KB Kookmin Bank said on the 26th it will launch an import-export corporations payment service in August using JPMorgan's Blockchain-based payments network "Kinesis."
When the service launches, import-export corporations that have a transaction with KB Kookmin Bank will be able to use faster overseas payments while keeping their existing work environment. The service will be available at KB Kookmin Bank's domestic branches and its Singapore branch.
Countries where remittances are possible total 10, including Korea, ▲ the United States ▲ Singapore ▲ Saudi Arabia ▲ India ▲ Thailand ▲ Qatar ▲ the United Arab Emirates ▲ Bahrain ▲ South Africa. The plan is to support U.S. dollar (USD) remittance transactions first.
The service is being pursued based on the "Blockchain remittance service business agreement for cross-border payments innovation" signed by the two companies.
Major global financial firms already use JPMorgan Kynexis's Blockchain-based payment network, but KB Kookmin Bank is the first Korean financial company to apply it to payment services for import-export corporations.
JPMorgan Kynexis is considered the world's largest institution-only Blockchain payment infrastructure. Cumulative transaction volume to date exceeds $4 trillion, with an average daily transaction volume of $7 billion.
A KB Kookmin Bank official said, "This service is meaningful in that it consolidates global digital payment infrastructure with domestic corporate finance services."