Korean Banks Unite with Ripple at XRP Seoul Amid Tokenization Push
Korea Blockchain Week in Seoul was abuzz this week as major Korean banks took their seats alongside Ripple at XRP Seoul. The event saw representatives from Kbank, Kyobo Securities, Woori Bank, and Jeonbuk Bank join the stage with Ripple President Monica Long and senior vice president Markus Infanger.
Kbank, an internet-only lender that serves as Upbit's sole banking partner, has been working closely with Ripple since April. They have already verified a wallet app-based remittance system using Palisade wallet software, with onchain transfers to countries such as the UAE and Thailand in their second phase.
Kyobo Securities, meanwhile, has its roots in Kyobo Life Insurance, which partnered with Ripple in April to tokenize government bond settlement through Ripple Custody. The pilot aims for near real-time settlement, a significant improvement over the usual two-day cycle.