Bank of Korea Launches 24-Hour KRW Settlement Pilot

The Bank of Korea (BOK) has initiated a 24-hour KRW settlement network pilot, with KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank participating in the initial phase. This system allows foreign investors to settle KRW transactions during their local business hours via Registered Foreign Institutions for KRW Business (RFI-K) accounts, eliminating the need to open accounts directly in South Korea. The full-scale launch is scheduled for January 2027, at which point the network will expand to include additional domestic and international financial institutions.