MoonPay has launched its Korean business and plans to use South Korea as a base for expanding across Asia.
The company is working with Woori Bank, KB Financial Group, KakaoBank and fintech company Finger on projects involving Korean won stablecoins, cross-border payments, remittances and digital asset infrastructure.
MoonPay announced the plan at a launch event in Seoul on September 29. The company said it will first test its services with Korean financial companies before connecting them to its wider international payment and digital asset network.
MoonPay co-founder and Asia Pacific CEO Lee Boo-gun said South Korea has strong interest in virtual assets along with advanced digital payment systems, creating opportunities to develop new financial services and improve existing ones.
One of MoonPay’s main goals is to create overseas distribution channels for Korean won stablecoins if they are approved under South Korea’s developing regulatory framework.
The company wants overseas Koreans, international students and tourists to be able to buy and hold won stablecoins outside Korea, convert them into other currencies or digital assets, and use them for payments.
MoonPay said potential use cases include international remittances, payments by foreigners in Korea, trade transactions and business payments.
KB Financial Group is expected to work with MoonPay on wallets, stablecoin issuance and distribution, on and off-ramp infrastructure, overseas remittances and settlement services.
KB Kookmin Card will also test payment systems that could allow foreign visitors to use stablecoins and other digital assets at Korean merchants.
MoonPay is also planning direct connections between its services and Korea’s existing financial systems. The company calls this approach “Full Stack Last Mile,” covering deposits, withdrawals, payments, settlements, refunds and error handling.
Rather than only providing APIs and software tools, MoonPay wants to help connect its products directly with Korean banks and payment systems.
The company plans to obtain the licenses required for its Korean operations, including registration as a virtual asset service provider. Services involving Korean won deposits and withdrawals would also need to follow local rules, including real-name verified accounts.
Woori Bank will focus on cross-border payments and remittances by combining its Korean financial infrastructure with MoonPay’s international network.
The companies also plan to test business payments between Korean and overseas companies. MoonPay’s digital asset network could be used alongside Woori’s existing remittance infrastructure.
KakaoBank is working with MoonPay on another model for international remittances. The planned system could connect a Korean remittance application with overseas bank accounts in a single process.
For example, KakaoBank could handle the application, identity checks, currency exchange and transfer in Korea, while MoonPay could receive digital assets overseas, convert them into dollars and deposit the funds into a U.S. bank account.
KakaoBank is also considering services involving trading, custody and swaps between stablecoins linked to the Korean won, U.S. dollar and Japanese yen.
The plans come while South Korea is still developing its rules for stablecoins and digital assets. The country’s second-stage digital asset legislation is expected to address issues such as who can issue won-based stablecoins and how those issuers should be regulated.
The Bank of Korea has supported an initial system led by regulated banks, citing possible effects on monetary policy, payment systems and financial stability.
MoonPay said it has processed more than $120 billion in transactions, serves over 32 million verified users and works with more than 1,500 partners. Its network supports more than 120 fiat currencies and 170 payment methods across more than 180 markets.
The company is also expanding into areas such as custody, wallet and key management, cross-chain transactions, OTC trading, DeFi liquidity and stablecoin payments.
MoonPay’s latest expansion shows that the company is looking beyond simple crypto buying and selling, with a broader focus on connecting traditional financial institutions with digital assets, stablecoins and international payment systems.
The company also demonstrated its PayBox payment infrastructure at the Seoul event, including a system where an AI agent could make a small payment for an external service while carrying out a user’s request.
