The Bank of Korea has initiated a pilot program for a 24-hour won settlement network. This system is designed to enable foreign investors to conduct transactions outside of standard South Korean banking hours, allowing them to settle during their own local business hours.
The trial phase currently involves four domestic financial institutions: KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank. The central bank plans to transition to full operations in January 2027, at which point it expects to broaden participation to include additional domestic and foreign banking entities.
Investors will utilize accounts with Registered Foreign Institutions for KRW Business to process settlements without the need for direct accounts at South Korean banks. The network will remain active throughout the work week, though it will be closed on weekends and public holidays.
The central bank aims to bolster the international status of the won by enhancing settlement infrastructure access. Beyond this network, the Bank of Korea is exploring tokenized settlements through Project Agorá and the blockchain-based Project Hangang, which utilizes wholesale central bank digital currency.
