KBank, South Korea’s first internet-only bank and the exclusive fiat partner of Upbit, South Korea’s largest crypto exchange, has partnered with Ripple to test its on-chain remittance system.

 

The partnership, according to a local news report, is aimed at leveraging Ripple’s global blockchain infrastructure and network to improve KBank’s international remittance systems, including the speed, cost, and transparency of its services through a proof-of-concept system.

 

 

The proof-of-concept system will test the possibility of KBank moving its cross border remittance system from traditional networks to a faster and cheaper blockchain based system. The process, which has already begun, will involve a two stage verification step.

 

In the first verification stage, which has already been completed, KBank and Ripple examined and verified a wallet app based remittance system. The second stage, which is currently ongoing, will test the stability of the on chain remittance system and will involve the virtual linking of customer accounts to KBank’s internal systems. These accounts will then be used to make on chain transfers to countries such as the United Arab Emirates and Thailand.

 

Although KBank developed its own digital wallet, which was used for the first verification stage, it will leverage Palisade, Ripple’s global SaaS based digital wallet, for the second stage of the proof of concept verification.

 

About KBank 

KBank is South Korea’s first internet only, fully digital bank that operates entirely online without physical branches. It gained prominence in the crypto industry when it became Upbit’s exclusive fiat partner. As a result, every trader who buys or sells crypto on Upbit must move their funds through KBank. In this role, KBank serves as an intermediary between traders and Upbit.

 

Because Upbit is South Korea’s largest cryptocurrency exchange, with a user base of over 13 million, its partnership with KBank had a ripple effect on KBank’s own user base, increasing it from 2 million in 2020 to 15 million by the end of 2025.

 

Apart from its partnership with Upbit, KBank has also been involved in several other crypto related partnerships. Earlier this year, it signed an agreement with UAE based digital asset firm Changer.ae and Korean blockchain company BPMG to build won to dirham stablecoin remittance rails. 

 

KBank has also gone public, completing its initial public offering (IPO) last month, and is now listed on the Korea Composite Stock Price Index, also known as KOSPI.