MoonPay launches MoonPay Korea as its Asia hub, working with Woori Bank, KB Financial Group and KakaoBank

MoonPay has launched a Korean subsidiary, MoonPay Korea, at an event in Seoul on 29 September, and plans to make the country the base for its expansion across Asia.

The company is pursuing cooperation with three of Korea's largest financial groups. With Woori Bank, which signed a memorandum in April as the first member of a KRW Stablecoin Consortium, it is building international distribution for a won-pegged stablecoin and testing cross-border business payments. KB Kookmin Bank will examine on and off ramps, wallets, stablecoin issuance and distribution, and overseas remittance and settlement. KakaoBank is working on a blockchain-based cross-border remittance model aimed first at international students.

MoonPay also invested earlier this year in Finger, one of Korea's first-generation fintechs. It says it has 32 million verified users and more than $45 billion in cumulative transaction volume, and will roll services out gradually as it completes virtual asset service provider registration and other licences. It does not plan to issue its own won stablecoin.