BOK launches pilot program for 24-hour offshore won settlement

The Bank of Korea (BOK) has initiated a pilot program for a 24-hour offshore won settlement network, named the BOK Won International Wire Network. This initiative aligns with Korea's efforts to lower barriers for foreign investors. The network, which began trial operations on Monday at 9 a.m., is a joint effort with four local banks: Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank.

The BOK aims to fully implement the system by January, with overseas banks expected to join once the official launch occurs. The network will operate 24 hours, from 9 a.m. each business day to 9 a.m. the following day, excluding weekends and public holidays. It will allow offshore investors to freely trade the Korean won with other foreign investors using accounts opened at Registered Foreign Institutions for KRW Business (RFI-K) in their home countries.

The BOK anticipates that this network will enhance foreigners' access to won settlement infrastructure, thereby improving the currency's international standing.

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.