KB Kookmin Bank plans to launch a blockchain-based cross-border payment service for export and import companies in August 2026.
summation
- KB Kookmin Bank plans to first launch Kinexis-based US dollar payments in 10 countries in August 2026.
- The service connects blockchain payments with SWIFT while supporting corporate transfers even after normal banking hours.
- KB became the first financial institution in Korea to use Kinexys for corporate import and export payments.
The Korean lender will use JP Morgan’s Kinexys to support US dollar payments in 10 countries.
This service connects Kinexys with the existing SWIFT payment rail. Supports near real-time transfers and foreign exchange payments 24/7. Customers can use the service through KB Kookmin Bank’s domestic and Singapore branches.
KB Kookmin Bank becomes the first domestic bank to introduce Kinexis
KB Kookmin Bank announced this service on July 26 after signing a blockchain remittance service contract with JP Morgan. According to Yonhap News, it will be the first domestic financial institution to use Kinexis for payment services targeting import and export companies. The agreement focuses on speeding up cross-border remittances for businesses managing their cross-border trade, supplier payments and foreign exchange payment requirements.
In the first phase, US dollar transfers will be prioritized. Supported markets are Korea, United States, Singapore, Saudi Arabia, India, Thailand, Qatar, United Arab Emirates, Bahrain, and South Africa. The bank did not disclose customer fees, transaction limits or an exact August launch date.
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 settlement. The network operates 24 hours a day and allows approved institutions to move funds without waiting for traditional banking cut-off times. Previously known as Onyx.
KB Services are not a replacement for SWIFT. Instead, it connects Kinexys with existing messaging and telecom banking systems. This model allows banks to use blockchain for faster movements and payments while maintaining established compliance checks, account structures, and foreign exchange processes.
JP Morgan expanded Kinexys across multiple markets. Last June, the bank added Australian dollar, Hong Kong dollar, Japanese yen, Chinese yuan, and Singapore dollar blockchain deposit accounts. The expansion brings support for eight currencies and enables 24/7 payments, programmable treasury operations, and on-chain foreign exchange, it said.
Other banks are already using the platform for corporate payments. Qatar National Bank adopts Kinexys for US dollar payments in 2025. The service allows transfers outside of businesses’ regular banking hours and reduces some payment times to just a few minutes.
KB expands institutional blockchain activities
This payment launch follows several blockchain projects across KB Financial Group. KB Kookmin Bank completed the sale of $100 million worth of digital bonds through the HSBC Orion platform in June. The two-year US dollar bond was settled in three business days, compared to five days under the previous process.
KB Kookmin Bank is also participating in tokenization deposit business in Korea. The Ministry of Strategy and Finance has selected nine banks for a project linking tokenized deposits with government spending systems. The planned test uses programmable conditions and public payment sharing records.
Meanwhile, KB Kookmin Card has been developing a payment system linking stable coins and traditional credit. Crypto.news reported that the project uses Avalanche and OpenAsset infrastructure. The design aims to allow users to pay from stablecoin wallets while maintaining standard card payments for merchants.
Large banks turn to blockchain for real-time payment services.
KB Financial Group was ranked Korea’s largest lender by assets in S&P Global Market Intelligence’s 2026 Asia-Pacific Bank Review. The group ranks 28th in the region with assets of approximately $552.76 billion. This scale provides the bank with an established corporate network from which to introduce new services.
This launch makes tokenized deposits and blockchain payments more widely available to banks. JP Morgan, Mastercard, Ripple and Ondo Finance tested cross-border Treasury bond buybacks in May. Kinexys processed payment instructions and US dollar settlement while the tokenized assets moved on the XRP ledger.
JP Morgan has also used Kinexys, as have companies such as Axis Bank, Mitsubishi Corporation, and EBANX. Last July, EBANX said it had removed local blocking restrictions, allowing the platform to speed up some internal cross-border transfers from more than 24 hours to minutes.
A major change for KB Kookmin corporate customers will be the ability to take advantage of longer operating hours and faster payments on selected transaction channels. The bank did not say whether it would add more currencies or countries after phase one. The August launch will demonstrate how the service will work for commercial payments alongside existing SWIFT processes.