BOK introduces 24-hour won settlement pilot

July 21, 2026 (MLN): The Bank of Korea (BOK) will begin a pilot program for its 24-hour offshore won settlement network in September, marking another step toward expanding foreign investors' access to the country's financial markets.

According to the central bank, the new platform called the BOK Won International Wire Network is currently undergoing testing with four domestic lenders: Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank.

The BOK said amendments to the relevant regulations will be finalized by August, allowing the pilot phase to commence in September. The system is expected to become fully operational in January, as reported by APP.

Once launched, the network will run continuously from 9:00 a.m. on each business day until 9:00 a.m. the following day, while remaining closed on weekends and public holidays.

The platform will enable overseas investors to trade the Korean won directly with other foreign investors through accounts maintained at banks in their respective home countries, streamlining cross-border settlement.

The central bank believes the initiative will strengthen foreign participation in South Korea's financial markets by improving access to won settlement services. It also supports the country's broader objective of securing inclusion in the MSCI Developed Markets Index.

The move follows South Korea's recent rollout of a 24-hour Korean won trading system earlier this month, part of a wider strategy to enhance the international use of the national currency.

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