KB Kookmin Bank is set to launch an overseas payment service for export and import companies utilizing a blockchain payment network. This initiative aims to reduce payment times for businesses dealing with countries across significant time zones, such as the United States and the Middle East, and to enhance the speed of trade payment recovery.
On July 26, KB Kookmin Bank announced that it will introduce a payment service for export and import companies linked to JP Morgan's blockchain division, Kinexys by J.P. Morgan, next month.
KB Kookmin Bank is the first domestic financial institution to utilize Kinexys' blockchain payment network for export and import transactions.
Kinexys is JP Morgan's blockchain payment infrastructure designed for institutional clients, including financial institutions and global corporations. The cumulative transaction volume has surpassed $4 trillion, with an average daily transaction amount of approximately $7 billion.
The service supports remittances and foreign exchange payments linked to the existing Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network, enabling near real-time fund transfers 24/7. It also offers a 'programmable payment' feature that allows for automatic payments when certain conditions are met.
The service will be available through KB Kookmin Bank's domestic branches and its Singapore branch.
Remittance is possible to 10 countries, including South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates (UAE), Bahrain, and South Africa. Initially, remittances in U.S. dollars (USD) will be supported.
A representative from KB Kookmin Bank stated, "It is significant that we have connected global digital payment infrastructure with domestic corporate financial services. We will continue to expand financial services for corporate clients in line with changes in the cross-border payment environment."
* This article has been translated by AI.
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