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, aimed at providing greater access to Korean won settlement infrastructure for foreign investors. The BOK Won International Wire Network, which commenced trial operations on Monday in partnership with four local banks — Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank — is set to fully launch in January.

This system will facilitate seamless trade of the Korean won with other foreign currencies by enabling RFI-K accounts in overseas banks. The 24-hour operation window, from 9 a.m. each business day to 9 a.m. the following day, will exclude weekends and public holidays, thereby enhancing 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.