KB Kookmin Bank, part of Korea’s largest financial group by assets according to S&P Global, is the latest institution to partner with JP Morgan to use its Kinexys Digital Payments offering, according to Yonhap News. KB Financial Group, the bank’s parent, is Korea’s largest by assets according to an April S&P Global ranking. The blockchain deposit accounts enable 24/7 cross border payments and programmable money movements, with average daily transactions on the Kinexys blockchain reaching $7 billion, with $4 trillion processed cumulatively.
While KB Kookmin may be the first Korean institution to adopt Kinexys, it was the major trading conglomerate POSCO International that led the way when it signed with JP Morgan last year to use the solution for its own payments. By contrast KB Kookmin is enabling the payments for clients.
The Korean bank plans to roll out the solution in local branches as well as Singapore. Although Kinexys supports eight currencies, KB Kookmin will start with dollar payments only, across ten corridors: Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain and South Africa. Korea’s presence on the list implies inbound export receipts as well as outbound payments. Kinexys transactions settle between blockchain deposit accounts held at JP Morgan, so the corridor list reflects where JP Morgan offers those accounts.
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