KBank, the digital-only bank and exclusive banking partner for the Upbit crypto exchange, has announced plans to test onchain cross-border transfers in partnership with Ripple. The two companies have completed the first phase of a proof-of-concept using a wallet-based remittance system and are now testing the stability of onchain transfers to countries such as the UAE and Thailand.
By using Ripple's Palisade wallet, KBank aims to improve the speed, cost, and transparency of international bank transfers, which currently rely on correspondent banking networks like SWIFT. The partnership will enable KBank to move funds directly across a blockchain network, settling transactions in minutes and reducing fees. As South Korea prepares to implement the Digital Asset Basic Act, a comprehensive crypto regulatory framework, KBank is positioning itself to handle the expected increase in corporate and cross-border activity by exploring the use of stablecoins and other digital assets.