Live Updates > Live Update Details
2026-09-21 13:56:12
[Bank of Korea Launches 24-Hour Offshore Won Settlement Network Pilot Program, Four Local Banks Participate] (1) The Bank of Korea announced on Monday that it has launched a pilot program for a 24-hour offshore won settlement network to support South Korea’s efforts to lower barriers to entry for foreign investors. (2) The system, named the “Bank of Korea Won International Remittance Network,” began its trial run at 9:00 a.m., with four local banks participating: Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. (3) Full implementation is planned for January next year, with overseas banks joining after the network is officially launched. (4) The network will operate 24 hours a day, from 9:00 a.m. to 9:00 a.m. the following day, and will be closed on weekends and public holidays. (5) The system will enable offshore investors to freely conduct won transactions with other foreign investors using accounts opened by their home country’s “Registered Foreign Institution for Won Business” (RFI-K).
