KB Kookmin Bank will launch a blockchain-based cross-border payment service for importing and exporting companies in August 2026.
Summary
- KB Kookmin will initially launch Kinexys-based US dollar payments in ten countries during August 2026.
- The service links blockchain settlement with SWIFT while also supporting corporate transfers beyond normal banking hours.
- KB becomes the first financial institution in South Korea to use Kinexys for corporate import and export payments.
The South Korean lender will use JP Morgan Kinexys to support US dollar payments in 10 countries.
The service will connect Kinexys with existing SWIFT payment methods. It will support near real-time transfers and currency settlement around the clock. Customers will access the service through KB Kookmin Bank’s domestic branches and its Singapore branch.
KB Kookmin becomes the first Korean bank to use Kinexys
KB Kookmin Bank announced the service on July 26 after signing an agreement with JP Morgan on blockchain remittance services. According According to Yonhap News Agency, it will become the first financial institution in South Korea to use Kinexys for payment services aimed at importing and exporting companies. The agreement focuses on faster cross-border remittances for companies that manage foreign trade, supplier payments and foreign exchange settlement needs.
The first phase will prioritize transfers in US dollars. Supported markets are South Korea, United States, Singapore, Saudi Arabia, India, Thailand, Qatar, United Arab Emirates, Bahrain and South Africa. The bank has not released customer fees, transaction limits, or the exact launch date in August.
Kinexys adds blockchain settlement to existing banking rails
JP Morgan describes Kinexys as a bank-led blockchain platform for payments, asset tokenization and near real-time settlement. The network operates 24 hours a day and allows approved institutions to move funds without waiting for traditional banking cut-off times. It was previously known as Onyx.
The KB service will not replace SWIFT. Instead, it will link Kinexys with the existing correspondent banking and messaging system. This model allows banks to use blockchain for faster movements and settlements, while maintaining established compliance controls, account structures and foreign exchange processes.
JP Morgan has expanded Kinexys into several markets. In June, the bank added blockchain deposit accounts in Australian dollars, Hong Kong dollars, Japanese yen, Chinese yuan and Singapore dollars. He said the expansion created support for eight currencies and enabled 24/7 payments, programmable treasury operations and on-chain currencies.
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 of normal banking hours and reduced some settlement times to minutes.
KB expands its institutional blockchain activity
The payment launch follows several blockchain projects at KB Financial Group. In June, Completed KB Kookmin Bank a sale of digital bonds worth $100 million through HSBC’s Orion platform. The two-year US dollar bond was settled in three business days, compared to five days in the previous process.
KB Kookmin is also involved in South Korea’s tokenized deposit work. The Ministry of Economy and Finance selected nine banks for a project that links tokenized deposits with public spending systems. The planned test will use programmable conditions and a shared public payment ledger.
Meanwhile, KB Kookmin Card has been developing a payment system that links stablecoins with traditional credit. Crypto.news reported that 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.
Big banks move blockchain to live payment services
KB Financial Group Ranked as South Korea’s Largest Lender by Assets in S&P Global Market Intelligence Asia-Pacific Banks Review 2026. The group ranked 28th in the region with around $552.76 billion in assets. That scale gives the bank an established corporate network to introduce the new service.
The launch also adds to banks’ broader use of tokenized deposits and blockchain settlement. JP Morgan, Mastercard, Ripple and Ondo Finance tried a cross-border Treasury bailout in May. Kinexys handled payment instructions and settlement in US dollars while the tokenized asset moved on the XRP Ledger.
JP Morgan has also used Kinexys with companies such as Axis Bank, Mitsubishi Corporation and EBANX. In July, EBANX saying The platform reduced some internal cross-border transfers from more than 24 hours to minutes by removing local cutoff restrictions.
For KB Kookmin corporate clients, the main change will be access to longer opening hours and faster settlement at selected trading brokers. The bank has not said whether it will add more currencies or countries after the first phase. Its launch in August will show how the service works alongside existing SWIFT processes for commercial payments.
