TLDR
- Jeonbuk Bank is South Korea’s first regional bank to deploy Ripple Payments.
- Ripple Payments enables near real-time, 24/7 cross-border settlement.
- The service targets importers, exporters, startups and online content creators.
- Jeonbuk Bank becomes Ripple’s third major Korean financial partner in 2026.
- Ripple also works with Kyobo Life Insurance and Kbank on digital asset infrastructure.
Ripple has partnered with JB Jeonbuk Bank to deploy Ripple Payments for cross-border business remittances, making Jeonbuk the first regional bank in South Korea to use the service. The partnership gives the bank access to near real-time settlement and 24/7 international payment processing for corporate customers.
Jeonbuk Bank plans to use the system for businesses, including import-export companies, technology startups, and online content creators. Traditional international bank transfers can pass through several intermediary banks and may take days to settle, while Ripple Payments is designed to complete transactions within seconds or minutes.
Jeonbuk Bank Moves Cross-Border Payments to Ripple
Ripple Payments will allow Jeonbuk Bank to route international business payments through infrastructure built for faster settlement and greater payment visibility. The bank expects the service to reduce delays that businesses can face when using traditional correspondent banking channels.
Jeonbuk Bank President Park Choon-won said the partnership supports the lender’s push into digital finance. He said the agreement would become a “new growth engine” for the bank as it works to expand beyond its traditional regional banking role.
The deployment also gives Jeonbuk Bank a way to offer international payment services outside standard banking hours. Ripple Payments operates continuously, allowing eligible transactions to settle during weekends and other periods when conventional bank processing may be limited.
Ripple has positioned the service as infrastructure for financial institutions that want faster international settlement without requiring business customers to manage blockchain technology directly.
Ripple Adds Third Major Korean Partnership in 2026
The Jeonbuk Bank agreement becomes Ripple’s third announced partnership with a major Korean financial institution this year. Ripple is already working with Kyobo Life Insurance on the potential settlement of tokenized government bonds using blockchain infrastructure.
Kbank, South Korea’s first internet-only bank, has also partnered with Ripple to deploy institutional wallet infrastructure through Ripple Custody. The three agreements cover separate areas of digital finance, including payments, custody, tokenized securities and wallet services.
Fiona Murray, Ripple’s managing director for Asia Pacific, said Korean financial institutions are expanding their digital asset capabilities and seeking infrastructure that can support long-term use. She said regional banks remain closely connected to companies operating in the domestic economy.
“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,” Murray said.
Ripple Payments Targets Faster Business Remittances
The Jeonbuk deployment focuses on commercial payments rather than consumer crypto trading. Businesses using the bank will be able to send and receive qualifying cross-border payments through the new infrastructure while Jeonbuk Bank remains the financial service provider for its customers.
Ripple said the system can improve transparency around payment status while reducing the settlement time associated with transfers involving several intermediary institutions. The service also expands the range of digital asset infrastructure now being used by Korean financial companies.
Separate discussion around Korean won stablecoins and blockchain-based settlement continues in the local financial sector, but Jeonbuk Bank has not announced a won stablecoin as part of the Ripple Payments agreement.
