KB Kookmin Bank Taps JPMorgan Blockchain for Trade Payments

KB Kookmin Bank is set to launch a new blockchain payment service this August for import and export companies. The service will handle US dollar transactions using the Kinexys network, which is the blockchain division formerly known as Onyx run by JPMorgan.

This shift aims to modernize trade finance, as Kinexys has already processed over 4 trillion dollars in total volume since its inception. Initially, the service will support remittances to 10 countries, including the US, Singapore, Thailand, and the UAE. Both the Korean branches and the bank’s Singapore office will facilitate these digital settlements.

This move follows the bank’s participation in a government project focused on deposit tokens. If other Korean lenders follow suit, it could signal a major change in how international trade payments are handled throughout the region. Traders will be watching to see if this pilot project leads to wider adoption of institutional blockchain networks among traditional financial firms.