Bank of Korea launches 24-hour won settlement pilot for foreign investors
The Bank of Korea has begun trial operations of its first 24-hour won settlement network to let foreign investors settle won transactions outside South Korea’s normal banking hours. The pilot currently involves KB Kookmin, Woori, Hana, and Shinhan Bank, with full operation planned for January 2027 and broader participation expected later, including foreign banks. The system will run around the clock except on weekends and public holidays. Foreign investors will be able to settle through Registered Foreign Institutions for KRW Business without opening accounts at Korean banks. The BOK says the network should improve access to won settlement and support the currency’s international use. It is also testing related digital settlement projects involving tokenized reserves, commercial bank deposits, and a wholesale CBDC.
