KB Kookmin Bank to Launch On-Chain Cross-Border Payments via JPMorgan's Kinexys
South Korea's largest lender will roll out an on-chain payment service for trade companies next month, using JPMorgan's Kinexys network to speed up dollar transfers across 10 countries.
AfroEuropa Newsroom
AfroEuropa desk
KB Kookmin Bank, South Korea's largest lender, plans to introduce an on-chain cross-border payment service for import and export businesses next month, according to BitKE. The service will run on Kinexys, JPMorgan's blockchain platform for institutional payments, and marks a further move by large financial institutions into on-chain settlement.
At launch, the service will handle U.S. dollar transfers across 10 countries. BitKE listed these as including the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain and South Africa. Rather than replacing existing systems, it will connect with the SWIFT network to enable near real-time cross-border payments and foreign exchange settlement while retaining current banking infrastructure.
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