Buy and Sell Korean Won 24 Hours a Day... BOK Launches Pilot of 'Won International Payment Network'

[Financial News]  The Bank of Korea (BOK) began pilot operations of the 'Bank of Korea won international payment network' at 9 a.m. on the 21st. It will officially launch in January next year.
Four domestic banks—KB Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank—participated in the pilot. Foreign banks and others will also take part when the network enters full operation.
The won international payment network will operate 24 hours a day, excluding weekends and public holidays.
Foreign investors can open accounts with overseas institutions handling won business (RFI-K), rather than domestic financial institutions, and make won payments during business hours in their home countries.
Choi Seung-jo, head of the BOK's Payment and Settlement Innovation Team, said, "At around 9:30 a.m. today, two domestic banks conducted the first pilot transaction, worth approximately 1.4 billion won," adding, "We expect this to significantly improve foreigners' access to won payment infrastructure and contribute to raising the won's international standing."

[email protected] Jung Sang-gyun Reporter