South Korea’s KBank and Ripple are teaming up to fix international money transfers
KBank is using Palisade, Ripple’s software-as-a-service wallet that was acquired earlier this year as part of Ripple’s $4 billion in crypto-related investments.
What to know:
- KBank, the exclusive banking partner of South Korean crypto exchange Upbit, has entered a strategic partnership with Ripple to test on-chain cross-border remittances using Ripple’s Palisade wallet.
- The collaboration, now in its second proof-of-concept phase, is evaluating the stability, speed, cost, and transparency of blockchain-based transfers to markets including the United Arab Emirates and Thailand.
- The deal comes as South Korea finalizes its Digital Asset Basic Act, prompting major financial institutions like KBank to build blockchain and stablecoin infrastructure ahead of new rules on custody, tokenized assets, and cross-border activity.
KBank is using Palisade, Ripple’s software-as-a-service wallet that was acquired earlier this year as part of Ripple’s $4 billion in crypto-related investments.
Most international bank transfers today route through correspondent banking networks like SWIFT, which can take days to settle and charge fees that compound at each intermediary.
Onchain remittances move funds directly across a blockchain network, settling in minutes with the fee paid only to the network rather than the chain of correspondent banks.
The Ripple partnership tests whether KBank can use that approach to improve speed, cost, and transparency for its remittance customers.
KBank also indicated it is preparing for stablecoin-related regulations in Korea, with plans to continue technical verification of remittance use cases for stablecoins as the legal framework develops.
