MoonPay targets won stablecoins as it expands into South Korea
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Share MoonPay has launched MoonPay Korea and plans to use the country as a base for its Asian business, with partnerships covering won stablecoins, cross border payments, remittances and digital asset infrastructure. According to Maeil Business Newspaper, MoonPay unveiled the strategy at an official launch event in Seoul on Sept. 29, where the company detailed work with Woori Bank, KB Financial Group, KakaoBank and financial technology company Finger. MoonPay plans to test services with the Korean companies before connecting them to its international payment and digital asset network. MoonPay co founder and Asia Pacific CEO Lee Boo gun said Korea combines strong demand for virtual assets with developed digital payment infrastructure, creating an opportunity to build new financial services and improve existing payment systems. "Korea has an opportunity to develop new financial services and increase the efficiency of existing services because it has both demand for virtual assets and digital payment infrastructure," Lee said. MoonPay is focusing its Korean operation on cooperation between financial companies and digital platforms, cross border movement of funds and using services developed in Korea in other Asian markets. A central part of the plan involves creating overseas distribution channels for Korean won stablecoins if such assets are issued under the country's...
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