KB Kookmin Bank to Launch Export–Import Corporate Payment Service Using J.P. Morgan Kinexys

First in Korea's Financial Sector
Leveraging J.P. Morgan Kinexys Blockchain-based Payment Network
Faster Payment Solutions Expected for Export and Import Companies

KB Kookmin Bank announced on July 26 that it will launch an export–import corporate payment service next month utilizing the blockchain-based payment network Kinexys by J.P. Morgan.

This service is being promoted based on the “Blockchain Remittance Service Agreement for Cross-border Payment Innovation” signed between the two companies. While major global financial institutions are already leveraging the blockchain-based payment network of Kinexys by J.P. Morgan, KB Kookmin Bank will be the first financial institution in Korea to use it for export–import corporate payment services.

Kinexys by J.P. Morgan is the bank's leading blockchain business division, and is among the world’s largest institutional blockchain payment infrastructures. The cumulative transaction volume has surpassed 4 trillion dollars to date, with an average daily transaction volume reaching 7 billion dollars.

This service enables remittance and foreign exchange payments through linkage with the existing SWIFT payment network, and provides programmable payment features that automate real-time or near real-time international payments and fund transfers 24/7, year-round. KB Kookmin Bank's export–import corporate customers will be able to maintain their current work environment while enjoying even faster overseas payment services.

The service will be available through KB Kookmin Bank’s domestic branches as well as its Singapore branch. Remittances will be possible to a total of 10 countries, including Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. The service will support US dollar (USD) remittance transactions.

Once the service is adopted, domestic export and import companies will be able to settle US dollar (USD) payments with major overseas financial institutions and global corporations more quickly and securely through Kinexys by J.P. Morgan. In particular, by shortening settlement times in transactions with countries such as the United States and those in the Middle East, where time differences and business days vary, Korean exporters will be able to secure trade payments more rapidly.

A representative from KB Kookmin Bank stated, “This service is significant in that it connects global digital payment infrastructure with domestic corporate financial services.”

This content was produced with the assistance of AI translation services.