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FollowingThe Bank of Korea launches an all-weather Korean won settlement network pilot
The Bank of Korea (BOK) has launched its first pilot project of a 24-hour Korean won settlement network, which aims to allow foreign investors to settle Korean won transactions outside of normal bank operating hours in South Korea.
On Monday, the central bank said its international wire transfer network had begun trial operations with four domestic banks-KB Koon Bank, Woori Bank, Asiana Bank and Shinhan Bank. The comprehensive operating plan will be launched in January 2027, when participating institutions are expected to expand to other financial institutions and foreign banks.
The network will operate 24 hours a day except weekends and public holidays. Foreign investors can complete the settlement of Korean won transactions during working hours in their home country through the accounts of Foreign Institutions Registered for Korean Won Business (RFI-K) without having to open an account directly with a Korean financial institution.
The Bank of Korea said it expects the network to enhance the international status of the won by improving foreign investors 'access to the won settlement infrastructure.
In addition, the central bank has also experimented with tokenized settlement infrastructure through the "Agorá" project led by the Bank for International Settlements. In July this year, the project completed a real-value cross-border payment trial using tokenized central bank reserves and commercial bank deposits, including Korean won.
Bank of Korea is also advancing the "Project Hangang", a blockchain-based pilot program that uses approved central bank digital currencies (CBDC) to settle tokenized commercial bank deposits.
