South Korea’s financial sector is undergoing a major shift. Crypto commentator Market 24/7 (@Market_24_7)posted a statement that caught the attention of the XRP army.
He wrote, “XRP has replaced SWIFT in Korea.” The post referred to Ripple’s partnership with Jeonbuk Bank, the first regional bank in Korea to deploy Ripple Payments for cross-border remittances.
Ripple announced the deal in an official press release on August 18, and the community accepted it as a move to replace SWIFT. Ripple’s Asia-Pacific Managing Director Fiona Murray and Jeonbuk Bank President Park Choon-won held a signing ceremony in Seoul.
XRP has replaced SWIFT in Korea.
Its official.
— Market 24/7 (@Market_24_7) August 22, 2026
The Partnership
Jeonbuk Bank is a unit of JB Financial Group. It serves import-export companies, IT startups, and online content creators. These are businesses that move money across borders regularly.
Traditional SWIFT transfers route payments through multiple correspondent banks. The process takes days. Ripple Payments replaces that chain, with settlement completing in seconds and operating 24/7.
Park Chun-won called the partnership a path to emerge “as a digital finance leader that meets global standards.” For a regional bank, that is a significant declaration.
XRP’s Role In Korea
XRP has led Korea’s crypto market for years. It regularly surpasses Bitcoin and Ethereum in trading volume on Korean exchanges. The asset has a retail base in Korea that few other markets match globally.
The Jeonbuk Bank deal extends XRP’s presence beyond retail trading. XRP functions as the bridge asset in Ripple Payments transactions. Every cross-border transfer processed through the platform adds to XRP’s utility in live institutional payment flows.
This partnership is the first leg in the door. One commenter described it as a start, and it signals the start of a process to replace SWIFT infrastructure across the Korean financial sector.
Ripple’s Korean Expansion
Jeonbuk Bank is Ripple’s third Korean partnership in 2026 alone. In April, Ripple partnered with Kyobo Life Insurance, Korea’s largest life insurer, to explore tokenized government bond settlement. That same month, Kbank, Korea’s first internet-only bank, announced a proof-of-concept with Ripple for on-chain cross-border transactions.
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Ripple now holds positions across insurance, digital banking, and regional banking in Korea within a single year. Fiona Murray described it as “growing momentum across Korea’s institutional financial sector.”
The Start of Something Larger
Korea is not a test market. It is a proving ground. Ripple has moved through three major institutions in under twelve months. Jeonbuk Bank is the entry point into Korea’s regional banking network, a segment that SWIFT has dominated for decades. XRP is slowly taking over and could replace SWIFT if this trend continues.
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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