KB Kookmin Bank, South Korea’s largest lender, will launch a blockchain-based cross-border payment service in August for import and export businesses. The service, built on JPMorgan’s Kinexys platform, will enable US dollar transfers to ten countries including the US, Singapore, Saudi Arabia and the United Arab Emirates. It will integrate with the existing SWIFT payment network for near-instant cross-border payments and foreign exchange settlement. KB Financial Group, the parent company, is South Korea’s largest lender with $552.76 billion in total assets, ranking 28th in the Asia-Pacific region according to S&P Global.
Source: Read the original article
