The Bank of Korea began a pilot 24‑hour won settlement network for foreign investors, with full operation slated for January 2027.
The Bank of Korea (BOK) launched a pilot of a 24‑hour won settlement network that lets foreign investors settle won transactions outside South Korea’s normal banking hours. The trial began on Monday with four domestic lenders—KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank—operating 24 hours a day, except weekends and public holidays. Full operations are scheduled for January 2027, when the BOK expects participation to expand to additional domestic institutions and foreign banks. Foreign investors can settle won trades during business hours in their home countries through accounts with Registered Foreign Institutions for KRW Business (RFI‑Ks) without opening accounts directly with South Korean financial institutions. The BOK said the network is intended to strengthen the won’s international standing by improving foreign investors’ access to settlement infrastructure. It also noted ongoing tokenized‑settlement experiments, including Project Agorá with the BIS and a blockchain‑based pilot, Project Hangang, that uses a wholesale central bank digital currency. The available reporting does not detail the exact timeline for broader participation or quantify the expected impact on the won’s international use.