South Korea's KB Kookmin Bank will launch a blockchain-based cross-border payment service in August on JPMorgan's Kinexys network, initially covering US dollar transfers across 10 countries. The service integrates with SWIFT instead of replacing it, and Crypto Briefing reports it makes KB Kookmin the first South Korean financial institution to use Kinexys for commercial payments.
South Korea's KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export businesses in August using JPMorgan's Kinexys network, according to multiple local media reports. Kinexys, formerly known as Onyx, is JPMorgan's blockchain platform for institutional payments, tokenization and digital assets.
No public crypto tokens are involved. Crypto Briefing reports the service instead runs on JPMorgan's private Blockchain Deposit Accounts.
Dollar transfers across 10 countries
The service will initially support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia and the United Arab Emirates. Crypto Briefing lists the full set as South Korea, the US, Singapore, Saudi Arabia, India, Thailand, Qatar, the UAE, Bahrain and South Africa.
According to Yonhap, the service will integrate with the existing SWIFT payment network for near-instant cross-border payments and foreign exchange settlement. Banks therefore do not have to replace their existing infrastructure to use Kinexys.
The two firms had previously signed a memorandum of understanding on blockchain-based remittance innovation, Crypto Briefing reports. August's launch is the first concrete product to emerge from that partnership.
Kinexys has processed more than $4 trillion
Kinexys rebranded from JPMorgan's Onyx platform in late 2024. The platform has processed more than $4 trillion in cumulative transaction volume, with average daily transactions exceeding $7 billion.
It runs as a permissioned blockchain. Only approved participants can access the network. Crypto Briefing says that design gives banks the settlement speed and programmability benefits of blockchain technology without the regulatory headaches of interacting with public chains.
KB Kookmin's other blockchain work
The bank is also joining a government-led infrastructure initiative involving deposit token payments, announced on July 23, 2026. As of June 2026, it has taken part in blockchain-powered digital bond issuance and stablecoin pilots.
In an April research report, S&P Global ranked KB Financial Group, the parent of KB Kookmin Bank, as South Korea's largest lender by assets. The group is also listed as the 28th-largest bank in the Asia-Pacific region, with $552.76 billion in total assets.
Sources: Cointelegraph, Crypto Briefing
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