MoonPay launches South Korean subsidiary to expand in Asia-Pacific

MoonPay has officially planted its flag in South Korea, launching a dedicated subsidiary called MoonPay Korea on September 29 at Seoul’s Conrad Hotel. The move marks the crypto payments company’s most aggressive push yet into the Asia-Pacific region, with plans to partner with some of the country’s largest financial institutions on stablecoin infrastructure and cross-border payments.

The company, which has processed over $45 billion in cumulative volume and serves 32 million verified users globally, is betting that South Korea’s rapidly evolving digital finance landscape represents its next major growth opportunity.

Banking on local partnerships

MoonPay has identified three specific banking partners it wants to work with: Woori Bank, KB Financial Group, and KakaoBank.

The groundwork was already being laid months before the Seoul launch event. MoonPay signed a memorandum of understanding with Woori Bank back in April 2026 to collaborate on KRW stablecoin infrastructure. The new subsidiary is designed to take that kind of preliminary handshake and turn it into an operational reality.

The core pitch to Korean banks is straightforward: MoonPay wants to help them build and distribute their own stablecoin products rather than issuing KRW-denominated stablecoins directly. Cross-border remittances sit at the center of the strategy.

The Finger acquisition factor

In April 2026, the company acquired Finger, a fintech firm specializing in bank and card provider API integrations, for approximately $81 million (roughly 110 billion won).

To lead the local operation, MoonPay appointed Choi Han-kyeol as VP of Strategy. Choi previously worked at Streami, a Korean blockchain company.

Regulatory roadmap

South Korea requires Virtual Asset Service Provider (VASP) registration, and MoonPay has signaled it plans to apply for that designation in 2027. Before it can even file, the company needs to complete Information Security Management System (ISMS) compliance preparations.

This approach contrasts with some crypto companies that have tried to move fast and figure out compliance later. Korean regulators shut down multiple exchanges in 2021 for failing to meet compliance requirements.

What this means for the Korean crypto market

The stablecoin angle is particularly worth watching. If MoonPay successfully enables major Korean banks to launch KRW-denominated stablecoins, it could create a parallel payment ecosystem that bridges traditional finance and crypto. KakaoBank alone has tens of millions of users through its integration with Korea’s dominant messaging platform.