Ripple Announces Another Major South Korean Deal

South Korea’s internet-only lender KBank is moving beyond early-stage trials with blockchain remittances through a new partnership with Ripple, as it shifts focus toward testing real-world integration and scalability of the technology.

The agreement was signed at the bank’s Seoul headquarters with KBank CEO Choi Woo-hyung and Ripple Asia-Pacific Managing Director Fiona Murray, among the attendees, alongside other officials.

Inside KBank’s Ripple Deal

Under the partnership, KBank plans to use Ripple’s global network and infrastructure to evaluate whether the technology can improve the speed, cost efficiency, and boost transparency of its existing cross-border transfer system. The companies also discussed broader cooperation, such as a digital wallet-based proof of concept to support KBank’s remittance model and potential expansion into digital asset-related services.

KBank said it is already running a two-phase proof of concept. The first phase tested transfers through a separate application, while the second phase involves assessing transaction stability by virtually linking customer accounts with internal systems. This phase will also include on-chain transfer tests with partners in the United Arab Emirates and Thailand, where KBank has signed memorandums of understanding for stablecoin-based transactions.

The bank added that it initially used an in-house wallet but will switch to Ripple’s SaaS-based digital wallet, Palisade, in the second phase to test a more scalable and compliant model. Separately, KBank remains the sole banking partner of South Korean crypto giant Upbit.

In an official statement, Fiona Murray, Managing Director, Asia Pacific at Ripple, stated,

“We are pleased to partner with KBank, which has helped set the standard for digital banking in Korea and continues to drive innovation.”

Ripple Expands South Korea Footprint

Ripple has been building out its presence in South Korea for some time now. Earlier this month, the company announced a strategic partnership with life insurance company Kyobo Life Insurance to develop institutional digital asset infrastructure in the country. The focus was on tokenized government bond transactions.

The collaboration will use Ripple Custody to provide secure storage, transfer, and settlement of tokenized assets within a regulated framework. Both firms will assess the technical and regulatory feasibility of tokenized Treasury settlements. The aim is to replace manual processes with on-chain execution. The initiative is designed to improve transparency and efficiency, while also enabling near real-time settlement and reducing counterparty risk. Ripple will additionally support stablecoin-based payments, which would enable continuous, 24/7 transactions.