Bank of Korea Starts 24-Hour Won Settlement Pilot for Foreign Investors

South Korea’s central bank has begun testing a new system that lets foreign investors settle won transactions outside normal local banking hours.

Pilot Program Details

The Bank of Korea started trial operations of its first round-the-clock won settlement network on Monday, working with four domestic lenders: KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. The network runs continuously except on weekends and public holidays, giving overseas investors the ability to complete won transactions during their own country’s business hours. Full rollout is planned for January 2027, when more banks, including foreign institutions, are expected to join.

How the System Works

Foreign investors will be able to settle transactions through accounts held with Registered Foreign Institutions for KRW Business, removing the need to open direct accounts with South Korean banks. The central bank said the move is meant to support the won’s global standing by making settlement infrastructure easier to access.

Part of a Broader Digital Push

This pilot builds on other efforts by the Bank of Korea, including its involvement in the BIS led Project Agorá, which tested cross-border payments using tokenized reserves and bank deposits, and Project Hangang, a wholesale central bank digital currency trial focused on settling tokenized deposits.