South Korea’s largest bank by assets, KB Kookmin Bank, will introduce a blockchain-based cross-border payment service for import and export companies in August on JPMorgan’s Kinexys platform. The service will initially handle US dollar transfers across 10 countries that include the United States, Singapore, Saudi Arabia and the United Arab Emirates.

Kinexys, previously called Onyx, is JPMorgan’s institutional blockchain network for payments, tokenization and digital assets. The new offering will connect with the existing SWIFT network to enable near-instant settlement of cross-border payments and foreign-exchange transactions.

Parent company KB Financial Group holds 552.76 billion dollars in total assets and ranks as the 28th-largest bank in the Asia-Pacific region.