POSCO International signs MOU with J.P. Morgan blockchain 'Kynexis'

POSCO International announced on the 21st that it signed a memorandum of understanding (MOU) at J.P. Morgan Chase Bank's Seoul branch with J.P. Morgan Kynexis to introduce a blockchain-based global payment system.

J.P. Morgan Kynexis provides a service that processes trade payments between multinational companies in real time through the blockchain network 'Kynexis Digital Payments'. Using the Kynexis payment network connects the sender and the recipient directly, enabling payment within minutes.

POSCO International and J.P. Morgan Kynexis agreed to strengthen cooperation in areas such as the introduction of blockchain and digital asset technologies, trade finance efficiency, and the promotion of digital transformation (DX). POSCO International emphasized that this case is the first instance of a domestic company applying blockchain payments to trade payment transfers.

A POSCO International official said, "Along with cooperation with J.P. Morgan Kynexis, we are expanding the scope of global financial innovation by, among other things, discussing with a Japanese global bank measures to diversify payment and financing using stablecoins."