Key Points
- The Bank of Korea will launch the pilot program for the overseas won payment network in September.
- The system aims to improve foreign investors' access to the local financial market.
- Kookmin, Woori, Hana, and Shinhan banks will serve as test operators in the pilot application.
- The changes to be made in the relevant legislation are planned to be completed by the end of August.
By the Numbers
The Bank of Korea (BOK) plans to launch a new pilot program in September to facilitate foreign investors' access to the local financial market. In this context, the system to be tested is called the 'BOK Won International Remittance Network' and will allow overseas won transactions to be processed uninterrupted for 24 hours.
During the testing phase of the new system, it will work with South Korea's four major banks. Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank have been included in the project as local operators for the pilot application. The necessary legislative revisions are targeted to be completed by August so that the system can be launched smoothly in September.
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Frequently Asked Questions
- What exactly will the newly prepared system do?
- The system will enable institutions in overseas regions to make uninterrupted 24-hour payments and settlements in South Korean won.
- Which banks are involved in the pilot program?
- South Korea's four local banks, Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank, serve as test operators in the study.
- When and what steps are expected for the pilot application to start?
- The application is expected to start in September, and the relevant legal regulations must be completed by August.
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