Ripple, a blockchain-based enterprise solutions provider for traditional and digital finance, announced a partnership with Jeonbuk Bank. With this Ripple Jeonbuk Bank partnership, Jeonbuk Bank is said to be the first regional bank in Korea to deploy Ripple Payments for cross-border remittances.
Ripple Payments offers a suite of composable components as well as end-to-end solutions for handling transactions in fiat and stablecoins.
Fiona Murray, the Managing Director, Asia Pacific at Ripple, said,
“As the first regional bank in Korea to deploy Ripple Payments, Jeonbuk Bank is extending near real-time cross-border settlement directly to the businesses it serves, and this is a meaningful step for Korea’s broader financial ecosystem.”
With the partnership, Jeonbuk Bank would be able to deliver quicker services to its global business customers, which also include import-export companies, IT startups, and online content creators.
Park Choon-won, President of JB Jeonbuk Bank, also shared, saying that with the partnership in place, JB Jeonbuk Bank is ready to emerge as a digital finance leader that could meet global standards.
The partnership follows two of Ripple’s Korea partnerships this year. With Kyobo Life Insurance, Ripple is exploring on-chain government bond settlement.
Meanwhile, with Kbank, Ripple is deploying institutional wallet-as-a-service infrastructure via Ripple Custody.
Featured image edited by Fintech News Hong Kong based on an image by Ripple