Jeonbuk Bank in South Korea launches Ripple XRP payment service

Jeonbuk Bank announced it has become the first regional bank in the country to deploy Ripple Payments for cross-border money transfer services, marking the third significant partnership Ripple has established with a South Korean financial institution in 2026.

8/25/20265 min read

Ripple's third partnership in South Korea in 2026

Jeonbuk Bank, a regional bank under JB Financial Group serving Jeollabuk-do province (South Korea), will use Ripple Payments to replace the time-consuming international money transfer method via SWIFT. Instead, the bank will implement a near-instantaneous payment process, completed in seconds to minutes and operating 24/7. Initially, this service will target import-export companies, IT startups, and online content creators – all of the bank's corporate clients who frequently conduct cross-border payment transactions and are affected by cash flow issues and reconciliation costs arising from SWIFT's lengthy payment process.

An announcement on August 18 confirmed that Ripple has signed three separate cooperation agreements with South Korean financial institutions in 2026, each covering different aspects of the infrastructure the company provides. In April, Ripple partnered with Kyobo Life Insurance, South Korea's largest life insurance company, to research a blockchain-based tokenized government bond payment solution through the Ripple Custody service. Also in April, Kbank—South Korea's first purely online bank—deployed Ripple Custody to build digital asset wallet infrastructure for institutional clients. The agreement with Jeonbuk Bank adds Ripple Payments' cross-border payment network to its portfolio in South Korea, marking expansion into a third product line and a third type of institution.

In 2026, Ripple focused on expanding its relationships with licensed financial institutions in South Korea across various aspects of its infrastructure, rather than relying on a single product. The diversity of these institutions was crucial, as each was utilizing different technological components of Ripple: Kyobo researched crypto bond payments, Kbank built institutional wallet capabilities, and Jeonbuk deployed cross-border payment infrastructure. This gave Ripple the opportunity to build deeper relationships with financial institutions, despite fluctuations in cryptocurrency transaction volumes.

Pakistan Launches PVARA Licensing Portal

The Pakistan Virtual Asset Management Authority (PVARA) announced its licensing regulations on August 22nd and opened an online application portal. This move completes the formal legal framework established under the Virtual Assets Act 2026, which was passed by the Pakistani Parliament earlier this year to permanently replace the Virtual Assets Ordinance 2025. The Virtual Assets Act 2026 stipulates 11 licensing categories, including activities such as exchanges, custody, lending, derivatives, stablecoin issuance, and virtual asset mining.

Companies that provided virtual asset services on or before March 5 (the effective date of the law) are classified as transitional entities and are required to apply for a No Objection Certificate (NOC) by September 5. PVARA stated: "Continuing to operate without applying after the aforementioned deadline will be considered a breach of law," based on Section 70 of the Virtual Assets Act 2026.

The licensing process consists of two stages, beginning with applying for a No Objection Certificate (NOC). Businesses must then register with the Pakistan Financial Supervisory Authority and establish a local subsidiary before submitting a formal license application. The requirement to establish a local entity means that foreign exchanges with users in Pakistan cannot simply register remotely; they need a legally established entity in Pakistan to continue providing services legally. Binance and HTX are among those that have obtained these certificates. Both received preliminary NOCs in December 2025, giving them a head start in establishing their local subsidiaries.

This licensing mechanism also opens a formal pathway for regulated cryptocurrency businesses to access Pakistan's banking system. Previous measures from the State Bank of Pakistan have allowed licensed financial institutions to provide account services to licensed virtual asset service providers, including segregated accounts for client funds.

The process of regulating cryptocurrencies in Pakistan.

Pakistan's launch of its licensing portal in August 2026 marks one of the fastest policy shifts in major markets with high cryptocurrency adoption rates. The Central Bank of Pakistan maintained a comprehensive ban on financial institutions offering cryptocurrency services from 2018 until April 2026. At that time, the authority lifted the ban to allow licensed banks to open accounts for virtual asset service providers (VASPs) approved by PVARA, while still maintaining restrictions on banks using their own funds or customer deposits to invest in cryptocurrencies.

This legal framework comprises 10 categories, including: exchanges, custody services, brokerage and agency services, advisory services, lending and borrowing, derivatives, asset management, money transfers and payments, token issuance, and services related to cryptocurrency mining.

Pakistan's cryptocurrency ambitions extend beyond licensing exchanges. The government has been exploring tokenizing state assets worth up to $2 billion, experimenting with dollar-pegged stablecoins for cross-border remittances, allocating surplus electricity to Bitcoin mining and AI data centers, and preparing to pilot a central bank digital currency (CBDC). Reports indicate that cryptocurrency trading volumes in the country reached tens of billions of dollars annually even before formal licensing infrastructure was in place; this has made Pakistan one of the largest retail cryptocurrency markets in terms of adoption, despite operating without a fully developed legal framework.

Assessment and Conclusion

Developments involving Jeonbuk Bank (South Korea) and Pakistan, while occurring within the same week, represent different stages in the development of the legal framework for digital assets in Asia. South Korea is accelerating the integration of blockchain payment infrastructure into its existing licensed exchanges and pushing forward with the Digital Asset Basics Act, aiming for passage by the second half of 2026. Japan officially launched a dedicated cryptocurrency division within the Financial Services Authority (FSA) on August 7th. Vietnam began implementing formal anti-money laundering (AML) reporting requirements for cryptocurrency services on December 1st. Singapore continues to expand its list of Virtual Asset Service Providers (VASPs) approved by the Monetary Authority of Singapore (MAS). Hong Kong has approved spot ETFs for Bitcoin and Ethereum.

Conversely, Pakistan is taking its first formal step toward transitioning from a provisional regulatory mechanism to a fully operational licensing system. The September 5th deadline will determine how many entities serving Pakistan's large retail market will strive to achieve licensing status and how many will withdraw from the market. The outcome of this deadline, including the number of applications for No Objection Certificates (NOCs) received by the Pakistan Virtual Asset Association (PVARA), as well as the ratio of existing entities complying with regulations to those withdrawing, will determine the actual size of Pakistan's formal virtual asset market relative to the informal market, and provide a solid practical basis for the next phase of regulatory development.

Disclaimer: The content in this article is for informational, research, data analysis, and reference purposes only regarding the cryptocurrency market. All opinions, assessments, forecasts, or opinions reflect the author's perspective at the time of publication and do not constitute investment advice, solicitations for buying or selling, trading recommendations, advertising, marketing, or promotion of any financial products, services, or cryptocurrencies. Mentions of projects, tokens, protocols, exchanges, wallets, or cryptocurrency service providers (CASPs) are for research, analysis, or informational purposes only and should not be construed as endorsements, recommendations, or guarantees in any way. HCCVenture does not broker, advertise, market, promote, or connect users in Vietnam with any cryptocurrency services from CASPs. HCCVenture does not accept asset custody, investment mandates, manage assets, or execute transactions on behalf of clients. All investment decisions are made entirely through the reader's own research (DYOR), evaluation, and responsibility; HCCVenture is not liable for any losses or damages arising from the use of or reliance on the information presented in this article.

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