KB Kookmin Bank taps Kinexys. Why is the partnership significant for blockchain payments?

KB Kookmin Bank has expanded its blockchain strategy by preparing to launch a Kinexys-powered cross-border corporate payment service next month, becoming the first South Korean bank to use J.P. Morgan’s blockchain payment network for trade settlements. Summary KB Kookmin Bank plans to launch South Korea’s first Kinexys powered blockchain payment service for corporate trade settlements next month. The service will initially support U.S. dollar cross border transfers across 10 countries through the bank’s Korean and Singapore branches. The launch builds on KB Kookmin Bank’s recent blockchain initiatives, including a $100 million digital bond issuance and a stablecoin payment card project with Avalanche. Kinexys by J.P. Morgan provides programmable payments and near real time settlement for institutional clients using blockchain technology. South Korea’s Yonhap News Agency reported that KB Kookmin Bank plans to introduce the service through a partnership with Kinexys by J.P. Morgan, with the rollout scheduled for next month. According to the report, the bank will become the country’s first financial institution to adopt the blockchain payment network for corporate import and export se...