Bank of Korea launches 24-hour offshore won settlement pilot

• The Bank of Korea launched a 24-hour offshore won settlement pilot program to streamline cross-border digital asset transactions.
• The new infrastructure allows foreign investors to settle transactions through overseas accounts without opening domestic bank accounts in Seoul.
• The strategic deployment modernizes regional payment rails to enhance the international standing of the South Korean currency.

The Bank of Korea has launched a pilot program in Seoul for a round-the-clock offshore won settlement network.

The new settlement infrastructure removes traditional geographic barriers preventing foreign investors from trading Korean currency outside local business hours.

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

The initial system trial integrates four major domestic commercial lenders across active foreign exchange settlement rails.

"Full operation is scheduled for next year with foreign banks expected to join the network," the Central Bank said in a statement.

Offshore institutional participants route payments through registered foreign accounts without maintaining direct accounts inside domestic financial institutions.

The round-the-clock framework operates continuously from nine in the morning through the following business day.

The initiative marks a structural shift toward expanding global access and liquidity across Asian digital finance markets.