MoonPay Expands into South Korea with Won Stablecoin Partnerships

MoonPay, a financial and crypto news writer favorite for digital payments and asset infrastructure, has launched its Korean operation. The company will use South Korea as a base for its Asian business.

The MoonPay Korea strategy is centered around partnerships covering won stablecoins, cross-border payments, remittances, and digital asset infrastructure. Woori Bank, KB Financial Group, KakaoBank, and Finger are among the companies that have partnered with MoonPay for this initiative.

The company plans to connect its services directly with existing Korean financial infrastructure instead of limiting its role to providing APIs and software development kits. This approach is called 'Full Stack Last Mile' by Lee Boo gun, co-founder and Asia Pacific CEO of MoonPay. It will cover the final stages of a transaction, including won deposits and withdrawals, payments, settlements, merchant settlement, refunds, and error processing.

MoonPay expects its global network to give Korean won stablecoins access to users outside the country. The company plans to create overseas distribution channels for Korean won stablecoins if such assets are issued under the country's developing regulatory framework. Lee Boo gun stated that 'Korea has an opportunity to develop new financial services and increase the efficiency of existing services because it has both demand for virtual assets and digital payment infrastructure.'

The company is preparing its Korean operation while the rules for stablecoins in South Korea are still being developed. The Financial Services Commission expects the Digital Asset Framework Act review to reach a National Assembly bill review subcommittee in November.