Bank of Korea Launches 24-Hour Won Settlement Pilot

The Bank of Korea launched a pilot for its first 24-hour won settlement network on Monday. The system allows foreign investors to settle transactions during their home countries' business hours, operating 24 hours a day except for weekends and public holidays. Foreign investors access the network through Registered Foreign Institutions for KRW Business (RFI-Ks), removing the requirement for direct accounts with South Korean financial institutions.

Four domestic lenders — KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank — are participating in the initial trial. The central bank intends for the initiative to improve infrastructure access and strengthen the international standing of the won. Full operations are scheduled to begin in January 2027, with plans to expand the network to more institutions and foreign banks.

This pilot is part of a broader effort by the central bank to modernize payments. It complements other initiatives, including Project Hangang's blockchain-based wholesale CBDC pilot and Project Agorá's cross-border payment trials led by the Bank for International Settlements.