Korea's Jeonbuk Bank Replaces SWIFT with Ripple Payments for Global Settlements

Key Facts

In a move reflecting the growing shift toward blockchain adoption in traditional banking, South Korea's Jeonbuk Bank has announced a strategic partnership with Ripple. According to reports, the bank is replacing the traditional SWIFT network with Ripple Payments for international transactions, making it the first regional bank in South Korea to deploy this technology for real-time, 24/7 settlements. This partnership aims to modernize the regional banking sector by providing faster and more efficient settlement capabilities compared to legacy systems.

This collaboration is part of a broader momentum in the South Korean market, marking Ripple's third major partnership in the country this year following agreements with Kyobo Life and Kbank. Per analyst data, the digital asset XRP saw increased interest with trading volumes jumping 40% and futures open interest rising on platforms like Binance and CME following the news. Reports also highlighted growing institutional sentiment, noting increased holdings in XRP-related products by major global financial institutions.

As of August 18, 2026, specific closing prices for XRP are unavailable in the current database; however, the qualitative outlook remains positive due to institutional adoption. On the economic front, recent data showed South Korea's unemployment rate held steady at 2.8% as of August 11, 2026, providing a stable operating environment for the local banking sector while traders monitor how these partnerships influence Ripple's expansion across Asian markets.