KakaoBank Partners with Ripple for Blockchain Cross-Border Payments to UAE and Thailand
Pursuing on-chain remittance without correspondent banks... Testing stability of Ripple's SaaS wallet 'Palisade' in parallel
- KBank and Ripple launched second-phase testing of on-chain remittances to UAE and Thailand, cutting out correspondent banks
- KBank is also evaluating Ripple's Palisade wallet ahead of expected stablecoin legislation
KakaoBank has entered into a strategic partnership with global blockchain payments company Ripple to innovate blockchain-based cross-border remittances.
KakaoBank announced on the 27th that CEO Choi Woo-hyeong and Fiona Murray, Ripple's Asia-Pacific (APAC) Managing Director, met at the Seoul headquarters to discuss proof-of-concept (PoC) testing and future cooperation strategies. Both companies are currently conducting Phase 2 technical verification.
Direct Fund Transfer Without Correspondent Banks
The core of this partnership is to address chronic issues in traditional cross-border remittances: slow speed, high costs, and opaque processing. Both companies are testing an 'on-chain' remittance system targeting UAE and Thailand that directly transfers funds without going through correspondent banks.
Traditional international remittances go through multiple correspondent banks, accumulating fees and taking 1-5 business days. The on-chain method replaces this process with blockchain, enabling processing within minutes while reducing fees. While KakaoBank's current overseas remittance service focused on preferential exchange rates, this cooperation is expected to shift toward securing both speed and cost competitiveness.
Considering Ripple SaaS Wallet 'Palisade' Adoption
KakaoBank is also exploring the possibility of adopting Ripple's Software-as-a-Service (SaaS) based digital wallet 'Palisade'. The strategy is to accelerate implementation by leveraging Ripple's infrastructure, which offers fast regulatory compliance and proven security, instead of in-house development.
Ripple provides payment networks to over 100 financial institutions worldwide and is currently expanding its touchpoints with institutional finance through initiatives like launching the stablecoin 'RLUSD' and applying for US trust bank authorization. Ripple's XRP Ledger is known for low fees and fast processing speeds, particularly gaining recognition in the Asia-Middle East international remittance market.
Strategic Move to Lead Stablecoin Legislation
KakaoBank positions this partnership not just as short-term technical verification but as a strategic move to proactively respond to stablecoin legislation trends. CEO Choi Woo-hyeong stated, "This cooperation will be an important catalyst for strengthening KakaoBank's blockchain-based cross-border remittance technology competitiveness."
In Korea, the regulatory environment for banking sector participation in blockchain financial services is becoming clearer following the implementation of the Virtual Asset User Protection Act. KakaoBank plans to explore additional blockchain-based financial services in line with future stablecoin legislation.
AI Summary
KakaoBank has signed a strategic partnership with Ripple and begun Phase 2 technical verification for on-chain cross-border remittances targeting UAE and Thailand. The structure directly transfers funds without correspondent banks, simultaneously addressing speed and cost issues.
The possibility of adopting Ripple's SaaS wallet 'Palisade' is also under parallel consideration. This is interpreted as a strategic move to proactively respond to stablecoin legislation trends.
FAQ
Q. How does on-chain remittance differ from traditional cross-border transfers?
A. Traditional cross-border transfers go through multiple correspondent banks, taking 1-5 business days with fees at each stage. On-chain methods directly transfer funds on blockchain, enabling processing within minutes and cost reduction.
Q. What is Ripple's RLUSD?
A. It's a USD-pegged stablecoin issued by Ripple. Operating on XRP Ledger and Ethereum networks, it primarily targets institutional financial transactions and international payment markets.
Q. Are other domestic banks besides KakaoBank pursuing blockchain cross-border remittances?
A. Major banks like Shinhan Bank and Hana Bank are also partially implementing or testing blockchain-based cross-border remittances. Among internet-only banks, KakaoBank's Ripple partnership is evaluated as more differentiated due to its comprehensive cooperation utilizing SaaS infrastructure.
Related Stocks & ETFs
Direct exposure: XRP (Ripple), KakaoBank (unlisted, preparing IPO)
Blockchain payments & remittance: COIN, HOOD, PYPL, V, MA
Domestic fintech & finance: KakaoBank (323410), KakaoPay (377300)
ETFs: BLOK, DAPP, BKCH
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기존 해외송금 대비 송금 시간이 1~5영업일에서 수분으로 단축되고, 중개은행 수수료가 절감되어 더 저렴한 비용으로 UAE와 태국으로 송금할 수 있게 됩니다. 또한 송금 과정을 실시간으로 투명하게 확인할 수 있습니다.
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블록체인 해외송금은 케이뱅크의 중장기 차별화 전략으로 긍정적이나, 단기 수익 기여는 제한적일 수 있습니다. 스테이블코인 법제화 시점과 UAE·태국 외 확장 가능성, 그리고 경쟁사 대비 기술 우위 확보 여부를 함께 판단해야 합니다.
국내 다른 은행들도 블록체인 송금을 하는데 케이뱅크만의 차별점은 무엇인가요?
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