KB Kookmin Bank, South Korea's largest bank, is preparing a new international corporate payments service based on blockchain.
The solution will be developed with Kinexys, JPMorgan's division dedicated to blockchain-based financial services.
According to press reports local, the launch is scheduled for next month. The service will be available at KB Kookmin branches in South Korea and also at the Singapore unit.
With the initiative, the bank will be the first South Korean financial institution to use Kinexys' blockchain payments network for settlements of corporate import and export transactions.
Initially, the service will focus on transfers made in U.S. dollars. The operations are expected to involve ten markets.
The list includes South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, and South Africa.
Kinexys will allow the bank to use blockchain features in international financial operations. The platform offers programmable payments, asset tokenization, and near-real-time settlement for institutional clients.
The move expands KB Kookmin's presence in the blockchain-based payments segment. In March, KB Kookmin Card announced a partnership with Avalanche to develop a hybrid stablecoin payments model.
Other South Korean companies are also investing in this market. In April, NHN KCP signed a memorandum of understanding with Ava Labs.
The agreement provides for the development of a layer 1 network focused on payments.
The companies' movement shows the progress of blockchain-based solutions in the South Korean financial sector.
The focus is mainly on international payments, settlement of corporate transactions, and new structures for moving digital assets.