- The Bank of Korea started a pilot for a 24-hour won settlement network with four domestic lenders.
- Full operations are scheduled for January 2027, with broader participation expected.
The Bank of Korea has begun a new won settlement pilot designed to let foreign investors handle won transactions outside South Korea’s usual banking hours. The network started trial operations on Monday and is intended to support settlement during business hours in investors’ home countries. Through accounts with Registered Foreign Institutions for KRW Business, or RFI-Ks, users will not need to open accounts directly with South Korean financial institutions. The central bank said the move is aimed at improving access to won settlement infrastructure and supporting the won’s international standing. Full operations are planned for January 2027, with participation expected to widen beyond the first group of banks.
Won settlement pilot starts with four banks
The pilot launched with four domestic lenders: KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. According to the Bank of Korea, the international wire network has now entered its trial phase as part of the central bank’s first 24-hour won settlement system. The network is set to run 24 hours a day, excluding weekends and public holidays. That schedule is meant to give foreign investors a way to complete won settlement during the working day in their own jurisdictions rather than only during South Korea’s regular banking window.
How foreign investors can use won settlement
Under the pilot structure, foreign investors can settle won transactions through accounts held with Registered Foreign Institutions for KRW Business, known as RFI-Ks. This means they do not need to establish accounts directly with South Korean financial institutions in order to use the system. The Bank of Korea said this setup is intended to improve access to won settlement infrastructure. By extending operational hours and reducing the need for direct local account opening, the network is focused on practical settlement access for overseas investors.
Wider payment and tokenization projects
Alongside the new network, the central bank has also been testing tokenized settlement infrastructure through Project Agorá, which is led by the Bank for International Settlements. The project completed real-value cross-border payment trials in July using tokenized central bank reserves and commercial bank deposits, including the won. The Bank of Korea is also moving forward with Project Hangang. That blockchain-based pilot uses a wholesale central bank digital currency to settle tokenized commercial bank deposits, showing that the central bank is pursuing more than one settlement-related initiative at the same time.
What comes next for won settlement
The central bank said full operations are scheduled for January 2027. At that stage, participation is expected to expand to other institutions as well as foreign banks, going beyond the four domestic lenders involved in the opening trial. The Bank of Korea also said it expects the network to help strengthen the won’s international standing. That view is tied to the broader goal of giving foreign investors easier access to won settlement infrastructure through a system that operates across more hours of the day.
Conclusion
The new won settlement pilot marks an operational change in how foreign investors may access South Korea’s currency settlement system. The Bank of Korea has started the trial with KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank, while planning a broader rollout in January 2027. By allowing weekday access across more time zones through RFI-K accounts, the system is aimed at making won settlement easier for overseas users. At the same time, the central bank is continuing related work through Project Agorá and Project Hangang, linking this launch to its wider efforts around payment infrastructure and tokenized settlement systems.
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