KB National Bank of Korea will go online based on JP Morgan Kinexys' cross-border payment services

On 26 July, Cointelegraph reported that KB Kokmin Bank, the largest bank in Korea, planned to go online in August on the basis of the JP Morgan block chain platform Kinexys ' cross-border payment service. The service is targeted at exporting and importing enterprises, with the first support for cross-border payments and foreign exchange settlements in United States dollars, covering 10 countries, including the United States, Singapore, Saudi Arabia and the United Arab Emirates. Kinexys, formerly Onyx, is located in JP Morgan's agency-oriented payment, monetization and digital asset infrastructure. According to the Korea Federation, the service will be integrated with the existing SWIFT network to achieve near-immediate cross-border payments and foreign exchange settlements. The KB Kokmin Bank parent company, KB Financial Group, is the largest bank group in Korea by asset size and ranks twenty-eighth in the Asia-Pacific region, with approximately $552.76 billion in assets。