KB Kookmin Bank partners with BNY for direct digital wallet payments

The partnership, formalized at the Sibos 2026 conference in Miami, positions the Seoul-based institution as an initial Asia-Pacific participant in BNY’s global payment network. By leveraging BNY’s existing U.S. dollar clearing systems and ISO 20022 messaging, the service bypasses the need for banks to build bespoke technical connections with individual wallet providers. Raphael Baik, head of Kookmin Bank’s foreign exchange division, noted that the move addresses a growing consumer demand for versatile, efficient payment options tailored to how recipients prefer to manage their funds.

This initiative marks another step in Kookmin Bank’s broader push into digital finance, following its recent adoption of J.P. Morgan’s Kinexys blockchain network for corporate trade payments and the issuance of a $100 million blockchain-powered digital bond. While the agreement with BNY includes a mandate for cooperation on digital assets, the Pay-to-Wallet service itself relies on traditional clearing rails rather than stablecoin or cryptocurrency rails. BNY aims to scale the service across additional global markets as digital wallets continue to capture a larger share of point-of-sale transactions in Asia Pacific.