Park Han-sol reports on Korea's financial regulators, along with fintech and insurance. She previously wrote about the art world, from biennales and exhibitions to fairs and auctions, with a focus on Seoul and the figures shaping the scene. Before joining The Korea Times, she spent a year at ABC News' Seoul bureau, contributing to coverage of major Asia-Pacific events.
Hana Bank begins round-the-clock FX trading services
Finance Minister Koo Yun-cheol, center, poses with Hana Financial Group Chairman Ham Young-joo, fourth from left, and Hana Bank CEO Lee Ho-sung, right, in the dealing room of Hana Bank's headquarters in Seoul, Monday. Courtesy of Hana Bank
By Park Han-sol
Hana Bank began providing round-the-clock trading services, Monday, as Korea’s won-dollar foreign exchange market entered the first full day of its 24-hour operation.
The change abolishes the previous trading window of 9 a.m. to 2 a.m. the following day, allowing global investors and other market participants to trade the won against the U.S. dollar at Seoul market rates regardless of the time of day.
To mark the launch, Finance Minister Koo Yun-cheol visited Hana Bank’s dealing room in Seoul, where he observed the extended trading session alongside Hana Financial Group Chairman Ham Young-joo and Hana Bank CEO Lee Ho-sung.
The delegation also held a video call with the bank’s London branch, a registered foreign institution participating in Korea’s onshore FX market, to monitor market activity during European trading hours.
Ahead of the transition, Hana Bank said it had strengthened its foreign exchange operations by opening Hana Infinity Seoul, the country’s largest FX dealing room, in 2024 and establishing a 24-hour operating system in step with the phased expansion of trading hours.
The bank has been designated FX Leading Bank by the finance ministry and the Bank of Korea for five consecutive years. It also said it has played a key role in the government’s preparations for an offshore won settlement system designed to improve foreign investors’ access to Korean financial markets.
“The launch of 24-hour trading is expected to spur greater global investment in won-denominated assets, including Korean government bonds and equities,” Ham said. “Leveraging Hana Financial Group’s global network and sales capabilities, we will continue to play a leading role in advancing the country’s foreign exchange market.”