KB Kookmin Bank to launch Kinexys service in August 2026

South Korea's largest bank, KB Kookmin Bank, will launch a blockchain-based cross-border payment service for corporate import and export clients in August 2026, becoming the first financial institution in the country to use J.P. Morgan's Kinexys platform. The bank announced the service on July 26 following an agreement with the U.S. financial giant.

The initial phase will focus on U.S. dollar payments across ten countries: South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. The service will be accessible through KB Kookmin's domestic branches and its Singapore office. The bank has not disclosed specific customer fees, transaction limits, or an exact launch date within August.

Rather than replacing the existing SWIFT messaging network, the new service will integrate the Kinexys blockchain with traditional correspondent banking rails. This hybrid approach is designed to allow payment instructions and compliance procedures to continue using established systems while leveraging blockchain for near real-time settlement. J.P. Morgan describes Kinexys as a platform supporting payments, tokenization, and...