South Korean bank Kbank and Ripple collaborate to advance on-chain cross-border remittance trials.

CoinFeed reported on April 27th that, according to Insight Korea, South Korean bank Kbank and blockchain company Ripple have entered into a strategic partnership to jointly advance blockchain-based cross-border remittance technology verification. The two companies will conduct technology verification using Ripple's SaaS digital wallet "Palaisade." In the second phase of testing, they will target countries such as the UAE and Thailand, employing an "on-chain" method of directly transferring funds through the blockchain network. This aims to reduce intermediary bank involvement, shorten processing time, and lower costs. The first phase of testing previously used a standalone application for remittance verification. Kbank stated that it will explore more application scenarios beyond remittances in the future, depending on the development of stablecoin-related regulations.