Ripple has partnered with Jeonbuk Bank in South Korea as the latter prepares to deploy Ripple Payments for cross-border remittances. The deal makes Jeonbuk Bank the first regional bank in the country to deploy the payment service.
The main objective is to support businesses that have traditionally faced several days of delays when moving money across borders via conventional transfers.
Expansion in Korea
The partnership will be used for international transfers for businesses such as import-export companies, IT startups, and online content creators. Traditional transfers can take days to complete as payments move through multiple intermediary banks via the SWIFT network. Ripple Payments handles settlement in seconds to minutes and operates 24/7.
Weighing in on the development, JB Jeonbuk Bank’s President, Park Choon-won, said,
“With this partnership with Ripple, JB Jeonbuk Bank is ready to move beyond its role as a regional bank and emerge as a digital finance leader that meets global standards. This partnership will become a new growth engine for the bank, and we will lead innovation that reshapes the financial paradigm, going beyond the adoption of new technology.”
The announcement follows two other Ripple deals in South Korea this year. In April, the fintech company teamed up with Kyobo Life Insurance to focus on tokenized government bond transactions. The companies previously said that they would assess the technical and regulatory requirements for the approach, using Ripple Custody to support the storage, transfer, and settlement of tokenized assets. This was Ripple’s first deal with a major insurance institution in the country.
KBank is also working with Ripple to test how blockchain infrastructure could be integrated into its existing cross-border transfer system. The internet-only bank is running a two-phase proof of concept. It plans to use the company’s Palisade digital wallet during this stage.
Beyond its work with banks and financial institutions, Ripple has also been expanding the reach of RLUSD in South Korea. One of the company’s executives recently revealed that the stablecoin is now listed on the four largest crypto exchanges in the country – Upbit, Bithumb, Korbit, and Coinone.
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