Kookmin Bank of South Korea will launch cross-border corporate payment services based on JPMorgan's blockchain payment network in August.

According to Odaily, KB Kookmin Bank has announced that it will launch a cross-border corporate payment service in August based on JPMorgan's blockchain payment network Kinexys. KB Kookmin Bank will become the first financial institution in South Korea to apply this network for settlement of import and export enterprises. Reportedly, in its initial phase, the service will support USD remittances, covering 10 countries including the United States, Saudi Arabia, Qatar, and the United Arab Emirates. The service is expected to shorten cross-time-zone payment times to the US, the Middle East, and other regions. (Dailyenews)