What to know:
- KB Kookmin brings new blockchain cross-border payments to 10 countries in August 2026.
- Kinexys will connect with SWIFT to support faster U.S. dollar payments across borders.
- KB Kookmin issued a two-year, $100 million digital bond using HSBC Orion in June 2026.
KB Kookmin Bank will introduce blockchain cross-border payments services for import and export companies in August 2026. Using J.P. Morgan’s Kinexys network, the South Korean lender will process U.S. dollar transfers across 10 supported countries.
The blockchain cross-border payments service will connect Kinexys with SWIFT infrastructure. Corporate users will access it through KB Kookmin’s domestic branches and Singapore branch.
How Kinexys Supports Blockchain Cross-Border Payments
KB Kookmin announced the project on July 26 after signing an agreement with J.P. Morgan. The arrangement focuses on faster remittances and foreign exchange services for businesses involved in trade.
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According to a report, KB Kookmin will be the first South Korean financial institution to use the Kinexys platform. The service will support blockchain cross-border payments for import and export companies.
The first network will include South Korea, the USA, Singapore, Saudi Arabia, and India. Other countries on the list are Thailand, Qatar, UAE, Bahrain, and South Africa.
The USD payment will be the first phase of implementation. There was no mention of the exact date for the launch in August, of the fees, transaction limit and any requirements for customers.
J.P. Morgan describes Kinexys as a bank-led blockchain platform for programmable payments, asset tokenization, and near-real-time settlement. The company renamed its Onyx business as Kinexys in November 2024.
Kinexys operates as a private, permissioned network for approved institutions. KB Kookmin’s planned service does not involve public cryptocurrency tokens. Participating organizations will instead use J.P. Morgan’s blockchain-based banking infrastructure.
The service will work with SWIFT rather than replace it. This connection allows KB Kookmin to add blockchain cross-border payments while retaining the international payment network already used by participating banks.
J.P. Morgan expanded its blockchain deposit accounts in June 2026. A single account can hold eight currencies: USD, HKD, SGD, RMB, JPY, AUD, EUR, and GBP.
These accounts support payments at any time, programmable treasury functions, and on-chain foreign exchange. J.P. Morgan says the structure allows institutions to move liquidity without depending on local banking cut-off times.
Where Banks Are Expanding Blockchain Use
Qatar National Bank implemented Kinexys Digital Payments for clearing in U.S. dollars in October 2025. It transferred all outbound dollar clearing and settlement without deductions to the network. Faster clearing and more predictable cash flows were noted by QNB.
KB Kookmin Bank has utilized blockchain technology in capital markets as well. In June 2026, KB Kookmin issued a two-year $100 million U.S. dollar digital bond using HSBC’s Orion platform.
This issuance is the first-ever blockchain-based U.S. dollar digital bond issued by a South Korean bank. HSBC served as the sole arranger for this issuance, with blockchain technology facilitating the process of issuance, registration, trade, and settlement.
KB Financial Group was the top bank in South Korea by assets according to the S&P Global Market Intelligence 2026 Asia-Pacific review. The group held approximately $552.76 billion of assets and was ranked 28th in the region.
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