Ripple expands in Korea with KBank partnership

Ripple is expanding its institutional presence in South Korea through a partnership with KBank, the country’s first internet-only lender and Upbit’s exclusive banking partner.

The agreement, signed on April 27 at KBank’s headquarters in Seoul, will test blockchain-based cross-border remittances across selected international routes. KBank CEO Choi Woo-hyung and Ripple Asia-Pacific Managing Director Fiona Murray signed the agreement.

According to a report by The Korea Herald, the deal will test whether blockchain-based remittance systems can improve speed, cost efficiency, and transparency compared with traditional correspondent banking networks.

Ripple KBank pilot targets UAE and Thailand corridors

Ripple and KBank are testing the remittance model in several stages. The first phase examined a wallet-based remittance service through a separate app interface. The second phase, now underway, connects KBank customer accounts and internal systems to test the stability of on-chain transfers.

The test focuses on remittance paths linked to the UAE and Thailand. The bank is using Ripple’s Palisade SaaS-based wallet. The test now involves settling payments with a stablecoin, rather than XRP.

This enables the bank to pilot blockchain payments without the risks associated with price fluctuations of crypto assets for compliance-intensive projects. Murray said KBank has led the way in digital banking in Korea and is an innovator.

The deal is Ripple’s second with a Korean institution this month. Ripple signed a deal with Kyobo Life Insurance to tokenize government bond settlement on April 15.

KBank’s crypto links add strategic weight

KBank’s role in South Korea’s crypto market gives the partnership wider importance. The bank is the exclusive banking partner of Upbit, the country’s largest crypto exchange by trading volume. Korean rules require crypto exchange users to link verified bank accounts, with major exchanges paired exclusively with one bank.

This structure helped KBank expand its user base from about 2 million in 2020 to 15 million by the end of 2025. The partnership connects Ripple with a major digital bank already tied to South Korea’s crypto-trading infrastructure.

In addition, the KBank deal comes as South Korea prepares its Digital Asset Basic Act. The framework is expected to classify stablecoins as payment instruments and introduce requirements for cross-border digital asset activity.

As this process continues, major Korean financial institutions have been moving into blockchain infrastructure projects. Ripple is positioning Palisade, Ripple Custody, and its RLUSD stablecoin within that institutional activity.

Ripple expands Korea strategy beyond remittances

Ripple’s Korea strategy now includes banking, insurance, custody, tokenization, and settlement testing. The Kyobo Life agreement marked Ripple’s first partnership with a Korean insurer. The project aims to support near-real-time Korean treasury settlement and explore stablecoin-based payment rails.

Outside Korea, Ripple has also partnered with Aviva Investors to tokenize fund structures on the XRP Ledger. According to a Cryptopolitan report, Aviva Investors had $345 billion in net assets under management as of 2025. The partnership aims to support tokenized fund issuance and management on XRPL through 2026 and beyond.

Ripple has also worked with Convera to expand blockchain-based payment settlement for businesses. That partnership combines Convera’s foreign exchange and payment network with Ripple’s stablecoin and blockchain settlement rails.

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