Korea Is Set to Replace SWIFT. XRP Is the SWIFT Competitor In Korea

Three major Korean companies have signed a deal that could reshape how international payments work. Technical analyst AllInCrypto (@RealAllinCrypto) was quick to highlight the significance.

POSCO International, Hana Financial Group, and blockchain firm Dunamu signed a memorandum of understanding at Hana Financial Group’s headquarters in Seoul on April 29. The agreement targets blockchain-based overseas remittances and intercompany fund transfers.

POSCO International President Lee Kye-in, Hana Financial Group Vice Chairman Lee Eun-hyung, and Dunamu CEO Oh Kyung-seok all attended the signing.

Under the agreement, the three companies will cooperate on blockchain-based remittances, build financial infrastructure to improve global cash-management efficiency, and explore digital finance business opportunities.

The Problem With SWIFT

The partnership takes direct aim at SWIFT, the dominant global payments network. The companies stated that traditional remittances routed through SWIFT “typically process payment instructions and settlement separately, which can lead to delays and higher costs.”

The new partnership aims to link instructions and settlement in real time using blockchain technology to improve speed, transaction transparency, and cost efficiency.

This is a significant move. SWIFT has operated as the backbone of international banking for decades. A blockchain-based alternative promises faster processing and lower fees for businesses and consumers moving money across borders.

Where XRP Enters the Conversation

AllInCrypto pointed directly to XRP’s position in this shift. He noted that Ripple has signed major deals in Korea this month and maintains a large presence across Asia. He noted that XRP is SWIFT’s competition, and questioned whether this new coalition will turn to XRP.

Ripple’s network is built for cross-border payments and positions itself as a faster, cheaper alternative to SWIFT. Korea’s move signals growing institutional appetite for exactly that kind of infrastructure.

Ripple and XRP’s Momentum in Korea

Ripple’s activity in Korea this month adds context to the partnership announcement. The company has been expanding its footprint across Asia, and Korea represents one of the most crypto-forward markets in the world. Institutional engagement with XRP in the region has been growing. XRP has also surpassed Bitcoin in trading volume on South Korea’s largest exchange multiple times.

AllInCrypto’s post connects these dots. Korea is not just experimenting with blockchain payments in isolation. It is doing so at a time when one of the most prominent SWIFT competitors is actively building relationships there.

What Comes Next?

The MOU between these major players is a starting point. The real question is which blockchain infrastructure these companies ultimately adopt at scale. XRP’s existing rails, institutional partnerships, track record in cross-border settlements, and strong demand in the region make it a logical candidate.

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