- MoonPay has launched a Korean subsidiary as it looks to make South Korea a key hub for its broader expansion across Asia.
- The company is pursuing cooperation with Woori Bank, KB Financial Group and KakaoBank across payments, remittances, stablecoins and other digital asset services.
- MoonPay plans to gradually launch services after meeting South Korea’s regulatory requirements, including applicable virtual asset registrations and licenses.
MoonPay is expanding its presence in South Korea, launching a local subsidiary as the crypto payments company looks to establish the country as a major base for its Asian operations.
The company plans to connect its global payments and stablecoin infrastructure with South Korea’s established banking and financial ecosystem.
MoonPay is targeting several potential use cases, including cross-border remittances, payments and settlement, along with the international distribution of digital assets.
The company is particularly focused on international students sending money, payments by foreign nationals in Korea, overseas business payments and expanding access to Korean digital assets globally.
MoonPay Works With Major Korean Banks
MoonPay is pursuing cooperation with Woori Bank, KB Financial Group and KakaoBank across a range of financial services.
“Beyond simply holding or trading digital assets, their use could expand significantly if people were able to send, receive and make payments through familiar financial services,” MoonPay Head of Asia Lee Bu-geon said.
Lee said MoonPay plans to work with domestic partners to develop onchain financial services that are faster, more affordable and easier to use.
The strategy could connect MoonPay’s crypto and stablecoin infrastructure with established Korean financial platforms rather than requiring customers to rely entirely on standalone crypto services.
MoonPay Builds Its South Korean Presence
MoonPay has already made moves to strengthen its position in the Korean fintech market.
In April, the company partnered with Kosdaq-listed Sungho Electronics and its largest shareholder, Seoryong Electronics, to acquire Finger, an early Korean fintech company.
The transaction was valued at 110 billion won, or approximately $81 million.
MoonPay plans to expand its Korean services gradually as it satisfies the regulatory requirements applying to each product.
Those requirements include virtual asset service provider reporting obligations and any additional licenses or registrations required for specific services.
South Korea Becomes MoonPay’s Asian Hub
MoonPay intends to use South Korea as a base for further expansion across Asian markets.
“With Korea as our base, we are committed to working with local partners to expand Korean financial services across Asian markets,” Lee said.
Founded in 2019, MoonPay provides infrastructure connecting fiat currencies with digital assets.
The company has processed more than $45 billion in cumulative transaction volume and reports more than 32 million verified users.
MoonPay has also worked with more than 1,500 onboarding and transaction partners over the past 12 months.
