Bank of Korea pilots 24-hour won settlement for foreign investors

Key facts

• The Bank of Korea launched a pilot of its first 24-hour won settlement network.
• The network aims to allow foreign investors to settle won transactions outside of South Korea's normal banking hours.
• Four domestic lenders, KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank, are participating in the pilot.
• Full operations are scheduled for January 2027.
• Foreign investors will be able to settle won transactions through Registered Foreign Institutions for KRW Business (RFI-Ks).
• The BOK expects the network to strengthen the won's international standing.

The Bank of Korea (BOK) has initiated a pilot program for its first 24-hour settlement network for the South Korean won, designed to accommodate foreign investors' transaction needs outside of the country's standard banking hours. The central bank announced on Monday that its international wire network has commenced trial operations with four domestic banks: KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. The full rollout is anticipated in January 2027, with expectations of broader participation from other institutions and foreign banks.