Korea’s financial sector is moving fast. Ripple announced on August 18 that Jeonbuk Bank has become the first regional bank in Korea to deploy Ripple Payments for cross-border remittances. The partnership brings near real-time settlement to businesses that have historically waited days for international transfers to clear.
Jeonbuk Bank serves import-export companies, IT startups, and online content creators. Those customers will now access cross-border settlement that completes in seconds to minutes, operating 24/7.
Traditional SWIFT transfers route through multiple intermediary banks before funds arrive. Ripple Payments removes that process entirely. Some in the community celebrated the news, with one commenter bringing back the idea of Ripple and XRP replacing SWIFT.
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
What the Partnership Delivers
Jeonbuk Bank now offers faster, more transparent, and cost-effective remittance services to its global business customers. The bank’s president, Park Choon-won, said the institution is “ready to move beyond its role as a regional bank and emerge as a digital finance leader that meets global standards.” He added that the partnership “will become a new growth engine for the bank.”
That is a notable position for a regional institution to take. Jeonbuk Bank is now staking a claim in digital finance at the institutional level.
Ripple’s Growing Korean Portfolio
This deal is Ripple’s third Korean partnership in 2026. Kyobo Life Insurance, Korea’s largest life insurer, is exploring on-chain government bond settlement with Ripple. Kbank, Korea’s first internet-only bank, is deploying institutional wallet-as-a-service infrastructure through Ripple Custody.
Ripple’s Asia Pacific Managing Director, Fiona Murray, described the company’s approach as “a platform built to meet institutions wherever they are on the digital asset journey, whether that is custody, payments, treasury, or wallet infrastructure.”
XRP’s Role in the Expansion
XRP serves as the bridge asset in Ripple Payments transactions. As Ripple secures more institutional partnerships, XRP’s utility in live payment flows increases. Each new corridor adds transaction volume to the network.
XRP is already very popular in South Korea. Jeonbuk Bank’s business customer base represents consistent, recurring cross-border payment demand. That demand now runs through Ripple’s infrastructure.
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XRP Army Weighs In
Not everyone was excited by the news. Many community members complained about XRP’s performance. Ripple is expanding globally, but XRP’s price has failed to reflect this growth. Adding to calls for better XRP price performance, one commenter called on Ripple to stop dumping XRP on retail investors.
What Comes Next?
Ripple now holds partnerships across insurance, digital banking, and regional banking in Korea. The company has positioned itself across multiple segments of Korea’s institutional financial market within a single year. Further expansion into Korea’s remaining major institutions remains a logical next step.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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