MoonPay and Woori Bank to Cooperate on Global Distribution and Cross-Border Payments for KRW Stablecoin
TECHWORLD ·
✦ AI Summary
MoonPay and Woori Bank announced that they will pursue cooperation.
The partnership centers on building a global distribution channel for a KRW stablecoin, verifying a cross-border B2B payment and settlement model, and onboarding, currency exchange, and remittance services for foreigners staying in Korea.
The two companies will cooperate by combining MoonPay's global network with Woori Bank's domestic financial infrastructure to expand overseas access channels and money movement options for KRW-based services.
MoonPay and Woori Bank announced that they will pursue a partnership. The collaboration aims to connect domestic financial infrastructure with global digital asset distribution and payment networks, and is structured to cover overseas distribution of a KRW stablecoin, cross-border business-to-business payments, and services for foreigners staying in Korea. The partnership centers on three areas: building a global distribution channel for a KRW stablecoin, verifying a cross-border B2B payment and settlement model, and providing onboarding, currency exchange, and remittance services for foreigners staying in Korea.
The two companies will pursue cooperation in a way that combines MoonPay's global network with Woori Bank's domestic financial infrastructure to expand overseas access channels and money movement options for KRW-based services. As a result, they expect to improve overseas accessibility for KRW-based financial services and enhance convenience for domestic and cross-border fund transfers. The two companies plan to jointly review and pursue ways to build a global distribution channel for a KRW stablecoin issued in Korea.
Examples of target users include Korean expatriates, international students, and tourists. Use scenarios include buying and holding a KRW stablecoin locally before converting it into another currency. As a means of connection for this, MoonPay's global wallet and MoonPay's on- and off-ramp network were presented, and the two companies plan to flesh out the linkage plan.
The two sides will jointly verify a cross-border payment and settlement model for businesses. Woori Bank has accumulated experience in overseas remittances, and MoonPay's digital asset infrastructure will be combined with related proof-of-concept projects. Through this, they plan to review the business viability of a two-way B2B cross-border model that covers both overseas payments by Korean companies and domestic payments by overseas companies.
At the same time, the two sides also included a cooperation area for a one-stop onboarding and currency exchange service for foreigners staying in Korea. The target users are foreign workers and international students. They will review a service structure that connects account opening, identity verification, currency exchange, and remittances to home countries in a single flow.
In this process, Woori Bank plans to serve as the identity verification entity. MoonPay plans to support authentication technology as well as global conversion and payment functions. By combining Woori Bank's overseas remittance capabilities with MoonPay's digital asset and payment infrastructure, the two sides are working to confirm the feasibility of a business cross-border payment model and jointly review a service that links the procedures for foreigners staying in Korea from account opening to remittance into one process.
Lee Bugeon, MoonPay co-founder and Asia head, said that if stablecoins are to take root as real financial infrastructure, a distribution network capable of overseas access, conversion, and payments is needed in addition to issuance. He also explained that the company is pursuing a plan to combine Woori Bank's domestic financial infrastructure and overseas remittance experience with MoonPay's global wallet, on/off-ramp, and payment network. He added that the company is also pursuing the establishment of a structure for the overseas real-world use of KRW-based financial services.
Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407496
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Source: TECHWORLD
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