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FinanceKB Kookmin Bank adopts JPMorgan blockchain for trade payments
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KB Kookmin Bank, South Korea's largest bank, announced on July 26, 2026, that it will launch a blockchain-based payment service for import and export companies starting in August. The service will initially process US dollar payments over JPMorgan's Kinexys blockchain network, formerly known as Onyx. Kinexys has processed over $4 trillion since its launch, with average daily transactions exceeding $7 billion. The service will support dollar remittances to 10 countries including the US, Singapore, Saudi Arabia, India, Thailand, Qatar, UAE, Bahrain, South Africa, and South Korea itself. Korean branches and KB Kookmin's Singapore office will offer the service. This follows the bank's recent selection for a government-backed deposit token payment project run by the Ministry of Science and ICT and the Korea Internet & Security Agency.
Source report
KB Kookmin Bank will launch a blockchain-based payment service for import and export companies in August.
The bank will initially process US dollar payments for its clients over JPMorgan’s Kinexys network, as announced on July 26.
South Korean Bank Moves Dollar Trade Payments Onto JPMorgan Blockchain
Kinexys is JPMorgan’s blockchain unit, formerly known as Onyx. It handles institutional payments, tokenization, and digital asset settlement.
Since its launch, the platform has processed over $4 trillion, with average daily transactions exceeding $7 billion.
According to local media reports, the service will initially support dollar remittances to 10 countries, including South Korea. The full list includes:
- United States
- Singapore
- Saudi Arabia
- India
- Thailand
- Qatar
- United Arab Emirates
- Bahrain
- South Africa
- South Korea
The service will be available at Korean branches and KB Kookmin’s Singapore office.
This announcement comes just days after KB Kookmin was selected for a government-backed deposit token payment project, run by the Ministry of Science and ICT and the Korea Internet & Security Agency.
Whether other Korean lenders adopt Kinexys will test how far tokenized deposits reach beyond JPMorgan’s client base.
Read the original story by Kamina Bashir at beincrypto.com
Source
Yahoo FinanceNeutral / independent
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South Korea's KB Kookmin Bank Adopts JPMorgan Blockchain for Trade Payments