KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export companies in August 2026.
summary
- KB Kookmin will initially launch Kinexys-based USD payments across ten countries during August 2026.
- The service links blockchain settlement with SWIFT while supporting corporate transfers after normal banking hours.
- KB has become the first financial institution in South Korea to use Kinexys for import and export payments for businesses.
He will use a South Korean lender Kinexis from JP Morgan To support payments in US dollars in 10 countries.
The service will connect Kinexys to existing SWIFT payment rails. It will support near real-time transfers and foreign currency settlement throughout the day. Customers will be able to access the service through local branches of KB Kookmin Bank and its branch in Singapore.
KB Kookmin becomes the first Korean bank to use Kinexys
KB Kookmin Bank announced the service on July 26 after signing an agreement with JPMorgan for blockchain remittance services. According to According to Yonhap News Agency, it will become the first South Korean financial institution to use Kinexis for payment services targeting import and export companies. The agreement focuses on faster cross-border money transfers for companies managing foreign trade, supplier payments and foreign currency settlement needs.
The first phase will give priority to US dollar transfers. Supported markets are South Korea, US, Singapore, Saudi Arabia, India, Thailand, Qatar, UAE, Bahrain and South Africa. The bank has not published customer fees, transaction limits or a specific launch date in August.
Kinexys adds blockchain settlement to existing banking rails
JPMorgan describes Kinexys as a bank-led blockchain platform for payments, asset tokenization and near-real-time settlement. The network operates around the clock and allows authorized institutions to transfer funds without waiting for traditional banking downtime. It was formerly known as Onyx.
KB will not replace SWIFT. Instead, Kinexys will be interfaced with the existing banking and messaging system. This model allows banks to use blockchain for faster movement and settlement while maintaining established compliance checks, account structures, and foreign exchange operations.
JP Morgan has expanded Kinexys across several markets. In June, the bank added blockchain deposit accounts in Australian dollars, Hong Kong dollars, Japanese yen, Chinese yuan, and Singapore dollars. It said the expansion led to support for eight currencies and enabled 24/7 payments, programmable treasury operations and online foreign exchange.
Other banks have already used the platform for corporate payments. Qatar National Bank adopted Kinexys for US dollar payments in 2025. The service enabled corporate transfers outside normal banking hours and reduced some settlement times to minutes.
KB is expanding its enterprise blockchain business
The payment launch follows several blockchain projects across KB Financial Group. In June, KB Kookmin Bank is complete Selling $100 million worth of digital bonds through HSBC’s Orion platform. The two-year US dollar bonds were settled in three business days, compared to five days under the previous process.
KB Kookmin is also involved in token deposit business in South Korea. The Ministry of Economy and Finance selected nine banks for the project to link symbolic deposits to government spending systems. The planned test will use programmable terms and a common register for public payments.
Meanwhile, KB Kookmin Card is developing a payment system that links stablecoins to traditional credit. Crypto news I mentioned The project uses Avalanche and OpenAsset infrastructure. The design aims to allow users to pay from stablecoin wallets while maintaining standard card settlement for merchants.
Large banks are moving blockchain to direct payment services
KB Financial Group is ranked as South Korea’s largest lender by assets by S&P Global Market Intelligence Asia Pacific Bank Review 2026. The group ranked 28th in the region with assets amounting to approximately $552.76 billion. This scope gives the bank an established institutional network to deliver the new service.
The launch also adds to broader banking use of token deposits and blockchain settlement. JP Morgan, MasterCard, Ripple, and Ondo Finance Tested Cross-border Treasury recovery in May. Kinexys handled payment and settlement instructions in USD while transferring token assets to the XRP Ledger.
JPMorgan has also used Kinexys with companies like Axis Bank, Mitsubishi Corporation, and EBANX. In July, Ebanks He said The platform reduced some internal cross-border transfers from over 24 hours to minutes by removing local cut-off restrictions.
For KB Kookmin’s corporate customers, the key change will be access to longer operating hours and faster settlement across selected trade corridors. The bank did not mention whether it would add more currencies or countries after the first phase. Its August rollout will demonstrate how the service works alongside existing SWIFT processes for merchant payments.
