- The Bank of Korea launched a pilot of its first 24-hour won settlement network for foreign investors.
- The network allows settlement of won transactions outside South Korea’s normal banking hours.
- Four domestic lenders are participating in the trial; full operations are scheduled for January 2027.
- Foreign investors can use accounts with Registered Foreign Institutions for KRW Business without opening direct accounts in South Korea.
On Monday, the Bank of Korea launched a pilot of its first 24-hour won settlement network, enabling foreign investors to settle won transactions outside South Korea’s normal banking hours. 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.
Consequently, 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. This eliminates the need to open accounts directly with South Korean financial institutions. Meanwhile, the network will operate 24 hours a day, excluding weekends and public holidays.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
