- Uses JPMorgan Kinexys network, enabling real-time processing of 40,000 annual trade remittances
- Real-time payment system expected to enhance fund management efficiency and strengthen risk management capabilities
POSCO INTERNATIONAL (CEO Lee, Kye-In) became the first Korean company to adopt a blockchain-based global payment system.
POSCO INTERNATIONAL, by overhauling the traditional international remittance process involving multiple intermediary banks, has laid the groundwork to process approximately 40,000 trade remittances annually in real time.
On October 21, POSCO INTERNATIONAL signed an MOU with JPMorgan Kinexys at JPMorgan Chase Bank’s Seoul branch to adopt a blockchain-based global payment system. JPMorgan Kinexys’ blockchain network, “Kinexys Digital Payments” (hereafter Kinexys), is a global payment platform for real-time processing of trade payments between multinational corporations.
Prior to the MOU, on October 15, POSCO INTERNATIONAL tested the system’s stability and applicability by executing trade payment remittances between its Singapore and U.S. subsidiaries via the Kinexys network.
This is the first case of a Korean company applying blockchain payments to trade remittances. POSCO INTERNATIONAL and JPMorgan Kinexys agreed to strengthen cooperation in ▲blockchain and digital asset technology adoption, ▲streamlined trade finance, and ▲digital transformation (DX).
POSCO INTERNATIONAL, Korea’s global integrated business company, operates 128 overseas offices in 51 countries and processes approximately 40,000 cross-border remittances annually. Traditional international remittances that went through multiple intermediary banks took 1–2 days, but the Kinexys network enables direct sender-receiver connections for payments within minutes. The company expects the real-time payment system to improve fund management efficiency and strengthen trade finance risk management capabilities.
As major U.S. and European financial institutions accelerate the commercialization of blockchain payment network, global commodity trading companies are increasingly adopting real-time trade payment platforms. In line with this trend, POSCO INTERNATIONAL is leading digital transformation in finance by being the first Korean company to apply blockchain-based payments to trade remittances.
A POSCO INTERNATIONAL official stated, “Implementing blockchain-based payments through collaboration with JPMorgan Kinexys is a significant milestone for ushering in trade finance digital transformation. Recently, we’ve also been discussing payment and diversified funding solutions using stablecoins with a global Japanese bank, expanding the scope of global financial innovation.”
Meanwhile, as part of the group-wide digital transformation (DX), POSCO INTERNATIONAL plans to expand digital technology applications across finance, logistics, IT and other sectors, leading DX across industries.
