Korean bank taps Ripple for payments, Pakistan opens crypto licensing: Asia Express

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. 

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. 

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 to add a new provision to the Act on Reporting and Using Specified Financial Transaction Information. 

Under the proposal, anyone could report suspected violations of the law to the FIU. The agency could investigate and analyze alleged violations, file complaints with the relevant authorities, request criminal investigations or provide information to investigators.