South Korea's largest bank KB Kookmin Bank will connect to JPMorgan Chase's Kinexys to launch cross-border payment services

TechFlow News, July 26, according to Cointelegraph, South Korea's largest commercial bank KB Kookmin Bank will launch a cross-border payment service based on JPMorgan Chase's blockchain platform Kinexys this August, offering USD cross-border remittances to import and export enterprises.

According to the report, Kinexys (formerly Onyx) is JPMorgan Chase's blockchain platform for institutional clients, covering payments, tokenization, and digital assets. The service's first phase will support USD cross-border payments in 10 countries including the United States, Singapore, Saudi Arabia, and the UAE, and will integrate with the SWIFT payment network to achieve near real-time cross-border remittances and foreign exchange settlement.

According to a research report released by S&P Global in April this year, KB Kookmin Bank's parent company KB Financial Group has total assets of approximately $552.76 billion, making it the largest financial group in South Korea by assets and ranking as the 28th largest bank in the Asia-Pacific region.