South Korea’s largest bank to launch payment service on JPMorgan’s Kinexys
South Korea’s largest lender will use JPMorgan’s blockchain platform to support US dollar cross-border payments for import and export businesses across 10 countries.
South Korea’s KB Kookmin Bank will launch a blockchain-based cross-border payment service for import and export businesses in August using JPMorgan’s Kinexys network, according to multiple local media reports.
Kinexys, formerly known as Onyx, is JPMorgan’s blockchain platform for institutional payments, tokenization and digital assets.
The service will initially support US dollar transfers across 10 countries, including the US, Singapore, Saudi Arabia and the United Arab Emirates.