Key Takeaways:
- Jeonbuk Bank is the first regional bank in Korea to use Ripple Payments.
- The service allows cross-border settlement near real time 24/7 for business.
- It is Ripple’s third collaboration with a Korean financial institution this year.
Ripple has expanded its footprint in South Korea through a new partnership with Jeonbuk Bank, bringing blockchain-based cross-border payments to the bank’s business customers. The agreement adds another major financial institution to Ripple’s growing Korean network.
Jeonbuk Bank is the first regional bank in Korea to deploy Ripple Payments, replacing multi-day SWIFT transfers with near real-time, 24/7 cross-border settlement for its business customers. Our third Korean partnership this year, after Kyobo Life Insurance and Kbank, partnering…
— Ripple (@Ripple) August 18, 2026
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Jeonbuk Bank Brings Faster Cross-Border Payments
Cross-border remittances using Ripple Payments will enable cross-border businesses to enjoy rapid settlement from seconds to minutes, a matter that can take days using traditional banking methods.
The traditional counterparty banking system and SWIFT network typically involve several processing stages from vendor to receivables. Ripple Payments is a solution that is supposed to make that process easier, and runs around the clock.
It’s designed for companies that make regular international business payments, such as import-export businesses, IT startups and online content creators.
The roll-out would also mark the extension of Jeonbuk Bank’s traditional banking business into a multifaceted approach. The tie-up aims to aid the bank in the digitalisation of finance and provide a fresh growth avenue, said Bank President Park Choon-won.
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Ripple Expands Its Korean Institutional Network
In 2026, Jeonbuk Bank was Ripple’s 3rd big Korean financial cooperation announcement, following Kyobo Life Insurance and Kbank.
South Korea’s biggest life insurance provider Kyobo Life Insurance is in the process of collaborating on an on-chain settlement of government bonds with Ripple. Meanwhile, Kbank will use Ripple Custody to roll out its institutional wallet infrastructure.
Combined, the offers encompass various aspects of the digital asset infrastructure ladder, which span from payments, over custody, to tokenized financial assets.
Ripple Targets Korea’s Financial Institutions
Unlike cryptocurrency companies, financial institutions are becoming the main players in Ripple’s marketing strategy in Korea.
The company states that it can be utilized for organizations to adopt digital assets in various ways, such as payments, custodial, treasury management, and wallet infrastructure.
Jeonbuk Bank’s big priority is now a cross-border settlement. It provides a real-world application for the blockchain to the bank without its customers having to directly handle cryptocurrencies.
Regional banks have significant responsibility in brokeraging digital financial infrastructure to the real economy, said Ripple Asia Pacific Managing Director Fiona Murray. Jeonbuk Bank’s deployment puts that infrastructure directly into services used by businesses.
