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Jeonbuk Bank Becomes Ripple's Third Korean Banking Partner This Year
29 Aug 2026, 10:30
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The regional bank will offer Ripple Payments to business customers including importers, exporters and startups, settling cross-border transfers in seconds rather than days.
<p>Ripple has announced a partnership with South Korea's Jeonbuk Bank, marking the company's third Korean banking partnership this year and making Jeonbuk the first regional bank in the country to deploy Ripple Payments for cross-border transfers.</p>
<p>Ripple Payments uses the XRP Ledger and, increasingly, Ripple's own RLUSD stablecoin to settle international transfers, pitching itself as a faster and cheaper alternative to the traditional correspondent banking network that has historically routed cross-border payments through multiple intermediary banks, each adding time and fees along the way. According to Ripple, transfers processed through its network settle in seconds to minutes and operate around the clock, in contrast to traditional wire transfers that are often constrained by banking hours and the operating schedules of intermediary institutions across different time zones.</p>
<p>Jeonbuk Bank plans to offer the service specifically to business customers, including importers, exporters, IT startups and online content creators -- segments that regularly need to move money internationally and are often more sensitive to transfer speed and cost than individual retail customers making occasional international payments. For smaller regional banks like Jeonbuk, partnering with an established payments network like Ripple's offers a way to compete on cross-border transfer capabilities without having to build equivalent infrastructure independently.</p>
<p>The partnership adds to a broader pattern of Ripple expanding its institutional payments footprint in South Korea specifically, a market with historically high retail crypto engagement and a banking sector that has shown growing willingness to experiment with blockchain-based settlement rails. It also comes amid a wider push by Ripple into payments infrastructure more broadly, including its involvement in an institutional lending initiative with Cicada Partners and Clearpool Finance that would use Ripple's RLUSD stablecoin as the underlying lending asset for connecting institutional capital with real businesses.</p>
<p>Despite the steady drumbeat of institutional partnership announcements, XRP's own price has moved in the opposite direction recently, slipping below $1 for the first time since 2024 even as this and other adoption news continued to arrive -- a reminder that partnership announcements and token price performance don't always move in lockstep, particularly during broader periods of macro-driven market weakness across the sector.</p>
<p>Ripple Payments uses the XRP Ledger and, increasingly, Ripple's own RLUSD stablecoin to settle international transfers, pitching itself as a faster and cheaper alternative to the traditional correspondent banking network that has historically routed cross-border payments through multiple intermediary banks, each adding time and fees along the way. According to Ripple, transfers processed through its network settle in seconds to minutes and operate around the clock, in contrast to traditional wire transfers that are often constrained by banking hours and the operating schedules of intermediary institutions across different time zones.</p>
<p>Jeonbuk Bank plans to offer the service specifically to business customers, including importers, exporters, IT startups and online content creators -- segments that regularly need to move money internationally and are often more sensitive to transfer speed and cost than individual retail customers making occasional international payments. For smaller regional banks like Jeonbuk, partnering with an established payments network like Ripple's offers a way to compete on cross-border transfer capabilities without having to build equivalent infrastructure independently.</p>
<p>The partnership adds to a broader pattern of Ripple expanding its institutional payments footprint in South Korea specifically, a market with historically high retail crypto engagement and a banking sector that has shown growing willingness to experiment with blockchain-based settlement rails. It also comes amid a wider push by Ripple into payments infrastructure more broadly, including its involvement in an institutional lending initiative with Cicada Partners and Clearpool Finance that would use Ripple's RLUSD stablecoin as the underlying lending asset for connecting institutional capital with real businesses.</p>
<p>Despite the steady drumbeat of institutional partnership announcements, XRP's own price has moved in the opposite direction recently, slipping below $1 for the first time since 2024 even as this and other adoption news continued to arrive -- a reminder that partnership announcements and token price performance don't always move in lockstep, particularly during broader periods of macro-driven market weakness across the sector.</p>