Ripple expands in South Korea with Jeonbuk Bank payments deal

Ripple has expanded its presence in South Korea through a partnership with Jeonbuk Bank, marking the first time a regional bank in the country has deployed the company's blockchain-based payment system. The announcement, made on August 18, 2026, details an integration of the Ripple Payments platform to streamline cross-border settlements for the bank's business customers.

The collaboration will enable Jeonbuk Bank to replace traditional correspondent banking transfers, which can take several days via the SWIFT network, with near real-time settlement operating 24/7. The service is designed for businesses engaged in regular international payments, such as importers, exporters, technology startups, and online content creators. It aims to manage payment routing, foreign exchange, and settlement through a single institutional connection, reducing the delays and fees associated with intermediary banks.

"This partnership will become a new growth engine for the bank," said Jeonbuk Bank President Park Choonwon, stating it would help the bank extend beyond its traditional regional role into digital finance.

The agreement represents Ripple's third major collaboration with a South Korean...