KOREA
South Korea’s Jeonbuk Bank taps Ripple for cross-border payments
South Korea’s Jeonbuk Bank has partnered with blockchain payments company Ripple to deploy its cross-border payment system for business customers.
The service targets businesses including import-export companies, technology startups and online content creators.Â
Ripple said its system would provide the bank with faster, less expensive remittance capabilities than conventional transfers routed through intermediary banks via the SWIFT messaging network, which can take several days.Â
South Korean lawmakers seek expanded FIU powers over unregistered crypto firms
A group of South Korean lawmakers has introduced a bill to amend an existing financial law and expand the Financial Intelligence Unit’s (FIU) authority to investigate unregistered crypto businesses.
On Thursday, People Power Party lawmaker Eom Tae-young and nine other lawmakers filed the bill, which aims…
