KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export companies in August 2026.
Summary
- KB Kookmin will first launch Kinexys-based US dollar payments in ten countries by August 2026.
- The service integrates blockchain payments with SWIFT while supporting business transfers beyond normal banking hours.
- KB becomes the first South Korean financial institution to use Kinexys for payments to import and export companies.
The South Korean lender will use JP Morgan’s Kinexys to support US dollar payments in 10 countries.
The service will connect Kinexys with existing SWIFT payment instruments. It will support near-real-time transfers and foreign currency payments throughout the day. Customers will access the service through KB Kookmin Bank’s home branches and its Singapore branch.
KB Kookmin becomes the first Korean bank to use Kinexys
KB Kookmin Bank announced the service on July 26 after signing an agreement with JP Morgan regarding blockchain remittance services. According to Yonhap News Agency, it will be the first South Korean financial institution to use Kinexys for payment services aimed at import and export companies. This agreement focuses on the fastest remittances across borders for businesses handling overseas trade, supplier payments and foreign currency payment needs.
The first phase will prioritize US dollar transfers. Supported markets are South Korea, US, Singapore, Saudi Arabia, India, Thailand, Qatar, United Arab Emirates, Bahrain and South Africa. The bank has not yet published customer fees, transaction limits or an exact date for the August launch.
Kinexys adds blockchain payments to existing banking rails
JP Morgan describes Kinexys as a bank-led blockchain platform for payments, asset tokenization and near-real-time payments. The network operates around the clock and allows authorized institutions to transfer funds without waiting for bank cut-off times. It was formerly known as Onyx.
The KB service will not replace SWIFT. Instead, it will integrate Kinexys with existing messaging and banking systems. This model allows banks to use blockchain to move faster and make payments while maintaining standardized compliance checks, account structures and foreign exchange procedures.
JP Morgan has expanded Kinexys into multiple markets. In June, the bank added blockchain deposit accounts in Australian dollars, Hong Kong dollars, Japanese yen, Chinese yuan and Singapore dollars. It said the expansion created support for eight currencies and enabled 24/7 payments, programmable treasury operations and onchain foreign exchange.
Some banks are already using the platform for corporate payments. Qatar National Bank has accepted Kinexys for US dollar payments by 2025. This service allowed corporate transfers outside of normal banking hours and reduced certain payment times to minutes.
KB expands its institutional blockchain work
The launch of the payment follows a number of blockchain projects across KB Financial Group. In June, KB Kookmin Bank completed a $100 million digital bond sale through HSBC’s Orion platform. The two-year US dollar bond was paid in three business days, compared to five days under the previous process.
KB Kookmin is also involved in the South Korean tokenization process. The Ministry of Economy and Finance has selected nine banks for a project linking deposit tokens with government spending programs. A structured assessment will use structured conditions and a shared record of public payments.
At the time, KB Kookmin Card was developing a payment system that linked stablecoins with traditional credit. Crypto.news reported that the project uses Avalanche and OpenAsset infrastructure. The design aims to allow users to pay with stablecoin wallets while maintaining traditional card payments at merchants.
Major banks are moving blockchain to live payment services
KB Financial Group is ranked as South Korea’s largest lender by assets in S&P Global Market Intelligence’s 2026 Asia-Pacific banking review. The group ranked 28th in the region with assets estimated at $552.76 billion. That scale gives the bank an established network to launch new services.
The launch also adds to the bank’s wider use of token deposits and blockchain payments. JP Morgan, Mastercard, Ripple and Ondo Finance explored Treasury redemptions at the border in May. Kinexys handled payment instructions and US dollar payments while token assets migrated to the XRP Ledger.
JP Morgan also used Kinexys with companies such as Axis Bank, Mitsubishi Corporation and EBANX. In July, EBANX said the platform had reduced some intra-border transfers from more than 24 hours to minutes by removing the cross-border restrictions.
For clients of KB Kookmin companies, the biggest change will be access to longer working hours and faster resolution in all selected trade corridors. The bank has not said whether it will add other currencies or countries after the first phase. Its release in August will demonstrate how the service works and existing SWIFT processes for commercial payments.
