The Bank of Korea launched a pilot of its first 24-hour won settlement network, aimed at allowing foreign investors to settle won transactions outside South Korea’s normal banking hours. The network started trial operations on Monday with four domestic banks: KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. Full operations are scheduled for January 2027, with expected expansion to other institutions and foreign banks. Foreign investors will be able to settle won transactions through Registered Foreign Institutions without opening accounts directly with South Korean financial institutions. The central bank expects the network to strengthen the won’s international standing by improving foreign investors’ access to won settlement infrastructure.
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