Ripple Signs Jeonbuk Bank for Cross-Border Payments in Korea
On August 18, Ripple announced an agreement with Jeonbuk Bank, making it the first regional bank in South Korea to adopt Ripple Payments. The partnership aims to facilitate faster cross-border remittances for business customers such as import-export companies and IT startups. Unlike previous Korean pilots involving Kaia or Circle, this deal does not confirm XRP usage as a settlement asset. Despite the news, XRP's price dipped below $1 during Asian trading hours before recovering slightly. Ripple has secured three partnerships in Korea so far—Jeonbuk Bank for cross-border payments, Kyobo Life Insurance for tokenized government bonds, and Kbank for institutional wallet infrastructure. However, details on settlement assets or specific payment rails remain undisclosed. KB Financial Group recently completed a won stablecoin pilot using Kaia's blockchain platform, highlighting the growing interest in alternative solutions to XRP-based systems.
Topics: cross-border payments Jeonbuk Bank Korea Ripple XRP