KBank, a leading South Korean internet-only bank and banking partner for exchange giant Upbit, has begun a strategic partnership with Ripple to test blockchain-based cross-border remittances.
The bank confirmed on Monday that it will run a mutli-phase proof-of-concept (PoC) project to evaluate on-chain settlement systems. As per a local report, KBank and Ripple will jointly test digital wallet-based remittance models and system integration.
The collaboration aims to improve speed, cost and transparency in cross-border payments by using blockchain infrastructure. South Korea has been expanding regulated digital asset infrastructure and blockchain-based payment trials.
This move mirrors other institutional wins for Ripple in the region. Ripple recently partnered with Kyobo Life Insurance on tokenized bond settlement.
Additionally, this comes amid South Korea also testing blockchain-based government payment systems under a regulatory sandbox program as part of broader efforts to explore programmable money and on-chain infrastructure.
Source: X.com
You need to login in order to Like
Leave a comment