South Korean Bank Trials Ripple for Overseas Remittances

South Korea's Wooribank has reportedly completed an overseas remittance test using Ripple's DLT solution.

AccessTimeIconMar 2, 2018 at 8:30 a.m. UTC
Updated Sep 13, 2021 at 7:38 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

South Korea's Woori Bank has reportedly completed a cross-border remittance test using the distributed ledger technology (DLT) developed by San Fransisco-based startup Ripple.

According to local business media source ChosunBiz, the completion of the trial arrives as the bank's Digital Strategy Department reveals plans to commercialize the Ripple-based platform this year. It also marks a second phase of the trial, following an earlier test at the end of January.

The bank's participation in piloting DLT payments comes as part of a wider effort that has seen another 60 or so Japanese banks also joining trials initiated by Japan's SBI Group, the report says.

Previously, SBI Ripple Asia – a joint venture between Ripple and financial giant SBI –  said in September last year that it would begin testing cross-border remittances over Ripple's solution between Japanese and South Korean banks by the end of 2017. The aim of the effort being to bring DLT into real-life use and bringing new efficiencies to banks' cross-border transactions by cutting middlemen banks out of the equation.

According the September report, the group involved notable banks from Japan, including Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group.

ChosunBiz indicates that other non-Japanese institutions involved include South Korea's Woori and Shinhan banks, as well as Thailand's Siam Commercial Bank.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple.

Woori Bank image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.