MoonPay, a crypto payments company, officially launched a subsidiary called MoonPay Korea on September 29 at Seoul's Conrad Hotel. The move represents the company's expanded push into the Asia-Pacific region, with plans to partner with South Korea's largest financial institutions on stablecoin infrastructure and cross-border payments.
The company has processed over $45 billion in cumulative volume and serves 32 million verified users globally. MoonPay identified three specific banking partners for collaboration: Woori Bank, KB Financial Group, and KakaoBank.
Building Local Partnerships
MoonPay signed a memorandum of understanding with Woori Bank in April 2026 to collaborate on KRW stablecoin infrastructure. The new subsidiary aims to convert preliminary agreements into operational partnerships.
MoonPay's strategy centers on helping Korean banks build and distribute their own stablecoin products rather than issuing KRW-denominated stablecoins directly. Cross-border remittances form the core of this approach.
Recent Acquisition and Leadership
In April 2026, MoonPay acquired Finger, a fintech firm specializing in bank and card provider API integrations, for approximately $81 million. Choi Han-kyeol was appointed as VP of Strategy to lead the local operation. Choi previously worked at Streami, a Korean blockchain company.
Regulatory Path Forward
South Korea requires Virtual Asset Service Provider (VASP) registration. MoonPay has signaled plans to apply for this designation in 2027. Before filing, the company must complete Information Security Management System (ISMS) compliance preparations.
This regulatory approach differs from some crypto companies that have moved rapidly without securing compliance. Korean regulators shut down multiple exchanges in 2021 for failing to meet compliance requirements.
Implications for the Korean Market
The stablecoin initiative carries significance for Korea's financial landscape. If MoonPay successfully enables major Korean banks to launch KRW-denominated stablecoins, it could create a parallel payment system bridging traditional finance and crypto. KakaoBank, integrated with Korea's dominant messaging platform, has tens of millions of users.
