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South Korea’s Jeonbuk Bank has partnered with Ripple to deploy Ripple Payments for cross-border business remittances, becoming the country’s first regional bank to use the service.
Ripple says its payments infrastructure can settle transfers within seconds to minutes and operate 24/7, compared with the days some international payments can take when routed through multiple intermediary banks.
Importers and Startups Will Gain Near Real-Time Settlement
Jeonbuk plans to use Ripple Payments for global business customers including import-export companies, IT startups and online content creators.
The bank expects the infrastructure to provide faster and more transparent international remittances. Jeonbuk President Park Choon-won said the partnership is intended to support the lender’s expansion in digital finance and become a new source of growth.
Ripple has not disclosed which payment corridors will launch first, transaction limits or a timetable for extending the service across Jeonbuk’s business customer base.
Ripple Does Not Identify XRP or RLUSD as Settlement Asset
Ripple’s public announcement does not say that Jeonbuk Bank will use XRP for settlement. It also does not identify Ripple’s dollar-backed RLUSD stablecoin as the asset supporting the new service.
Ripple described the arrangement as enabling near-real-time cross-border settlement using stablecoins, but did not disclose which stablecoin would be involved. The confirmed development is Jeonbuk’s deployment of Ripple Payments. The settlement asset and specific international corridors remain undisclosed.
Jeonbuk Becomes Ripple’s Third Korean Institutional Partner in 2026
The agreement follows two other Ripple partnerships with South Korean financial institutions this year.
Kyobo Life Insurance is working with Ripple on infrastructure for tokenized government bond transactions and on-chain settlement. Kbank, South Korea’s first internet-only bank, is deploying institutional wallet infrastructure through Ripple Custody.
The three partnerships span separate parts of Ripple’s institutional infrastructure, including custody, wallet services, payments, and settlement.
Jeonbuk’s agreement brings Ripple Payments into South Korea’s regional banking sector for the first time. Ripple has not announced when the first Jeonbuk transactions will begin, which settlement asset will be used or the international corridors that will be supported.
