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XRP Ripple signed a payment agreement with South Korea's Jeonbuk Bank, the third financial institution to introduce Ripple payment technology this year. The cooperation, announced on August 18, will enable Jeonbuk Bank to provide cross-border remittance services for round-the-clock settlement, with transaction completion times ranging from seconds to minutes. This speed is significantly faster than international transfers based on SWIFT, which typically take multiple working days to complete clearing. The bank plans to target the service to import and export companies, IT startups and online content creators in its customer base.
South Korea's first regional bank to deploy Ripple payments
Fiona Murray, managing director of Ripple Asia Pacific, said in an announcement that Jeonbuk Bank is South Korea's first regional bank to deploy Ripple payments. She noted that the cooperation would extend near-real-time cross-border settlement services to corporate customers directly served by the bank, and called it a meaningful step for South Korea's broader financial ecosystem. Ripple did not disclose the financial terms of the transaction or expected trading volume.
The Jeonbuk Bank transaction follows Ripple's two previous collaborations in South Korea
The Jeonbuk Bank transaction follows two other South Korean collaborations that Ripple reached earlier in 2026. In April this year, Ripple partnered with Kyobo Life Insurance to implement tokenized government bond trading through Ripple custody services. Later that month, Kbank announced a proof-of-concept for on-chain cross-border transactions with Ripple.
South Korean cryptocurrency market faces revenue pressure
Ripple's business presence in South Korea continues to expand, while the country's local encryption industry is facing a difficult situation. In terms of transaction volume, Upbit and Bithumb, the two major exchanges operating in South Korea, both saw revenue drop by nearly 50% in the first half of 2026. In the 24 hours ending at 6:10 UTC on August 18, XRP (Ripple) fell 0.7%. Ripple did not mention market conditions in its announcement.
