The Bank of Korea launched a pilot of its first 24-hour international won settlement network on September 21, allowing foreign investors to settle won transactions during business hours in their home countries. The system began trial operations with KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank, while the network operates around the clock on business days, excluding weekends and public holidays.
Foreign investors can use accounts held with Registered Foreign Institutions for KRW Business, or RFI-Ks, without opening separate accounts directly with South Korean financial institutions. The setup is designed to improve access to won settlement infrastructure across time zones, reducing the operational constraints created by South Korea’s traditional banking hours.
The pilot remains a test phase rather than a full market rollout. The Bank of Korea plans full implementation in January 2027, when participation is expected to expand to additional institutions, including foreign banks, while the central bank continues monitoring the system and refining its operational framework.
Source: Bank of Korea.
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