Bank of Korea Launches 24-Hour Offshore KRW Settlement Network Pilot, Full Launch in January Next Year

[Bank of Korea Launches 24-Hour Offshore KRW Settlement Network Pilot, Full Launch in January Next Year]

(1) The Bank of Korea said on Monday it has launched a pilot project for a 24-hour offshore Korean won settlement network, part of efforts to lower entry barriers for foreign investors.

(2) The system, named the "BOK KRW International Wire Network," is set to be fully operational in January next year; overseas banks will join the network after the system's official launch.