The National Bank of Korea will launch a cross-border corporate payment service based on the JPMorgan blockchain payment network

KB Kookmin Bank announced that it will launch a cross-border corporate payment service based on the Kinexys blockchain payment network under JPMorgan in August, becoming the first financial institution in South Korea to apply this network for import and export enterprise settlements.

It is reported that the service will initially support USD remittances, covering 10 countries including the United States, Saudi Arabia, Qatar, and the United Arab Emirates, and is expected to shorten the cross-time zone payment time with regions such as the United States and the Middle East.