KB Kookmin to Launch Trade Payment Service on JPMorgan Blockchain Network, First for South Korean Finance
Summary
- KB Kookmin Bank said it will launch next month a payment service for import and export companies using JPMorgan's blockchain payments infrastructure.
- It will be the first time a South Korean financial institution has applied JPMorgan's Kinexys blockchain payments network to payments for import and export companies.
- KB Kookmin Bank will initially support US-dollar remittances through its domestic branches and its Singapore branch, with the service available in 10 countries including South Korea.
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KB Kookmin Bank said July 26 that it will launch next month a payment service for importers and exporters using JPMorgan Chase & Co.'s blockchain payments infrastructure.
The offering follows a business agreement between KB Kookmin and JPMorgan on blockchain remittance services aimed at improving cross-border payments. It is the first time a South Korean financial institution has applied Kinexys by J.P. Morgan's blockchain payments network to payments for import and export companies.
Kinexys is JPMorgan's blockchain business unit and provides global blockchain-based payments infrastructure for institutional clients. Linked to the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, the network can process remittances and foreign-exchange settlements. It also enables international payments and fund transfers to be handled automatically 24 hours a day, seven days a week, in near real time.
KB Kookmin will offer the service through its branches in South Korea and its Singapore branch. It will initially support US-dollar remittances.
The service will be available in 10 countries: South Korea, the US, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain and South Africa.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.