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Bank of Korea to Start September Pilot for 24-Hour Won Settlement Network
The central bank will test the BOK Won International Wire Network with four major lenders starting next month. Full rollout is set for January 2027. The system aims to ease foreign investor access to South Korean markets.
Jul 20, 10:28 PM·1m read1 source
YonhapAudio version
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The Bank of Korea announced Tuesday plans to launch a pilot program in September for a 24-hour offshore won settlement network. The system, called the BOK Won International Wire Network, will allow foreign investors to trade the Korean won with other offshore parties through accounts at banks in their home countries.
The central bank is testing the network with Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank.
Regulatory revisions are due by August, after which the pilot will begin. Full implementation is scheduled for January 2027. The network will run continuously from 9 a.m. on each business day until 9 a.m.
The next day and will close on weekends and public holidays. Yonhap reported that the Bank of Korea expects the system to improve foreign investors' access to won settlement infrastructure. South Korea launched a separate 24-hour trading system for the won earlier in July as part of a broader effort to internationalize the currency.
The new settlement network is also intended to support the country's bid for inclusion in the MSCI Developed Markets Index.
