KB Kookmin Bank to handle USD cross border payments with GCC countries using Kinexys

South Korea’s KB Kookmin Bank is set to launch a blockchain-based corporate payment service using JPMorgan’s Kinexys network, bringing faster U.S. dollar remittances to import and export companies dealing with key Arab markets, including Qatar, the United Arab Emirates and Bahrain.

The service, expected to go live next month, follows a business agreement between KB Kookmin Bank and JPMorgan aimed at using blockchain infrastructure to support cross-border payment innovation. It marks the first time a South Korean financial institution will deploy Kinexys for import and export corporate payment services.

At launch, KB Kookmin Bank plans to support U.S. dollar remittances across 10 countries: South Korea, the United States, Singapore, Saudi Arabia, India, Thailand, Qatar, the UAE, Bahrain and South Africa. The service will be available through the bank’s domestic branches and its Singapore branch.

For companies trading with the Gulf, the move is significant. Businesses sending dollar payments to counterparts in Qatar, the UAE and Bahrain often operate across different time zones and banking calendars. By using Kinexys, KB Kookmin Bank expects to reduce settlement delays and improve cash management for corporate clients that rely on timely trade payments.

Kinexys, JPMorgan’s bank-led blockchain business previously known as Onyx, provides institutional payment infrastructure designed for 24/7 money movement, programmable payments and near-real-time settlement. The platform works alongside existing banking rails, including SWIFT, allowing banks to modernize cross-border flows without replacing their current operating environment.

The GCC has already become a major part of Kinexys’ regional expansion. Qatar National Bank integrated Kinexys Digital Payments for U.S. dollar corporate payments, giving clients round-the-clock settlement capabilities. In the UAE, First Abu Dhabi Bank, Emirates NBD and Commercial Bank of Dubai have also been named among major regional institutions using Kinexys, while Bahrain’s Bank ABC is part of the growing MENA network.

JPMorgan has said that eight of the largest financial institutions in MENA are now live on Kinexys Digital Payments, including Qatar National Bank, Saudi National Bank, First Abu Dhabi Bank, Emirates NBD, Commercial Bank of Dubai and Bank ABC. The network is being positioned to reshape multi-currency clearing and settlement in a region where corporate treasurers increasingly need instant liquidity and visibility across borders.

For KB Kookmin Bank, the launch connects South Korean trade finance clients to a blockchain payment network already gaining traction across the GCC. For Gulf markets, it adds another international banking corridor to Kinexys’ growing institutional footprint, further linking Asia, the Middle East and global dollar settlement through blockchain-based infrastructure.