KB Kookmin Bank will launch an import/export corporate payment service, which will use Kinexys by JP Morgan’s Blockchain Deposit Account (BDA) network.
KB Kookmin Bank is reportedly the first among Korean financial institutions to use this network for payment services for import export companies. The KB Kookmin Bank blockchain payments service, enabled by JP Morgan’s Kinexys, will be available at KB Kookmin Bank’s domestic branches in Korea and its Singapore branch.
Remittances will be supported for 10 countries: the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the United Arab Emirates, Bahrain, South Africa, and Korea.
Once the service starts, Korean importers and exporters will be able to use Kinexys’ BDA network to settle USD payments with major overseas financial institutions on the Kinexys network, including global companies.
The bank plans to initially support USD remittance transactions.
Featured image edited by Fintech News Hong Kong based on an image by RSplaneta on Magnific