Streamlining Trade Finance with Real-Time Settlements

POSCO International has announced a new partnership with J.P. Morgan, signing a memorandum of understanding (MOU) to integrate the bank’s blockchain-based payment system. The collaboration, confirmed at J.P. Morgan Chase Bank’s Seoul branch, aims to modernize how the company handles global trade payments.

The agreement centers on J.P. Morgan’s Kynexis, a service that processes transactions between multinational companies in real time using its blockchain network, Kynexis Digital Payments. By directly connecting the sender and recipient, the platform can settle international payments within minutes, bypassing traditional delays.

According to the announcement, this marks the first time a South Korean company will apply a blockchain-based solution for trade payment transfers. The MOU outlines key areas for cooperation, including the adoption of blockchain and digital asset technologies, enhancing the efficiency of trade finance, and promoting overall digital transformation.

Exploring Stablecoins and Future Financial Innovation

A representative from POSCO International stated that the partnership with J.P. Morgan is part of a larger strategy to embrace global financial innovation. The company is also reportedly in discussions with a major Japanese bank to explore diversifying its payment and financing methods through the use of stablecoins.