KB Kookmin Bank will launch a blockchain-based cross-border payment service specifically for import-export corporate clients starting August 2026. South Korea’s largest bank, with total assets reaching $552.76 billion and ranked 28th in the Asia-Pacific region, is adopting Kinexys - JPMorgan’s institutional blockchain network formerly known as Onyx.
The first phase of the rollout facilitates US dollar transfers to 10 key countries. The destination list spans major markets such as South Korea, the United States, Singapore, India, and Thailand, across to the Middle East including Saudi Arabia, Qatar, the United Arab Emirates, and Bahrain, along with South Africa. Corporate clients can access this 24/7 payment service through KB Kookmin’s domestic branch network or via its branch operating in Singapore.
This move marks a new milestone for South Korea’s financial sector.
Marrying Kinexys and SWIFT
Rather than discarding legacy infrastructure, this integration takes a hybrid approach. KB Kookmin is connecting Kinexys capabilities with existing SWIFT messaging channels and correspondent networks. This makes it officially the first South Korean financial institution to deploy the Kinexys blockchain for corporate import-export services without overhauling its legacy systems.
The primary benefit lies in transfer settlement speed. Kinexys is designed for real-time payments, tokenization, and transaction settlement. For comparison with real-world performance, Qatar National Bank, which has used the platform for US dollar transactions since 2025, reported slashing cross-border settlement times down to mere minutes.
JPMorgan is also aggressively expanding Kinexys’ global reach. Last June, the platform added blockchain deposit account support for five new currencies: the Australian dollar, Hong Kong dollar, Japanese yen, Chinese yuan, and Singapore dollar. This expansive addition brought Kinexys’ total supported currencies to eight.
A Packed Web3 Agenda
Despite the high-speed promise, institutional clients must still wait for technical confirmations. KB Kookmin has opted not to disclose the fee schedule for each transfer. The bank has also not announced transaction limits or the exact operational launch date in August.
Adopting JPMorgan’s infrastructure complements KB Kookmin’s broader expansion across the Web3 ecosystem. In June 2026, the bank completed a $100 million digital bond sale using HSBC’s Orion platform. Domestically, it is also one of nine banks participating in South Korea’s tokenized deposit pilot project.
This innovation even extends down to its everyday retail banking arm. The KB Kookmin Card entity is currently developing a payment system that bridges stablecoins with conventional credit card networks. The project is built atop the Avalanche and OpenAsset network infrastructure.
This series of developments highlights a strategic shift among traditional institutions. Decentralized technology is no longer just an experimental concept, but infrastructure being fully primed to handle real commercial money flow.
Reported by crypto.news.
Read also: What Is DeFi (Decentralized Finance)?
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