- Ripple is expanding its South Korean financial partnerships as it targets cross-border payments, digital wallets and blockchain-based settlement for banks and other financial institutions.
Ripple is looking to deepen its presence in South Korea, with company President Monica Long highlighting cross-border payments, stablecoin infrastructure and tokenized financial assets as key areas of expansion, according to a report by Maeil Business Newspaper.
Long said South Korea is an important market for Ripple's broader expansion across Asia, particularly because of the country's significant import and export activity. The report said the Asia-Pacific region represents about 60% of global stablecoin payment volume, estimated at $33 trillion worldwide.
Ripple's Korean strategy already includes partnerships with Kbank and JB Jeonbuk Bank. Ripple announced in April that Kbank would deploy its institutional digital-asset wallet infrastructure, while Jeonbuk Bank agreed in August to use Ripple Payments for cross-border remittances.
Ripple Expands Korean Cross-Border Payment Network
Kbank is initially introducing Ripple's digital-wallet infrastructure, with the two companies discussing potential commercialization of cross-border retail remittances for individual customers, according to Long.
The Kbank partnership gives the internet-only bank access to Ripple Custody infrastructure designed for institutional digital-asset management. Ripple said the arrangement could support Kbank's broader digital-asset strategy across custody, wallet operations and blockchain-based financial services.
JB Jeonbuk Bank is pursuing a different part of the payments market. Long said the bank is prioritizing a cross-border payment network connecting South Korea with the Philippines and Vietnam.
The planned network could serve existing import and export businesses as well as online content creators, expanding the potential use of cross-border settlement infrastructure beyond traditional corporate payments.
Ripple announced in August that Jeonbuk Bank would become the first regional Korean bank to deploy Ripple Payments for cross-border remittances. The company said the system is designed to provide settlement in seconds or minutes rather than the days that can be required by conventional intermediary-bank transfers.
Ripple is also discussing additional cooperation with Korean financial institutions, including Woori Bank and Kakao Bank. Long said further partnerships could be announced within the coming months.
Tokenized Bonds and Stablecoins Expand Ripple's Korea Strategy
Ripple's Korean activity extends beyond payments. The company previously partnered with Kyobo Life Insurance on a proof-of-concept involving the tokenization of Korean government bonds. According to the MK report, the project is designed to reduce the settlement cycle from the traditional T+2 process toward near-real-time settlement.
The developments form part of a broader push toward blockchain-based financial infrastructure rather than simply cryptocurrency trading.
Ripple has also been expanding its RLUSD stablecoin. The company describes RLUSD as a dollar-backed stablecoin designed for institutional use, with reserves held in segregated accounts and monthly third-party attestations.
Long said Ripple expects RLUSD to gain broader use in institutional finance. She also highlighted the potential role of XRP as a bridge asset between stablecoins denominated in different currencies, including potential future won-dollar transactions.
The strategy reflects a broader shift toward using blockchain infrastructure for payments, custody, settlement, and tokenized assets. For South Korean financial institutions, Ripple's existing partnerships provide an initial base from which the company can pursue additional banking and capital-markets applications.