MoonPay Officially Launches MoonPay Korea, Eyes Korea as Base for Asia Expansion

MoonPay officially launched MoonPay Korea and announced the full-scale expansion of its business in Korea. MoonPay plans to develop Korea into a key base for its Asia expansion.

MoonPay said it has built payment and stablecoin infrastructure in global markets and plans to connect that infrastructure with domestic financial services. Through this, it is pursuing a plan to enable cross-border remittances, payments and settlement, and global distribution services for digital assets in Korea.

MoonPay emphasized that it is focusing on implementing these services in a form that can be used in practice. Operations will center on MoonPay Korea, and the company is pursuing cooperation with domestic partners, along with service localization and integration with financial systems.

MoonPay also plans to pursue verification of the customer experience. Based on the results, it aims to expand in line with market conditions in each Asian country.

MoonPay views Korea as a market where banks, card companies, lifestyle platforms, and the blockchain ecosystem have all developed together. It also sees Korea as a market where global digital financial infrastructure can be connected to real services, and is paying attention to demand for cross-border fund movement. Areas of focus include overseas remittances for international students, domestic payments by foreigners, overseas payments by companies, and global distribution of domestic digital assets.

MoonPay said it has secured a global business foundation, citing more than USD 45 billion in cumulative processed volume, more than 32 million verified users, and more than 1,500 onboarding and trading partners based on the most recent 12 months.

MoonPay said it provides infrastructure that supports the full range of on-chain value movement through support for on- and off-ramps, stablecoin conversion, global payouts, issuance and redemption, and merchant payments and settlement.

MoonPay said that in Korea it will focus on building the 'Last Mile' that connects global infrastructure with actual financial services.

To that end, it said it plans to work with domestic financial institutions and platforms to define roles for customer identification, fund flows, payments and settlement, and consumer protection. It also explained that it plans to promote localization of services such as KRW deposits and withdrawals and domestic payment methods.

MoonPay said that after meeting required conditions such as filing as a virtual asset business operator, it will gradually expand domestic services. It also explained that it plans to meet service-specific requirements such as licensing and registration.

MoonPay is pursuing cooperation with Finger, with Woori Bank, with KB Financial Group, and with KakaoBank. Areas of cooperation include integration of global financial infrastructure with domestic systems, distribution of KRW stablecoins, cross-border remittances and payments, and digital asset financial services.

Lee Boo-geon, cofounder and Asia head of MoonPay, said Korea is an important market where financial and digital services have advanced rapidly. He explained that MoonPay plans to connect its global payment and stablecoin infrastructure with domestic financial institutions and companies, pursue real-world implementation of the connected infrastructure, and expand into Asian markets based on that foundation.

Source: TECHWORLD · Lee Gwang-jae
Original: https://www.epnc.co.kr/news/articleView.html?idxno=407516

References

• https://www.epnc.co.kr/news/articleView.html?idxno=407516