South Korea’s largest bank will use JPMorgan’s Kinexys network to process $7 billion daily in dollar remittances starting August.
KB Kookmin Bank will launch a blockchain-based payment service for import and export firms in August, leveraging JPMorgan’s Kinexys network. The service will initially handle US dollar transactions for clients, targeting 10 countries including the US, Singapore, and India.
JPMorgan’s Kinexys platform, formerly Onyx, has processed over $4 trillion since its inception. It supports institutional payments, tokenization, and digital asset settlement, with average daily transactions exceeding $7 billion. The move follows KB Kookmin’s recent selection for a government-backed deposit token project.
The service will be available through Korean branches and the bank’s Singapore office. Adoption by other Korean lenders could signal broader acceptance of tokenized deposits beyond JPMorgan’s existing client base.