Ripple has announced a partnership with Jeonbuk Bank that positions the South Korean regional lender as the first bank of its kind in the country to deploy Ripple Payments. The agreement, revealed on August 18, 2026, focuses on modernizing cross-border remittances by moving away from the traditional systems that have long frustrated businesses.

Ripple confirmed the deal in a post on X, noting that it represents the company’s third Korean partnership of the year:

Jeonbuk Bank is the first regional bank in Korea to deploy Ripple Payments, replacing multi-day SWIFT transfers with near real-time, 24/7 cross-border settlement for its business customers. Our third Korean partnership this year, after Kyobo Life Insurance and Kbank, partnering…

— Ripple (@Ripple), August 18, 2026 (x.com/Ripple/status/2089533091853357138)

Traditional international bank transfers typically route through the SWIFT network and multiple intermediary banks, often taking several days to complete. Ripple Payments replaces this process with near real-time settlement that finishes in seconds to minutes and operates 24/7. The offering is Ripple’s blockchain-based enterprise payments product, and the Asia-Pacific region has long been a focal point of the company’s institutional strategy — most notably through a joint venture with Japan’s SBI Holdings that has brought similar settlement technology to Japanese financial institutions.

With the deployment, Jeonbuk Bank can now offer its customers faster, more transparent, and more cost-effective remittance services. The change is designed for global business clients such as import-export companies, IT startups, and online content creators — customer segments that previously dealt with the multi-day delays and higher costs associated with conventional transfers. Those customers carry particular weight in South Korea, one of the world’s most trade-dependent major economies, where regional lenders such as Jeonbuk Bank — headquartered in Jeonju, North Jeolla Province — serve many of the small and mid-sized businesses active in cross-border trade.

Leadership Perspectives on the Partnership

Fiona Murray, Managing Director for Asia Pacific at Ripple, described the collaboration as a sign of broader progress across the Korean market:

“This partnership with Jeonbuk Bank reflects the growing momentum we are seeing across Korea’s institutional financial sector, where leading financial institutions are actively building out their digital asset capabilities and seeking infrastructure partners they can rely on for the long term.”

“Regional banks play a vital role in the real economy. As the first regional bank in Korea to deploy Ripple Payments, Jeonbuk Bank is extending near real-time cross-border settlement directly to the businesses it serves, and this is a meaningful step for Korea’s broader financial ecosystem.”

Park Choon-won, President of JB Jeonbuk Bank, framed the move as a strategic leap for the institution:

“With this partnership with Ripple, JB Jeonbuk Bank is ready to move beyond its role as a regional bank and emerge as a digital finance leader that meets global standards.”

“This partnership will become a new growth engine for the bank, and we will lead innovation that reshapes the financial paradigm, going beyond the adoption of new technology.”

Ripple’s Expanding Footprint in South Korea

The Jeonbuk Bank agreement marks Ripple’s third major partnership in Korea this year. Earlier collaborations involved Kyobo Life Insurance, the country’s largest life insurer, which is exploring on-chain government bond settlement, and Kbank, Korea’s first internet-only bank, which is deploying institutional wallet-as-a-service infrastructure through Ripple Custody.

🚨 JUST IN: #Ripple just signed its third Korean institution this year. Look at what each one bought. 🇰🇷 → 🇰🇷 Jeonbuk Bank, now the first regional bank in Korea on Ripple Payments: cross-border remittances → 🇰🇷 Kbank, Korea's first internet-only bank: institutional wallet… pic.twitter.com/ihgiXLwJtD

— RippleXity (@RippleXity), August 18, 2026 (x.com/RippleXity/status/2089618607240290567)

These deals show Korean financial institutions approaching Ripple for different needs. Whether it is payments, custody, or related infrastructure, major institutions across the region are expanding their digital asset capabilities. That expansion is unfolding as Korea formalizes its approach to digital assets, having implemented the Digital Asset User Protection Act in July 2024 as the country’s first comprehensive framework for the sector.

By enabling regional banks to deliver continuous, rapid cross-border settlement, the Ripple partnership highlights how blockchain-based solutions can address longstanding inefficiencies in international payments and support businesses operating in global markets. The announcement did not specify initial settlement corridors, supported currencies, or a rollout timeline.

Ripple published the announcement in its official press release: Ripple and Jeonbuk Bank Partner to Modernize Cross-Border Payments for Korea’s Regional Banking Sector.