KB Kookmin Bank to Launch Kinexys Cross-Border Corporate Payments in August

KB Kookmin Bank said it will launch a cross-border corporate payment service in August based on JPMorgan's blockchain payments network Kinexys. According to Odaily, the bank will be the first financial institution in South Korea to use the network for import and export corporate settlements. The service will initially support U.S. dollar transfers and cover 10 countries, including the United States, Saudi Arabia, Qatar, and the United Arab Emirates. The bank said the service is expected to shorten cross-time-zone payment times with the United States, the Middle East, and other regions.