The Bank of Korea said Tuesday it plans to launch a pilot program for a 24-hour offshore won settlement network in September.
The Bank of Korea is testing the system, named the BOK Won International Wire Network, with four local operators -- Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. Revisions to related regulations will be completed by August before the pilot program begins in September.
A full implementation is scheduled for January. The network will operate on a 24-hour basis from 9 a.m. on each business day to 9 a.m. the following day, and will close on weekends and public holidays.
The BOK expects the system to improve foreign investors' access to the won settlement infrastructure while also supporting South Korea's efforts to gain inclusion in the Morgan Stanley Capital International Developed Markets Index.
