The Bank of Korea has launched its first pilot for a 24-hour won settlement network aimed at allowing foreign investors to settle won-denominated transactions outside normal banking hours in South Korea. On Monday, the central bank said its international remittance network had entered a test run with four local banks: KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. Full operations are expected to begin in January 2027, when participation will be expanded to other institutions and foreign banks.
The network runs 24 hours a day on weekdays, excluding weekends and public holidays. Foreign investors can settle won transactions during business hours in their home countries through Registered Foreign Institution for Korean won business, or RFI-K, accounts, without opening accounts directly at South Korean financial institutions. The BOK said the network is expected to improve access to won settlement infrastructure for foreign investors and support the won’s international standing.
The central bank also said it is involved in settlement infrastructure experiments tied to tokenization. It referenced Project Agorá, led by the Bank for International Settlements, which completed a real-value cross-border payment test in July using tokenized central bank reserves and commercial bank deposits, including the Korean won. Separately, the BOK is advancing Project Hangang, a blockchain-based pilot that uses wholesale central bank digital currency to settle tokenized commercial bank deposits.
The Bank of Korea, or BOK, has started a pilot for its first 24-hour won settlement network, designed to let foreign investors settle won-denominated trades outside regular banking hours in South Korea.
The central bank said Monday that its international remittance network has begun a test run with four domestic banks: KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. Full operations are expected to begin in January 2027, with participation later expanding to other institutions and foreign banks.
The network operates 24 hours a day on weekdays, excluding weekends and public holidays. Foreign investors can use Registered Foreign Institution for Korean won business, or RFI-K, accounts to settle won transactions during business hours in their home markets, without having to open accounts directly with financial institutions in South Korea.
According to the BOK, the network is expected to strengthen the won’s international standing by improving foreign investors’ access to won settlement infrastructure.
The central bank also pointed to other settlement-related initiatives. Through Project Agorá, led by the Bank for International Settlements, the BOK has been testing tokenized settlement infrastructure. The project completed a real-value cross-border payment trial in July using tokenized central bank reserves and commercial bank deposits, including the won.
The BOK is also advancing Project Hangang, a blockchain-based pilot that uses wholesale central bank digital currency to settle tokenized commercial bank deposits.
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