Image Credit: Unsplash
- The Bank of Korea started testing a 24-hour won settlement network to let foreign investors move the currency outside conventional daytime hours.
- The pilot operation began on Sept. 21 with four domestic banks, and two of them completed an initial trial transaction of roughly 1.4 billion won.
- Full operation is scheduled for January 2027, when participation is expected to expand to foreign institutions.
The Bank of Korea has started testing a 24-hour won settlement network designed to let foreign investors move the currency outside South Korea’s conventional daytime settlement window.
The BOK Won International Wire Network began pilot operations on Sept. 21 with KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. Full operation is scheduled for January 2027, when participation is expected to expand to foreign institutions.
First Pilot Transaction Settles About 1.4B Won
The system opened for testing at 9 a.m. local time. Two participating domestic banks completed the first trial transaction at around 9:30 a.m., transferring roughly 1.4 billion won.
Despite the 24-hour description, the network will not operate continuously through weekends. Each settlement cycle runs from 9 a.m. on one business day until 9 a.m. the following day and closes on weekends and public holidays.
The extended window is designed to let overseas institutions settle won during Asian, European, and US business hours without waiting for the next Korean banking session.
RFI-K Institutions Gain Offshore Won Settlement Access
The network supports South Korea’s new Registered Foreign Institution for KRW Business, or RFI-K, framework.
Under rules announced Sept. 16, eligible foreign financial institutions can register for RFI-K status, open omnibus accounts with domestic foreign-exchange banks and settle won transactions through BOK-Wire Int.
The framework is intended to expand offshore access to the won while keeping settlement connected to South Korea’s banking and central-bank infrastructure.
Full BOK-Wire Int Operation Scheduled for January 2027
South Korea has been extending foreign-exchange trading and settlement infrastructure as part of a wider effort to improve access for overseas investors.
The Bank of Korea extended operating hours for its domestic BOK-Wire+ settlement system in March 2026 and identified BOK-Wire Int as another step in improving international connectivity.
The current BOK-Wire Int phase remains a pilot involving four domestic banks. Full operation is scheduled for January 2027, with the network expected to expand to foreign participating institutions.
