Finance · updated 1h ago · 2 min read
Bank of Korea Launches 24-Hour Won Settlement Pilot for Foreign Investors With Four Lenders
Four domestic banks participate in pilot for 24-hour won settlement network. Foreign banks to join when system expands next January.
10 outlets, one story, no spin found.
5 of 6 outlets skipped it: mentions tokenised reserve/deposit trials (Project Agorá).
10outlets compared
BOK 24-hour won pilot
The Bank of Korea launched a 24-hour won settlement pilot for foreign investors, allowing them to settle won transactions during their home countries’ business hours outside South Korea’s normal banking hours. The Bank of Korea said its international wire network began trial operations with four domestic lenders, KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank, starting at 9 a.m. on Monday. The Bank of Korea reported that around 9:30 a.m. two domestic participating institutions carried out the first trial transaction worth approximately 1.4 billion won.
The Bank of Korea said full operations are scheduled for January 2027, when participation is expected to expand to other institutions and foreign banks. The Bank of Korea described the network as operating 24 hours a day, excluding weekends and public holidays.
How foreign access works
The Bank of Korea said foreign investors can settle won transactions through accounts with Registered Foreign Institutions for KRW Business, or RFI-Ks, without opening accounts directly with South Korean financial institutions. The Bank of Korea said the network will operate for 24 hours, from 9 a.m. each business day to 9 a.m. the following day, and it will close on weekends and public holidays. The Bank of Korea said the system is expected to improve foreigners’ access to won settlement infrastructure, eventually enhancing the currency’s international standing.
The Bank of Korea also said it plans to operate the settlement network stably through continuous monitoring while making institutional and system improvements and expanding participating institutions. The Bank of Korea said the pilot is part of South Korea’s plan to lower barriers for foreign investors and improve offshore won settlement access.
Tokenized projects and rollout
The Bank of Korea’s pilot sits alongside other central-bank experiments, including Project Agorá, led by the Bank for International Settlements, which completed real-value cross-border payment trials in July using tokenized central bank reserves and commercial bank deposits, including the won. The Bank of Korea is also advancing Project Hangang, a blockchain-based pilot that uses a wholesale central bank digital currency (CBDC) to settle tokenized commercial bank deposits. The Bank of Korea said it expects the network to strengthen the won’s international position by improving foreign investors’ access to won settlement infrastructure.
The Bank of Korea said it will monitor the system while making operational and technical changes before the January rollout, with foreign banks scheduled to join when the system goes into full operation next January. The Bank of Korea said the trial began at 9am local time on Monday, with four local banks taking part and two completing 1.4 billion won of transactions so far.