KB Kookmin Bank of South Korea will integrate with JPMorgan's Kinexys to launch a blockchain-based cross-border payment service.

Odaily Planet Daily reports that KB Kookmin Bank, a South Korean bank, will launch a blockchain-based cross-border payment service for businesses next month, integrating with JP Morgan's Kinexys blockchain payment network. This will make it the first financial institution in South Korea to utilize the Kinexys network for corporate import and export settlements. The report states that the service will be offered through KB Kookmin Bank's branches in South Korea and Singapore, initially prioritizing cross-border remittances in US dollars, covering 10 countries including South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa. Kinexys is JP Morgan's blockchain platform, providing institutional clients with services such as programmable payments, asset tokenization, and near real-time settlement. (The Block)