KB Kookmin Bank to Launch Blockchain Payment Service Using JPMorgan’s Kinexys Network
KB Kookmin Bank, South Korea's largest bank, is set to launch a blockchain-based payment service for import and export companies in August. The initiative will initially process U.S. dollar payments using JPMorgan's Kinexys network (formerly Onyx), which has already processed over $4 trillion since its inception with an average of more than $7 billion daily transactions. The new service is expected to support remittances to 10 countries, including the United States, Singapore, Saudi Arabia, India, and others. The bank's Korean branches and its office in Singapore will offer this blockchain-based solution. This move follows KB Kookmin’s recent selection for a government-backed deposit token payment project led by South Korea’s Ministry of Science and ICT.
Tickers: $JPM
Topics: banking technology blockchain international payments trade finance