Partners with KakaoBank, Woori Bank & KB Financial Group
Published on Sep 29, 2026
Last modified on Sep 29, 2026
MoonPay is expanding into one of the world's most dynamic digital asset markets. Today, we're announcing the launch of MoonPay Korea alongside new partnerships with three of South Korea's leading financial institutions: KakaoBank, Woori Bank, and KB Financial Group to bring stablecoin payments and digital asset services to the region.
MoonPay Korea will lead local service development and serve as a base for our expansion across Asia. Together with our banking partners, we're combining MoonPay's global payment network with deep Korean banking expertise to build cross-border payment rails, global distribution channels for won-pegged stablecoins, and digital asset services for both individuals and institutions.
"Korea has an opportunity to turn its strength in digital payments into a larger role in onchain finance," said Bugeon Lee, Head of APAC at MoonPay. "Won-backed stablecoins could extend the reach of Korean financial institutions and give businesses new ways to transact across borders. Working with these banking partners, our ambition is to build that infrastructure in Korea and make it a foundation for growth across Asia."
KakaoBank: Targeting Korea-to-U.S. Transfers
Our partnership with KakaoBank, a leading South Korean digital bank, is focused on blockchain-based overseas remittances, cross-border payments, and multi-currency stablecoin services. The proposed model pairs KakaoBank's domestic financial services and compliant remittance procedures with MoonPay's overseas receipt, conversion, and payout infrastructure.
We're starting with a proof of concept built around a common real-world need: international students sending money home or receiving support from abroad. The test will cover a full transfer from Korea to a U.S. bank account from initiating the transfer, through stablecoin conversion, to final deposit in U.S. dollars.
The partnership also extends to business models for issuing and distributing won-pegged stablecoins, with both companies exploring trading, custody, and swapping of stablecoins denominated in Korean won, U.S. dollars, Japanese yen, and other currencies — all connected to MoonPay's global distribution and payment infrastructure.
Woori Bank: Connecting Won-Pegged Stablecoins to Global Markets
MoonPay is also working with Woori Bank, one of South Korea's largest commercial banks, to provide global distribution for future won-pegged stablecoins. Through MoonPay's on-and off-ramp networks, users around the world will be able to buy, hold, and convert Korea-issued stablecoins into other currencies and back again.
For businesses, MoonPay and Woori Bank plan to develop a payment and settlement model that enables Korean companies to make stablecoin-based cross-border payments, combining Woori's banking infrastructure and remittance expertise with MoonPay's global payment capabilities.
For individual users, the two companies are designing a single, streamlined service that brings together bank account opening, identity verification, currency exchange, and remittances with Woori handling identity verification and MoonPay providing authentication technology and global payments.
KB Financial Group: Developing Services Across the Digital Asset Lifecycle
Rounding out the partnerships is KB Financial Group, a leading South Korean financial services group spanning banking, credit cards, securities, and insurance. With KB, MoonPay will work to expand stablecoin use across card payments, global remittances, and everyday spending in Korea.
MoonPay will provide the on-and off-ramp infrastructure that lets customers convert between fiat currencies and digital assets, including stablecoins. The companies are also exploring MoonPay wallet infrastructure for digital asset custody and transfers, with the potential to connect those wallets directly to stablecoin card payments alongside service models for both individual and institutional customers, and potential stablecoin issuance and distribution down the line.
Beyond payments, MoonPay and KB Financial Group will explore global remittance services and new ways to help foreign nationals living in Korea use stablecoins, pairing KB's domestic financial expertise with MoonPay's global conversion and payment network.
Building a Foundation for Asia
MoonPay Korea is building full-stack onchain infrastructure for Korea's won-backed stablecoin market covering issuance, distribution, wallet access, settlement, and currency conversion through to last-mile delivery. It's a significant step in our mission to make moving value across fiat and digital assets as seamless as possible, and a foundation we expect to build on as we expand further across the region.
