South Korea’s largest bank to launch JPMorgan Kinexys payment service
South Korea’s largest bank, KB Kookmin Bank, will launch a blockchain-based cross-border payment service in August using JPMorgan’s Kinexys platform, according to local media reports.
The service is designed for import and export businesses and will initially support US dollar payments across 10 countries, including the US, Singapore, Saudi Arabia and the United Arab Emirates.
Formerly known as Onyx, Kinexys is JPMorgan’s blockchain platform for institutional payments, tokenization and digital assets.
The new service will integrate with the SWIFT network, enabling near-instant cross-border payments and foreign exchange settlement, according to Yonhap.
KB Kookmin Bank is part of KB Financial Group, which S&P Global ranked as South Korea’s largest bank by assets. The group also ranks as the 28th-largest bank in the Asia-Pacific region, with $552.8 billion in total assets.
Featured image from: cointelegraph.com