TLDR
- Jeonbuk Bank becomes South Korea’s first regional bank to deploy Ripple Payments for cross-border remittances.
- Ripple Payments offers near real-time settlement, replacing international transfers that can take several days traditionally.
- Jeonbuk Bank will offer faster remittance services to exporters, technology startups and online content creators.
- Ripple also works with Kyobo Life Insurance and Kbank on blockchain-based financial infrastructure in Korea.
- The partnership expands Ripple’s institutional presence across payments, custody and settlement services in South Korea.
Ripple has partnered with Jeonbuk Bank to bring near real-time cross-border payments to Korean businesses, marking the first deployment of Ripple Payments by a regional bank in South Korea.
Ripple Payments Goes Live With Jeonbuk Bank
Jeonbuk Bank will use Ripple Payments to process cross-border remittances for its business customers. The service targets companies that rely on international transfers, including import-export businesses, technology startups and online content creators.
Traditional international bank transfers can pass through several intermediary institutions before reaching recipients. The process can take days, depending on the banks and countries involved. Ripple said its payments infrastructure can settle transactions within seconds or minutes and operate around the clock.
The partnership also aims to provide Jeonbuk Bank customers with greater visibility over international payments and their associated costs. Ripple Payments will support the bank’s efforts to expand its digital financial services beyond its regional customer base.
“Regional banks play a vital role in the real economy,” Ripple Managing Director for Asia Pacific Fiona Murray said. She added that Jeonbuk Bank’s adoption extends near real-time cross-border settlement directly to businesses served by the regional lender.
Jeonbuk Bank Targets Faster Cross-Border Remittances
Jeonbuk Bank becomes South Korea’s first regional bank to deploy Ripple Payments. The agreement gives the lender blockchain-based infrastructure for international transactions while allowing it to maintain its existing relationship with business customers.
Jeonbuk Bank President Park Choon-won said the partnership forms part of the bank’s plans to expand its digital finance capabilities. He described the agreement as a route for the lender to develop services that meet international financial standards.
“With this partnership with Ripple, JB Jeonbuk Bank is ready to move beyond its role as a regional bank and emerge as a digital finance leader that meets global standards,” Park said.
The companies did not disclose financial terms for the partnership. They also did not provide specific transaction volumes, payment corridors or a timetable for expanding the service beyond the bank’s current business customers.
Ripple Expands Partnerships Across South Korea
The Jeonbuk Bank agreement adds to Ripple’s work with South Korean financial institutions in 2026. Ripple has also partnered with Kyobo Life Insurance and Kbank as the company expands its institutional blockchain services in the country.
Kyobo Life Insurance has been exploring the use of blockchain infrastructure for government bond settlement. Kbank, South Korea’s first internet-only bank, has adopted institutional wallet infrastructure through Ripple Custody.
The three partnerships cover different areas of financial infrastructure. Jeonbuk Bank focuses on cross-border payments, while Kbank’s deployment centers on digital asset custody infrastructure and Kyobo Life’s work involves on-chain settlement.
Ripple offers services covering payments, custody, treasury operations and digital wallets for institutional customers. The latest agreement extends that infrastructure into South Korea’s regional banking sector, where Jeonbuk Bank will use Ripple Payments to serve businesses making international transactions.
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