Economy
BOK to launch pilot program for 24-hour offshore won settlement network in Sept.
SEOUL, July 21 (Yonhap) -- The Bank of Korea (BOK) said Tuesday that it plans to launch a pilot program for a 24-hour offshore won settlement network in September as part of the country's efforts to improve foreign investors' access to the local financial market.
- SEOUL, July 21 (Yonhap) -- The Bank of Korea (BOK) said Tuesday that it plans to.
- The BOK said it is testing the system, named the BOK Won International Wire Network, with four local operators -- Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank.
- Revisions to related regulations will be completed by August before the pilot program begins in September, the BOK added.
- A full implementation is scheduled for January.
Revisions to related regulations will be completed by August before the pilot program begins in September, the BOK added. A full implementation is scheduled for January. The network will operate on a 24-hour basis from 9 a.m. on each business day to 9 a.m. the following day, and will close on weekends and public holidays.
It will enable offshore investors to freely trade the Korean won with other foreign investors using accounts opened at banks in their home countries. The BOK expects the system to improve foreign investors' access to the won settlement infrastructure while also supporting South Korea's efforts to gain inclusion in the Morgan Stanley Capital International (MSCI) Developed Markets Index. Earlier this month, Asia's fourth-largest economy officially launched a 24-hour trading system for the Korean won as part of the government's long-term plan to internationalize the currency.
This photo, taken July 17, 2026, shows the dealing room of Hana Bank in central Seoul. (Yonhap).
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Based on reporting by Yonhap
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(EDITORIAL from Korea JoongAng Daily on July 21)
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