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      Bank of Korea Initiates 24-Hour Won Settlement Pilot for Foreign Investors

      The Bank of Korea (BOK) has launched a pilot program for a 24-hour Korean won settlement network, aimed at facilitating transactions for foreign investors outside of regular banking hours in South Korea. The central bank announced the commencement of trial operations on Monday, collaborating with four domestic banks: KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. Full operational capabilities are anticipated to begin in January 2027, with plans to include additional institutions and foreign banks.

      This new network will operate around the clock on weekdays, excluding weekends and public holidays, allowing foreign investors to settle won transactions during their own business hours. Investors can do this by registering a Foreign Institution (RFI-K) account for won services, eliminating the necessity to open an account with a South Korean financial institution directly. The BOK expects that this initiative will enhance the international standing of the won by improving access to its settlement infrastructure for foreign investors.

      In addition to the won settlement pilot, the Bank of Korea is exploring tokenized settlement infrastructure through the Agorá project, which is led by the Bank for International Settlements. This project successfully completed a cross-border payment trial in July, utilizing tokenized central bank reserves and commercial bank deposits, including the won. Furthermore, the BOK is advancing the Hangang project, a blockchain-based pilot that employs wholesale central bank digital currency for settling tokenized commercial bank deposits.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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