{
  "id": 8904762,
  "title": "Korea tests round-the-clock won settlement network",
  "url": "https://urgent.news/2026/09/21/korea-tests-round-the-clock-won-settlement-network",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-21T10:10:14.000Z",
  "source": {
    "name": "Arabian Post",
    "slug": "arabian-post",
    "url": "https://thearabianpost.com/korea-tests-round-the-clock-won-settlement-network/"
  },
  "original_language": "en",
  "account": "South Korea’s central bank initiated a trial of a 24-hour won settlement network on Monday, setting the stage for enhanced foreign access to the country’s currency market next year. The Bank of Korea launched the Bank of Korea Won International Wire Network, with KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank joining the trial operations from 9am local time. During the initial test, two banks completed transactions worth roughly 1.4 billion won. Full operation is slated for January 2027, when foreign financial institutions will gain broader access to the network. Designed to facilitate won payments and settlement during the business hours of overseas financial hubs, the system aims to alleviate the need for investors to open separate accounts with South Korean financial institutions. The network will operate continuously from 9am on each business day until 9am the following day, closed on weekends and public holidays. Foreign banks are also set to participate in the trial, though specific test dates have not been disclosed. The Bank of Korea plans to monitor the pilot, refine procedures and expand participation before transitioning to full service. The initiative aims to bolster foreign investors' access to won settlement and promote wider international use of the currency. This development follows South Korea’s recent decision to extend onshore dollar-won trading to a 24-hour schedule, closing the gap between Seoul trading hours and global centers like London and New York. The new network seeks to address the operational barriers investors face when dealing outside domestic banking hours, by keeping settlement infrastructure active during overseas markets' operating hours. As part of broader efforts to open South Korea’s foreign-exchange market and make local assets more accessible to global institutions, Seoul is also working to enhance market infrastructure. The Bank of Korea has been modernizing its core settlement systems, with the international network expected to utilize real-time gross settlement, a method that settles transactions individually and continuously, reducing credit risk and enhancing cross-border compatibility.",
  "summary": "South Korea’s central bank began a pilot of a 24-hour won settlement network on Monday, advancing preparations to give overseas investors broader access to the country’s currency market from next year. The Bank of Korea said the Bank of Korea Won International Wire Network started trial operations at 9am local time with KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank participating. Two of…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}