BOK launches pilot program for 24-hour offshore won settlement
SEOUL, Sept. 21 (Yonhap) -- The Bank of Korea (BOK) said Monday it has launched ...
The Bank of Korea (BOK) has initiated a pilot program for a 24-hour offshore won settlement network, aimed at reducing barriers for foreign investors in South Korea. Dubbed the BOK Won International Wire Network, the system commenced trial operations at 9 a.m. on September 21 in collaboration with four local banks: Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank.
The BOK has planned a full rollout for January, with participation from overseas banks expected following its official launch. The network will be operational from 9 a.m. each business day until 9 a.m. the following day, excluding weekends and public holidays. This round-the-clock service will allow offshore investors to freely trade Korean won with other foreign investors using accounts at Registered Foreign Institutions for KRW Business (RFI-K) in their respective countries.
The BOK anticipates that this initiative will enhance foreign access to won settlement infrastructure, thereby boosting the currency's global standing.
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Also reported by 1 other outlet
- BOK launches pilot program for 24-hour offshore won settlement koreatimes.co.kr
