Bank of Korea launches 24-hour won settlement pilot for foreign investors

The Bank of Korea (BOK) has launched a 24-hour won settlement network pilot, enabling foreign investors to settle transactions outside of standard Korean banking hours. The pilot currently involves KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank, with full operations expected by January 2027. Foreign investors can utilize Registered Foreign Institution (RFI-K) accounts to settle trades without needing direct accounts at Korean institutions. The BOK is also exploring tokenized settlement through the BIS-led Project Agorá and the blockchain-based Project Hangang, which tests wholesale CBDC for settling tokenized commercial bank deposits.