Bank of Korea Launches 24-Hour Won Settlement Pilot
The network will run 24 hours a day and is expected to expand to overseas banks in January 2027, the central bank said.
- On Monday, the Bank of Korea launched a 24-hour offshore won settlement pilot program, the BOK Won International Wire Network, in cooperation with Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank.
- To lower barriers for foreign investors, the BOK designed this network to allow settlement during home-country business hours via Registered Foreign Institutions for KRW Business .
- Operating 24 hours a day, the system enables offshore investors to trade the Korean won using accounts at RFI-Ks without directly opening accounts with South Korean financial institutions.
- "The network is expected to improve foreigners' access to won settlement infrastructure, eventually enhancing the currency's international standing," the BOK said.
- Full operations are scheduled for January 2027 with foreign bank participation, while the BOK is simultaneously advancing blockchain-based pilots Project Hangang and Project Agor.
13 Articles
13 Articles
South Korea Starts Trial Run of 24-Hour Won Settlement System
BOK launches pilot program for 24-hour offshore won settlement
The Bank of Korea (BOK) said Monday it has launched a pilot program for a 24-hour offshore won settlement network in line with Korea's efforts to lower barriers for foreign investors. The central bank said the system, dubbed the BOK Won International Wire Network, began trial operations at 9 a.m. in cooperation with four local banks — Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. The BOK said full implementation is scheduled for January,…
(Seoul = Yonhap News) Reporter Park Soo-hyun = The Bank of Korea announced on the 21st that it began pilot operations of the 'Bank of Korea Won International Settlement Network' starting at 9 a.m.
The Bank of Korea announced on this day that the ‘Won International Payment Network,’ which allows for the free buying and selling of the Korean won even outside the country, began pilot operations at 9 a.m. on the 21st. Formal operation is scheduled for January next year. Four domestic banks (Kookmin, Woori, Hana, and Shinhan) are participating in this pilot operation, and foreign banks are also expected to participate in the subsequent full op…
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