South Korea's KBank and Ripple are teaming up to fix international money transfers

South Korean digital-only bank KBank, the exclusive banking partner for crypto exchange Upbit, is collaborating with Ripple to test onchain cross-border remittances. The partnership aims to improve the speed, cost, and transparency of international money transfers by utilizing blockchain technology, moving away from traditional correspondent banking networks like SWIFT. KBank is employing Ripple's Palisade, a software-as-a-service wallet, for this initiative. The companies have completed the first phase of a proof-of-concept and are now in the second phase, testing transfer stability to countries like the UAE and Thailand. KBank is also preparing for upcoming stablecoin regulations in Korea and continuing technical verification for stablecoin remittance use cases. This collaboration aligns with South Korea's efforts to establish a comprehensive crypto regulatory framework, the Digital Asset Basic Act, and positions banks to handle expected corporate and cross-border activity in the growing retail crypto market.

(Source：CoinDesk)