The Bank of Korea said on Monday it has launched a pilot for a 24-hour offshore won settlement network to support efforts to lower foreign investor access barriers. The BOK Won International Wire Network began trial operation at 09:00 with four domestic banks—Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank—as partners. Full implementation is planned for January, after which overseas banks will join. The network will run 24 hours from 09:00 each business day to 09:00 the following day, but w

The Bank of Korea said on Monday it has launched a pilot for a 24-hour offshore won settlement network to support efforts to lower foreign investor access barriers. The BOK Won International Wire Network began trial operation at 09:00 with four domestic banks—Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank—as partners. Full implementation is planned for January, after which overseas banks will join. The network will run 24 hours from 09:00 each business day to 09:00 the following day, but will be closed on weekends and public holidays. The system will let offshore investors use accounts opened under RFI-K (registered foreign institutions for won business) in their home jurisdictions to transact won with other foreign investors.