Starting in August 2026, KB Kookmin Bank will introduce a new payment service using blockchain technology to help businesses with international trade – specifically, companies that import and export goods.
Summary
- KB Kookmin will initially launch Kinexys-based U.S. dollar payments across ten countries during August 2026.
- The service links blockchain settlement with SWIFT while supporting corporate transfers beyond normal banking hours.
- KB becomes South Korea’s first financial institution using Kinexys for corporate import and export payments.
The South Korean bank will use J.P. Morgan’s Kinexys platform to process U.S. dollar payments in ten different countries.
This service links Kinexys to the existing SWIFT payment network, enabling fast transfers and currency exchange throughout the day. Customers can use the service at KB Kookmin Bank branches in Korea and Singapore.
KB Kookmin becomes first Korean bank to use Kinexys
KB Kookmin Bank launched a new remittance service on July 26th, partnering with J.P. Morgan using blockchain technology. This makes KB Kookmin the first South Korean bank to utilize Kinexys for payments, specifically designed to help businesses involved in international trade. The service will speed up cross-border payments for things like import and export transactions, paying suppliers, and handling foreign currency exchanges.
Initially, the service will focus on sending money in U.S. dollars. It will be available in South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. Details about fees, how much you can send, and the specific launch date in August haven’t been released yet.
Kinexys adds blockchain settlement to existing bank rails
J.P. Morgan has created Kinexys, a blockchain platform that allows banks to make payments, turn assets into digital tokens, and settle transactions almost instantly. Unlike regular banking systems, the network is always running, enabling authorized institutions to transfer money at any time. Formerly called Onyx, it speeds up financial processes by eliminating traditional bank closing times.
The new KB service isn’t meant to replace SWIFT. It will connect Kinexys to the current systems banks use for messaging and international transactions. This approach lets banks take advantage of blockchain technology for quicker payments and settlements, all while still following existing rules for compliance, account management, and currency exchange.
J.P. Morgan is growing its Kinexys platform to more countries. Recently, they added the ability to hold deposits in Australian, Hong Kong, Japanese, Chinese, and Singapore dollars. This now supports eight currencies overall, allowing for payments at any time, automated financial processes, and direct currency exchange on the blockchain.
Several banks are already using this platform to handle payments for their business clients. For example, Qatar National Bank started using Kinexys in 2025 to process U.S. dollar payments. This service lets companies send money outside of regular bank hours and speeds up settlement – some transfers now take just minutes.
KB expands its institutional blockchain activity
This new payment system is the latest in a series of blockchain initiatives from KB Financial Group. Earlier in June, KB Kookmin Bank successfully sold $100 million in digital bonds using HSBC’s Orion platform. The transaction, a two-year U.S. dollar bond, settled in just three business days – two days faster than the previous method.
KB Kookmin Bank is involved in South Korea’s new initiative to digitize savings accounts. The Ministry of Economy and Finance has chosen nine banks, including KB Kookmin, to test a system that connects these digital deposits with how the government makes payments. This trial will use smart contracts – pre-set conditions for transactions – and a shared ledger to track public spending.
KB Kookmin Card is creating a new payment system that combines stablecoins with regular credit cards. According to Crypto.news, the system is built using Avalanche and OpenAsset technology. The goal is to allow customers to pay using their stablecoin wallets, while businesses still receive payments through standard card networks.
Large banks move blockchain into live payment services
KB Financial Group was named the biggest lender in South Korea based on its total assets, according to a recent review by S&P Global Market Intelligence covering banks in the Asia-Pacific region. The group ranked 28th overall in the region, holding approximately $552.76 billion in assets. This substantial size allows KB Financial Group to leverage an existing network of corporate relationships as it launches its new service.
This launch is part of a growing trend of banks using digital tokens for deposits and blockchain technology to finalize transactions. In May, J.P. Morgan, Mastercard, Ripple, and Ondo Finance successfully tested an international transaction where funds were transferred across borders. Kinexys managed the payment process and U.S. dollar exchange, while the digital asset itself was moved using Ripple’s XRP Ledger.
J.P. Morgan has implemented Kinexys with several companies, including Axis Bank, Mitsubishi Corporation, and EBANX. For example, EBANX reported that the platform significantly sped up their internal international money transfers – reducing processing times from over 24 hours to just minutes by eliminating local restrictions.
KB Kookmin’s business customers will benefit from extended service hours and quicker transaction processing for specific international trade routes. The bank hasn’t announced plans to expand currency or country coverage beyond the initial launch. The service will be introduced in August, demonstrating how it integrates with current SWIFT payment systems.
2026-07-26 15:05