BOK to launch pilot program for 24-hour offshore won settlement network in Sept. - The Korea Herald
The Korea Herald
The Bank of Korea plans to launch a 24-hour offshore won settlement network pilot in September to enhance foreign investor access.Summary
The Bank of Korea (BOK) announced a pilot program for a 24-hour offshore won settlement network, set to begin in September. The system, named the BOK Won International Wire Network, will involve four local banks—Kookmin, Woori, Hana, and Shinhan—and aim to improve foreign investors' access to the Korean financial market. The network will operate continuously from 9 a.m. on business days to 9 a.m. the following day, excluding weekends and holidays. Full implementation is scheduled for January 2024. The BOK expects this initiative to support South Korea's goal of inclusion in the Morgan Stanley Capital International Developed Markets Index by facilitating smoother won settlement for offshore investors.
(Source：The Korea Herald)