Korea offers guidelines for RFI-K under won's internationalization vision
Korea on Wednesday announced revised rules for registered foreign institutions (RFIs) as part of the ongoing effort to make the won a freely convertible currency, the finance ministry said. The Ministry of Finance and Economy said it revised the guidelines on foreign financial institutions' foreign exchange operations and the foreign exchange transaction regulations following a public comment…
The Korea Times reports that the Korean Ministry of Finance and Economy has revised guidelines for registered foreign institutions (RFIs) as part of its efforts to internationalize the South Korean won. The revisions enable RFIs to open omnibus accounts at domestic foreign exchange banks and settle won transactions through the Bank of Korea Won International Wire Network, facilitating offshore won settlement without time or location constraints.
Additionally, institutions seeking to conduct offshore won business must separately register as Registered Foreign Institution for KRW Business (RFI-K), allowing them to serve clients residing outside of Korea and open won-denominated accounts.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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