KB Kookmin Bank Taps JPMorgan’s Kinexys for Cross-Border Payments

J.P. Morgan’s Kinexys is a permissioned blockchain payment network for institutional clients, using on-chain bank deposits to support real-time fund transfers, foreign exchange and programmable treasury management. Cross-border payments have traditionally been constrained by correspondent banking processes, time zones and business hours. Broader currency coverage could help companies manage Asia-Pacific liquidity around the clock and reduce settlement risk.

On June 29, 2026, J.P. Morgan said Kinexys had added the Australian dollar, Hong Kong dollar, Japanese yen, Chinese yuan and Singapore dollar, bringing the total number of supported currencies to eight alongside the U.S. dollar, euro and British pound. The platform has processed more than $4 trillion in cumulative transactions and over $7 billion per day on average. Payoneer became the first client to use an Australian-dollar account, while JERA Global Markets was the first to use a yen account for managing intragroup funds.

Won stablecoins are digital tokens designed to maintain a fixed value against the South Korean won, allowing bank payments, merchant settlements and cross-border remittances to move onto blockchain networks. KB Financial Group, South Korea’s largest financial group, worked with KG Inicis, Kaia and OpenAsset on the project, signaling that major banks are testing commercial infrastructure before the Digital Asset Basic Act takes effect.

On May 17, 2026, KB Financial Group said it had completed an end-to-end proof of concept covering stablecoin issuance, QR-code payments at a Hollys coffee kiosk, merchant settlement and a remittance to a Vietnamese bank account. The test converted won stablecoins into dollar stablecoins in less than three minutes, at a cost roughly 87% lower than a SWIFT wire transfer. The test amount was not disclosed.