BOK launches pilot program for 24-hour offshore won settlement
The Bank of Korea (BOK) said Monday it has launched a pilot program for a 24-hour offshore won settlement network in line with Korea's efforts to lower barriers for foreign investors. The central bank said the system, dubbed the BOK Won International Wire Network, began trial operations at 9 a.m. in cooperation with four local banks — Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. The BOK…
On Monday, the Bank of Korea (BOK) announced the initiation of 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. in collaboration with four local banks — Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. The bank indicated that a full rollout is planned for January, with participation from overseas banks following its official launch.
The 24-hour network will operate from 9 a.m. each business day to 9 a.m. the subsequent day, with closures on weekends and public holidays. This round-the-clock service will empower offshore investors to trade the Korean won with other foreign investors using Registered Foreign Institutions for KRW Business (RFI-K) accounts in their home countries, thus enhancing access to won settlement infrastructure.
The BOK anticipates that this initiative will bolster foreigners' ability to access won settlement services, ultimately elevating the currency's global standing.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- BOK launches pilot program for 24-hour offshore won settlement koreatimes.co.kr
- BOK launches pilot program for 24-hour offshore won settlement en.yna.co.kr
