The Bank of Korea’s new network will let foreign investors settle won transactions during business hours in their home countries.
The Bank of Korea (BOK) launched a pilot of its first 24-hour won settlement network, aimed at allowing foreign investors to settle won transactions outside South Korea’s normal banking hours.
On Monday, the central bank said its international wire network started trial operations with four domestic lenders: KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. Full operations are scheduled for January 2027, when participation is expected to expand to other institutions and foreign banks.
The network will operate 24 hours a day, excluding weekends and public holidays. Foreign investors will be able to settle won transactions during business hours in their home countries through accounts with Registered Foreign Institutions for KRW Business, or RFI-Ks, without opening accounts directly with South Korean financial institutions.
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