K bank, a South Korea-based internet-only lender, has signed a strategic partnership with Ripple to test blockchain technology for overseas remittances.
The agreement was signed at K bank's headquarters in Seoul, with attendance from K bank CEO Choi Woo-hyung and Ripple Asia-Pacific Managing Director Fiona Murray.
Under the partnership, K bank will use Ripple's global network and blockchain infrastructure to assess whether the technology can improve the speed, cost efficiency, and transparency of its existing overseas remittance system. At the time of writing, a proof of concept is already underway, structured across two phases.
The first phase tested transfers through a separate application using an in-house wallet. The second phase is now assessing transaction stability by virtually linking customer accounts with internal systems, and will use Ripple's SaaS-based digital wallet, Palisade, to test a faster and more scalable model for compliance and deployment.
International corridors and broader cooperation
The second phase also includes on-chain transfer testing with partners in the UAE and Thailand, where K bank has signed memorandums of understanding (MoUs) for stablecoin-based transactions. The two companies discussed additional areas of cooperation, including Ripple's digital wallet-based proof of concept, support for K bank's broader overseas remittance model, and expanded collaboration in digital assets.
Ripple operates Ripple Payments, a global financial network used by more than 100 financial companies. The company launched its RLUSD stablecoin in 2024 and has applied for a US trust bank charter, with the approval process currently underway.
Commenting on the news, Fiona Murray, Ripple's Asia-Pacific Managing Director, noted that the partnership with K bank, which has helped in the advancement of digital banking in South Korea, reflects continued innovation in the sector. Adding to this, Choi Woo-hyung, CEO of K bank, mentioned the collaboration will strengthen the bank's competitiveness in blockchain-based overseas remittance technology.
