockchain-based remittance services.

Banking Sector Accelerates Institutional Blockchain Adoption

The launch reflects growing interest among major banks in using blockchain technology to improve international payment efficiency. Instead of building independent networks, many financial institutions are joining established blockchain platforms developed for institutional settlement.

JPMorgan has steadily expanded Kinexys across multiple markets and currencies. The platform now supports institutional payments in several major currencies while enabling continuous settlement and treasury operations throughout the day.

Previous corporate users, including Qatar National Bank and other international financial institutions, have adopted Kinexys to reduce settlement times for cross-border payments. Some transactions that previously required more than one business day now settle within minutes.

The announcement also aligns with KB Kookmin Bank’s broader blockchain strategy. The lender recently participated in digital bond issuance projects, tokenized deposit initiatives, and stablecoin payment development within South Korea’s financial sector.

According to S&P Global, KB Financial Group remains South Korea’s largest banking group by assets, holding approximately $552.76 billion. The institution also ranks among the Asia-Pacific region’s largest banks, providing a significant corporate customer base for the new payment service.

Overall, the rollout highlights how traditional financial institutions continue integrating blockchain technology into existing banking infrastructure without replacing established global payment networks.