KB National Bank to Launch Blockchain-Based Payment Service for Export/Import Companies in August

KB National Bank plans to launch a blockchain-based payment service for export/import companies through domestic branches and its Singapore office in August, collaborating with JP Morgan Chase & Co.'s blockchain division, JPMorgan Chase & Co. The service, based on a cross-border payment innovation agreement, will enable faster international transactions, supporting USD transfers to 10 countries including the U.S., Singapore, Saudi Arabia, India, Thailand, Qatar, UAE, Bahrain, and South Africa. The bank highlights this as the first domestic institution to implement the service, allowing exporters to secure trade payments more efficiently.