MoonPay launched MoonPay Korea, its Korean subsidiary, on September 29 at Seoul’s Conrad Hotel. It named Woori Bank, KB Financial Group and KakaoBank as target partners for stablecoin infrastructure.
The Brief
- MoonPay Korea is a new subsidiary that the company wants to make its hub for expansion across Asia.
- Woori Bank signed a memorandum of understanding with MoonPay in April 2026 on KRW stablecoin infrastructure.
- MoonPay and two partners bought Finger, a fintech firm, for 110 billion won ($81 million) in April.
- MoonPay’s global base includes more than 32 million verified users and more than $45 billion in cumulative processed volume.
- South Korea’s virtual asset service provider (VASP) registration is a step MoonPay plans to apply for in 2027.
MoonPay Korea pitches banks on stablecoin infrastructure
MoonPay wants Korean banks to build and distribute their own stablecoin products. It plans to connect its global payments and stablecoin infrastructure to Korean financial services instead of issuing KRW-denominated stablecoins itself. The new subsidiary is meant to turn the Woori Bank memorandum into an operating business. The outlet framed Korea’s fast-changing digital finance market as MoonPay’s next major growth opportunity.
Lee Bu-geon, MoonPay’s head of Asia, said the company will build on-chain financial services with domestic partners. He described the goal as services that are “faster, more affordable and more convenient.” Lee added that MoonPay will use Korea as its base to expand Korean financial services across Asian markets with local partners. Digital assets could see wider use, he said, if people could send, receive and pay through financial services they already know.
THE BLOCK: MoonPay has begun full-scale operations in South Korea, outlining new work with KakaoBank and KB Financial Group alongside existing partner Woori Bank.
— The Block (@TheBlockCo) September 29, 2026
The initiatives cover cross-border payments, KRW stablecoin distribution, wallets, and crypto on- and off-ramps. pic.twitter.com/t86C1QaZnG
Korea’s ecosystem spans banks, credit card companies, lifestyle platforms and blockchain firms, and MoonPay plans to connect its infrastructure to that network. Cross-border remittances sit at the center of the strategy. The company is focused on demand for cross-border fund flows, including:
- Remittances for international students.
- Payments by foreign nationals in Korea.
- Overseas payments by businesses.
- Global distribution of Korean digital assets.
KakaoBank has tens of millions of users through its link to Korea’s dominant messaging platform. A successful rollout could give banks like it a stablecoin payment layer beside their existing systems. If major banks launch KRW-denominated stablecoins this way, a parallel payment ecosystem could bridge traditional finance and crypto.
Hong Kong already has a bank distributing a licensed stablecoin, as Standard Chartered’s HKDAP deal showed. That deal has a different shape, since Standard Chartered holds the largest stake in HKDAP’s issuer, Anchorpoint Financial.
Compliance work comes before any VASP filing
Finger is one of Korea’s first-generation fintech companies. It specializes in bank and card provider API integrations, the software links that let outside services exchange data with banks. MoonPay teamed up with Kosdaq-listed Sungho Electronics and its largest shareholder, Seoryong Electronics, to buy it. Those integrations could shorten the path into bank systems.
MoonPay appointed Choi Han-kyeol as VP of Strategy to lead the local operation. Choi previously worked at Streami, a Korean blockchain company. MoonPay helps businesses and consumers move value between fiat currencies and digital assets. Over the past 12 months, it worked with more than 1,500 onboarding and transaction partners.
South Korea requires VASP registration. Regulators shut down multiple exchanges in 2021 for failing to meet compliance requirements. MoonPay says it will expand gradually, launching each service after it meets the applicable requirements, including VASP requirements and other licenses and registrations.
The Bottom Line
Korea Times says MoonPay is pursuing cooperation with all three banks across a range of areas. Has KB Financial Group or KakaoBank signed a deal like Woori Bank’s memorandum? Neither report says.
Two other details are missing from both reports. When would a bank-built KRW stablecoin go live? How much of Finger does MoonPay own?
MoonPay must first finish its Information Security Management System (ISMS) compliance preparations. Only then can it file the VASP registration application it has signaled.
