Bank Of Korea Tests 24-hour Won Settlement Network For Global Investors

To assist international investors in settling won transactions outside of South Korea’s regular banking hours, the Bank of Korea has started a test program of a 24-hour won settlement network. Four significant South Korean lenders, KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank, are involved in the trial, which got underway on Monday.

The network will eventually allow foreign investors to settle won transactions during business hours in their home countries through registered foreign institutions, without opening accounts directly with South Korean financial institutions.

The pilot is being run through the central bank’s international wire network. The BOK said full operations are scheduled to begin in January 2027, when participation is expected to expand to additional financial institutions and foreign banks.

The network will operate around the clock on weekdays, excluding weekends and public holidays. Foreign investors will be able to use accounts with Registered Foreign Institutions for KRW Business, or RFI-Ks, to settle won transactions outside South Korea’s regular banking hours.

South Korea’s central bank began testing a system for round-the-clock won payments, laying the groundwork for greater foreign access to local markets https://t.co/m4DbfFSy5m

— Bloomberg (@business) September 21, 2026

The move is part of South Korea’s broader effort to make the won more accessible in international financial markets. The BOK expects easier access to won settlement infrastructure to support greater international use of the currency.

The central bank is also exploring blockchain and tokenisation as part of this wider push. Under Project Agorá, led by the Bank for International Settlements, the BOK participated in real-value cross-border payment trials completed in July. The trials used tokenised central bank reserves and commercial bank deposits, including the Korean won.

Separately, the BOK is developing Project Hangang, a blockchain-based pilot using a wholesale central bank digital currency to settle tokenised commercial bank deposits.

Together, these initiatives show that the BOK is working on both traditional and blockchain-based payment infrastructure as it seeks to improve the won’s role in cross-border finance.

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