Bank of Korea launches 24-hour offshore won settlement pilot
The Bank of Korea has begun a trial of a round-the-clock offshore won settlement network, working with four domestic banks.
On Monday, the Bank of Korea announced the launch of a pilot offshore won settlement network that will operate 24 hours a day, from 9 a.m. each business day to the same time the next day, excluding weekends and public holidays. Named the BOK Won International Wire Network, the trial involves four local banks—Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank—and is set to expand to foreign banks after its official rollout in January.
The service enables offshore investors to exchange Korean won via accounts opened at Registered Foreign Institutions for KRW Business in their own countries. Officials say the network should make won settlement more accessible to non-resident investors and improve the currency’s international profile. Full implementation is planned for January, when overseas banks will be invited to join the system.
Why it matters
A continuous offshore won settlement system could attract more foreign investment and raise the Korean currency’s global standing.
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