Moonpay Partners with South Korean Banking Giants to Bring Stablecoins into Everyday Banking

Moonpay, a leading fintech company, has launched its South Korean subsidiary, Moonpay Korea, in collaboration with three major banking giants, Kakaobank, Woori Bank, and KB Financial Group. The partnership aims to integrate stablecoins into everyday banking, enabling international payments, won-backed digital currencies, and remittance services.

Kakaobank is targeting international student remittances, aiming to complete the process in under an hour. Moonpay would handle the conversion of the digital asset into dollars, while Kakaobank would handle the initial transfer and domestic application.

Woori Bank is exploring the issuance of won-pegged stablecoins, allowing overseas Koreans and tourists to purchase and hold them outside South Korea. The bank also plans to test a two-way settlement system for corporate payments between South Korean businesses and foreign suppliers.

KB Financial Group has already demonstrated the feasibility of stablecoin remittances with a trial involving Vietnam, which took less than three minutes and had fees 87% lower than conventional SWIFT transfers. The bank is now exploring a wider arrangement with Moonpay to examine wallets, stablecoin issuance, distribution, and overseas remittances.