What is the BOK Won International Wire Network and how does it work for foreign investors?

It is a 24-hour offshore won settlement network launched by the Bank of Korea with four local banks. It lets offshore investors trade the Korean won with other foreign investors through accounts opened at Registered Foreign Institutions for KRW Business in their home countries.

When will the offshore won settlement network be fully implemented?

The BOK said full implementation is scheduled for January. The pilot operation started Monday at 9 a.m., and overseas banks are expected to join after the official launch.

Why is the Bank of Korea launching a 24-hour offshore won settlement network?

The BOK said the system is intended to lower barriers for foreign investors and improve their access to won settlement infrastructure. It also said the network is expected to enhance the Korean won’s international standing.

BOK launches pilot program for 24-hour offshore won settlement

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Summary

The Bank of Korea launched a pilot program for a 24-hour offshore won settlement network on Monday in cooperation with four local banks. The system, called the BOK Won International Wire Network, will run from 9 a.m. to 9 a.m. the next day on business days and close on weekends and public holidays. Full implementation is scheduled for January, with overseas banks joining after the official launch. The BOK said the network is meant to improve foreign investors’ access to won settlement infrastructure and strengthen the currency’s international standing.

Key Facts

The pilot began at 9 a.m. with Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank participating.
The network will operate for 24 hours on business days, from 9 a.m. to 9 a.m. the following day.
It will allow offshore investors to trade the Korean won with other foreign investors using accounts opened at Registered Foreign Institutions for KRW Business in their home countries.
The BOK said full implementation is scheduled for January.
Overseas banks are set to join the network after its official launch.

By Yonhap

Published Sep 21, 2026 2:32 pm KST

U.S. dollar bills at Hana Bank in Seoul, Dec. 3, 2025. Yonhap

The Bank of Korea (BOK) said Monday it has launched a pilot program for a 24-hour offshore won settlement network in line with Korea's efforts to lower barriers for foreign investors.

The central bank said the system, dubbed the BOK Won International Wire Network, began trial operations at 9 a.m. in cooperation with four local banks — Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank.

The BOK said full implementation is scheduled for January, with overseas banks set to join the network after its official launch.

The network will operate for 24 hours, from 9 a.m. each business day to 9 a.m. the following day, and will close on weekends and public holidays.

It will enable offshore investors to freely trade the Korean won with other foreign investors using accounts opened at Registered Foreign Institutions for KRW Business (RFI-K) in their home countries.

"The network is expected to improve foreigners' access to won settlement infrastructure, eventually enhancing the currency's international standing," the BOK said.

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