Moonpay launched its South Korean subsidiary on September 29, 2026, in partnership with three major financial institutions: Kakaobank, Woori Bank, and KB Financial Group. The new entity aims to integrate stablecoins into traditional banking infrastructure while serving as a regional testing ground for broader Asian expansion.
Each partner is pursuing distinct use cases within the broader stablecoin ecosystem. The collaborations target international remittances, won-backed digital currencies, and cross-border corporate payments.
Remittance Services and Stablecoin Distribution
Kakaobank and Moonpay are developing a remittance service designed to transfer funds from South Korea to U.S. bank accounts in under one hour. The process would involve Kakaobank handling domestic compliance and initial transfers, while Moonpay converts digital assets to dollars and deposits proceeds into U.S. accounts.
Beyond remittances, the partners are exploring custody, distribution, and swapping services for won-, dollar-, and yen-pegged stablecoins. Kakaobank is also examining potential integration with Kakao Pay to expand these capabilities within the Kakao ecosystem.
International Won Stablecoin Circulation
Woori Bank and Moonpay previously signed a memorandum of understanding in April 2026 covering infrastructure for won-pegged stablecoins. The September announcement expands this collaboration to connect Woori's domestic banking capabilities with Moonpay's international wallet network, allowing overseas Koreans, tourists, and international students to purchase and convert won-backed stablecoins outside South Korea.
The partners also plan to test a two-way settlement system enabling South Korean businesses to pay overseas suppliers and foreign companies to send payments into the country. Woori would manage customer identification and domestic banking requirements while Moonpay provides conversion and international settlement infrastructure.
Cross-Border Settlement Performance
KB Financial Group previously conducted a won-stablecoin remittance trial involving Vietnam. The transaction took under three minutes to convert a won-backed digital asset into a dollar stablecoin and deliver proceeds to a Vietnamese bank account. The bank reported fees 87% lower than conventional SWIFT transfers.
Under the new arrangement, KB Kookmin Bank will examine wallets, stablecoin issuance and distribution, overseas remittances, and currency conversion services. KB Kookmin Card will investigate whether foreign visitors holding stablecoins can use them to pay South Korean merchants.
Regional Hub for Asia
Moonpay intends to use its South Korean subsidiary as a regional hub, adapting international infrastructure to domestic payment systems and regulatory requirements before expanding the model elsewhere in Asia. The National Asset Basic Act provides legislative context for South Korean financial institutions exploring how digital assets might integrate into regulated banking.
