24-Hour Korean Won International Payment Network Launches, First Transaction on the 21st

Non-Residents Can Settle Won Transactions Locally via Bank of Korea Payment Network
Full Operation Set for January Next Year

The 'Korean Won International Payment Network,' promoted as part of the roadmap to internationalize the won, launched its pilot operation on September 21.

Exterior view of the Bank of Korea.

The Bank of Korea announced that the system officially began operation at around 9:30 a.m. with a pilot transaction of approximately 1.4 billion won between two domestic participating institutions.

Four domestic banks (KB Kookmin, Woori, Hana, and Shinhan) are participating in the pilot. The official rollout, scheduled for January next year, will include participation from foreign banks and other institutions as well.

With the Korean Won International Payment Network operating 24 hours a day, foreign investors can open accounts with overseas won business handling institutions (RFI-K) without having to rely on domestic financial institutions, making it possible to settle won-denominated transactions locally during local business hours.

The Bank of Korea plans to operate the network stably through continuous monitoring, and also aims to contribute to the development of the payment and settlement infrastructure by enhancing systems, improving regulations, and expanding the number of participating institutions.

An official from the Bank of Korea stated, "We expect this will significantly improve foreign access to won settlement infrastructure and contribute to raising the international status of the Korean won."

This content was produced with the assistance of AI translation services.