The Bank of Korea said on Monday it has launched a pilot program for a 24-hour offshore won settlement network as part of efforts to lower barriers for foreign investors. According to Sina Finance, the system, called the BOK Won International Wire Network, began trial operations at 9:00 a.m. local time in cooperation with Kookmin Bank, Woori Bank, Hana Bank, and Shinhan Bank.

The Bank of Korea said the system is scheduled to begin full operations in January next year, after which overseas banks will join the network. It will operate around the clock from 9:00 a.m. on each business day until 9:00 a.m. the following day, and will be suspended on weekends and public holidays.

The project will allow foreign investors to open accounts through overseas institutions registered for won business in their home countries, known as RFI-K, and freely trade won with other foreign investors. The Bank of Korea said the network is expected to improve foreign investors' access to won settlement infrastructure and ultimately enhance the international standing of the won.