Ripple, a blockchain based payment solution, has announced its partnership with South Korea’s regional bank Jeonbuk Bank. This partnership brings Ripple deeper into South Korea’s banking system, and through Jeonbuk Bank, it will deploy Ripple Payments for international transfers, making it the first regional bank in the country to adopt the platform.
In a recent press release, Ripple announced that this partnership will focus on improving Jeonbuk Bank’s international payment system. Using Ripple Payments, the bank aims to reduce the delays and complexity often linked to traditional cross border transfers.
Transfers that can take several days through traditional systems could instead settle in seconds to minutes. The service will also operate 24/7, including weekends and holidays.
The new payment system will mainly support businesses that need to move money across borders quickly. These include import-export companies, IT startups and digital content creators.
Fiona Murray, managing director of Asia Pacific at Ripple, said that,
“This partnership with Jeonbuk Bank reflects the growing momentum we are seeing across Korea’s institutional financial sector.”
Even Jeonbuk Bank president Park Choon-won praises the deal, stating that,
“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.”
While the partnership is now confirmed, both companies have not disclosed specific financial details. The announcement also did not clarify whether the payment system will use XRP, Ripple’s RLUSD stablecoin, or direct fiat-to-fiat transfers.
A public launch date, fee structure, and the specific countries covered by the payment service have also not been announced yet.
Ripple’s own payment infrastructure already supports South Korean won (KRW) payments through local clearing rails. Its payment documentation lists KRW support for business-to-business transfers of up to $2 million per transaction, depending on the use case.
This deal marks another major step for Ripple in South Korea, becoming its third major institutional partnership in the country this year.
On April 15, Kyobo Life Insurance partnered with Ripple to explore blockchain based government bond settlement.
Later on 27 April, Ripple partnered with Kbank, South Korea’s first internet only bank, to bring institutional Wallet as a Service through Ripple Custody.
And now partherning with Jeonbuk Bank to expand Ripple Payments to support faster cross border remittances services for Korean people.
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