How does RFI-K registration work for offshore won business?

Institutions that want to conduct offshore won business must register separately as a Registered Foreign Institution for KRW Business. With that registration, they can serve nonresidents, open won-denominated accounts, and handle remittances, investments, and lending and borrowing transactions.

What oversight requirements apply to institutions using the new won rules?

Institutions must verify that their clients are foreign nonresidents and submit monthly transaction reports to the central bank. The government said it will also review the institutions’ financial soundness and monitor their transactions closely with the central bank.

Korea offers guidelines for RFI-K under won's internationalization vision

Q: What new won settlement rules did Korea announce for registered foreign institutions?

The revised rules let foreign financial institutions open omnibus accounts at domestic foreign exchange banks and settle won transactions through the Bank of Korea Won International Wire Network. That enables offshore won settlement without limits tied to time or location.

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Summary

Korea on Wednesday announced revised rules for registered foreign institutions as part of its push to make the won a freely convertible currency. The finance ministry said the changes let foreign financial institutions open omnibus accounts at domestic foreign exchange banks and settle won transactions through the Bank of Korea Won International Wire Network. Institutions registered separately as RFI-K can serve nonresident clients and handle won accounts, remittances, investments and lending, subject to reporting and monitoring requirements.

Key Facts

The Ministry of Finance and Economy revised guidelines on foreign financial institutions’ foreign exchange operations and foreign exchange transaction regulations after a public comment period and a regulatory review by the Office for Government Policy Coordination.
Foreign financial institutions registered with the ministry can open omnibus accounts at domestic foreign exchange banks and settle won transactions through the Bank of Korea Won International Wire Network.
Institutions that want to conduct offshore won business must separately register as a Registered Foreign Institution for KRW Business, or RFI-K.
RFI-K institutions can serve clients not residing in Korea and handle won-denominated accounts, remittances, investments and lending and borrowing transactions.
Such institutions must verify clients’ foreign nonresident status and submit monthly transaction reports to the central bank.

By Yonhap

Published Sep 16, 2026 9:12 am KST

An employee moves banknotes at the Bank of Korea in central Seoul, Tuesday. Joint Press Corps

Korea on Wednesday announced revised rules for registered foreign institutions (RFIs) as part of the ongoing effort to make the won a freely convertible currency, the finance ministry said.

The Ministry of Finance and Economy said it revised the guidelines on foreign financial institutions' foreign exchange operations and the foreign exchange transaction regulations following a public comment period and a regulatory review by the Office for Government Policy Coordination.

Under the revisions, foreign financial institutions registered with the ministry will be able to open omnibus accounts at domestic foreign exchange banks and settle won transactions through the Bank of Korea Won International Wire Network, enabling offshore won settlement without time or location constraints.

Registered foreign institutions wishing to conduct offshore won business must separately register with the finance ministry as a Registered Foreign Institution for KRW Business (RFI-K).

Institutions with such registration can serve clients not residing in Korea, enabling them to open won-denominated accounts and conduct remittances, investments and lending and borrowing transactions.

Such institutions must verify their clients' foreign nonresident status and submit monthly transaction reports to the central bank.

The government will conduct necessary reviews of the institutions' financial soundness and closely monitor their transactions in cooperation with the central bank, the finance ministry said.

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