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XRP enthusiast Eri shares information about the latest Ripple development in a recent tweet: South Korea's internet-only lender K Bank has signed a strategic partnership with Ripple to test blockchain-based technology for overseas remittances.
In major news, K Bank, regarded as South Korea's first pure online bank, and Ripple have formed a strategic partnership to explore stablecoin-based transactions utilizing Ripple's SaaS-based digital wallet by Palisade.
According to the agreement, K Bank intends to utilize Ripple's global network and blockchain infrastructure to test whether this could improve the speed, cost efficiency, and transparency of its existing overseas remittance system.
This builds on an earlier move with K Bank, which is already conducting a proof of concept with Ripple for overseas remittances. The first phase tests transfers through a separate application, and the second phase is now assessing transaction stability by virtually linking customer accounts with internal systems.
K Bank used an in-house wallet in the first phase and intends to use Ripple's SaaS-based digital wallet, Palisade, in the second phase to test a faster and more scalable model for compliance and deployment. This phase will also test on-chain transfers with K Bank's partners in the United Arab Emirates and Thailand, where the bank had previously signed memorandums of understanding for stablecoin-based transactions.
Ripple expands in Korea
The news of Ripple's partnership with K Bank comes days after Ripple announced a first-of-its-kind partnership with Korean insurance company Kyobo Life to tokenize government bond settlement.
The partnership marks Ripple's first with a Korean insurer and aims for near real-time settlement of Korean treasuries. Kyobo Life will also explore stablecoin-based payment rails through Ripple.
The recent developments remain significant amid institutional growth across Asia, where regulators in Korea, Japan, Hong Kong, and Singapore appear to be moving more quickly in building frameworks for crypto regulation.
Dan Burgin
U.Today Editorial Team
