Thailand-based KASIKORNBANK (KBank) and Ant International announced a strategic partnership to develop blockchain-enabled cross-border payment infrastructure using Kinexys by J.P. Morgan. The collaboration addresses liquidity constraints and fragmented payment systems affecting Southeast Asian cross-border transactions by enabling real-time 24/7 USD settlement through blockchain deposit accounts. The initiative builds on an existing integration between KBank's KPLUS mobile banking app and Alipay+, which connects approximately 1.8 billion consumer accounts globally, and supports Ant International's network of over 150 million merchants worldwide.
KBank and Ant International Address Regional Payment Challenges
The partnership combines KBank's regulated banking infrastructure with Ant International's AI-powered financial technologies to support faster transaction processing for merchants operating internationally. The companies expect the collaboration to reduce liquidity constraints that frequently affect cross-border payments in Southeast Asia while enabling continuous payment operations across different time zones.
The project uses Blockchain Deposit Accounts from Kinexys by J.P. Morgan, a blockchain-powered payments platform developed by JPMorgan Chase. The platform facilitates real-time USD liquidity transfers with 24/7 transaction capabilities, creating a blockchain-enabled financial infrastructure for continuous cross-border USD payments with faster settlement and improved scalability.
KBank and Ant International plan to introduce end-to-end payment services covering payment acceptance, clearing, and settlement functions. The rollout of these services will remain subject to regulatory approvals in the relevant markets.
Partnership Expands Existing KPLUS-Alipay+ Integration
The new agreement builds upon an already established relationship between the two firms. KBank previously integrated its KPLUS mobile banking application with Alipay+, the digital wallet gateway operated by Ant International. That integration connected KPLUS users to a network serving approximately 1.8 billion consumer accounts worldwide.
KPLUS has already been enabled as a payment option on Google Pay for Thai merchants through Antom, Ant International's merchant payment platform. The latest move represents another step in KBank's broader digital transformation strategy for regional payments. Earlier, the bank expanded its cross-border payment ecosystem by integrating with Grab QR services in Singapore, strengthening its regional digital payment network.
Ant International recently expanded its merchant network to more than 150 million businesses globally. The company plans to use the new infrastructure to enhance the efficiency of both inbound and outbound settlements while helping merchants improve cash-flow management.
Executives Outline Strategic Rationale for Blockchain Adoption
Dr. Karin Boonlertvanich, Executive Vice President of KASIKORNBANK, explained that current cross-border financial systems continue to face limitations because liquidity movement remains fragmented across different infrastructures. The executive indicated that integrating blockchain technology with regulated financial systems could support a more transparent, scalable, and continuous movement of funds between international financial networks and local economies.
The use of blockchain-based deposit accounts is expected to eliminate liquidity bottlenecks and support uninterrupted 24/7 payment operations for global merchants.
Kelvin Li, Senior Vice President and General Manager of Platform Tech at Ant International, stated that financial institutions in emerging markets are increasingly preparing for a more interconnected global economy supported by secure AI and blockchain applications. He added that Ant International intends to support Thai merchants, particularly small businesses, by providing more efficient payment tools that can strengthen their ability to operate globally.
The collaboration aims to improve settlement efficiency and cash-flow management for merchants connected to Ant International's global payment ecosystem.
FAQ
What did KBank and Ant International announce?
KBank and Ant International announced a strategic partnership to develop blockchain-enabled cross-border payment infrastructure using Kinexys by J.P. Morgan. The collaboration enables real-time 24/7 USD settlement through blockchain deposit accounts.
Why did KBank partner with Ant International for blockchain payments?
The partnership addresses liquidity constraints and fragmented payment systems affecting Southeast Asian cross-border transactions. Dr. Karin Boonlertvanich, Executive Vice President of KBank, explained that integrating blockchain technology with regulated financial systems could support more transparent, scalable, and continuous movement of funds between international financial networks and local economies.
How does the KBank-Ant International partnership build on existing collaboration?
The partnership expands an existing integration between KBank's KPLUS mobile banking app and Alipay+, which connects approximately 1.8 billion consumer accounts globally. KPLUS has already been enabled as a payment option on Google Pay for Thai merchants through Antom, Ant International's merchant payment platform.
