Kbank checks Ripple Wallet for sending money to South Korea
South Korea's internet-only bank KBank has signed a strategic partnership with blockchain payment company Ripple to test blockchain-based overseas currency.
According to local media such as News1, The Korea Herald and Maeil Business, Kbank CEO Choi Woo-hyung and Fiona Murray, Ripple's managing director for Asia Pacific, signed the agreement at Kbank's Seoul headquarters. The bank said the partnership will leverage Ripple's global network and blockchain infrastructure to ensure that remittances abroad are faster, cheaper and more transparent.
The companies are already conducting standard technical validation. The first phase reportedly tested a separate app-based money exchange, while the second phase involved digitally linking customer accounts and internal systems to ensure the stability of the exchange. It includes on-chain transfers to countries such as the United Arab Emirates and Thailand, according to local reports.
This connection comes as South Korean financial companies test blockchain-based cross-border payment infrastructure as the country's stablecoin and digital asset regulations are under discussion.
South Korean companies prepare for stablecoin regulations
South Korea is weighing how to regulate the stablecoin under a broader digital asset law. On April 8, South Korea's ruling Democratic Party introduced a bill that would classify stablecoins as foreign exchange instruments and require real-world assets to be backed by assets held in trust.
Citing the draft of the proposed Digital Asset Basic Law, the Seoul Economic Daily previously reported that stablecoins used in cross-border transactions would be considered a “method of payment” under the country's foreign exchange transaction law.
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The policy background may explain why the connection between stablecoins and blockchain payments is accelerating before the rules become final. Banks, card companies, and payment organizations appear to be testing infrastructure, partners, and issues, avoiding full business startups ahead of the law.
On March 16, Hana Financial Group, one of South Korea's largest financial conglomerates, signed a business agreement with the United Kingdom's Standard Chartered Group to cooperate in the fields of foreign exchange and digital assets.
South Korea's congress also previously partnered with the USDC-issuing club and major US crypto exchange Crypto.com to introduce stablecoin-based payments to foreign visitors to the country, The Korea Times reported.
On March 5, Asia Business Daily reported that South Korean payment company Danal will officially launch a digital asset payment service for foreign visitors in Korea in partnership with Binance Pay.
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