Written by Ezra Reguerra, Staff Writer. Reviewed by Bryan O’Shea, Staff Editor.
Written by Ezra Reguerra, Staff Writer.
Reviewed by Bryan O’Shea, Staff Editor.
Kbank teams with Ripple on overseas blockchain remittance trial
Latest NewsPublishedApr 27, 2026
Blockchain-Based Remittances Gain Momentum in South Korea
South Korea is taking a significant step towards embracing blockchain technology, with Kbank partnering with Ripple to test overseas remittances. This move is part of the country’s efforts to prepare for new stablecoin and digital asset rules. The partnership aims to use Ripple’s global network and blockchain infrastructure to make overseas remittances faster, cheaper, and more transparent.
The collaboration between Kbank and Ripple is a phased technical verification, with the first phase focusing on testing a separate app-based remittance structure. The second phase involves digitally linking customer accounts and internal systems to test remittance stability, including on-chain transfers to countries like the United Arab Emirates and Thailand. As the country weighs how to regulate stablecoins, this tie-up is a significant development in the blockchain-based cross-border payment infrastructure.
Regulatory Framework
South Korea is discussing how to regulate stablecoins under broader digital asset legislation. A draft bill proposes classifying stablecoins as foreign exchange payment instruments, requiring tokenized real-world assets to be backed by assets held in trust. This regulatory framework may explain why stablecoin and blockchain-payment tie-ups are accelerating before the rules are finalized.
Other financial companies in South Korea are also exploring blockchain-based payments. For instance, Hana Financial Group has partnered with the United Kingdom’s Standard Chartered Group for cooperation on various sectors, including foreign exchange and digital assets. Additionally, payments company Danal is launching a digital asset payments service for foreign visitors in Korea in partnership with Binance Pay. These developments highlight the growing interest in blockchain-based payments in South Korea.
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South Korea companies prepare for stablecoin rules
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Related: South Korea tightens crypto withdrawal-delay exemptions after scam losses
The policy backdrop may explain why stablecoin and blockchain-payment tie-ups are accelerating before the rules are final. Banks, card companies and payment firms appear to be testing infrastructure, partners and use cases while avoiding full commercial launches ahead of legislation.
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 for cooperation on various sectors, including foreign exchange and digital assets.
The South Korean conglomerate also previously partnered with USDC-issuer Circle and major US crypto exchange Crypto.com to promote stablecoin-based payments for foreign visitors in the country, according to The Korea Times.
On March 5, Asia Business Daily reported that South Korean payments company Danal will officially launch a digital asset payments service for foreign visitors in Korea in partnership with Binance Pay.
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- South Korea
- Stablecoin
- Law
- Ripple
- Payments
