The Bank of Korea said on Monday that it has launched a 24-hour offshore Korean won settlement network pilot project as part of South Korea's efforts to lower the entry threshold for foreign investors. This system, called the “Bank of Korea's Korean Won International Wire Transfer Network,” is scheduled to be fully operational in January next year, and overseas banks will join the network after the system is officially launched. The network will operate 24 hours a day, that is, every weekday from 9 a.m. to 9 a.m. the next day, and services will be suspended on weekends and public holidays. The project will allow overseas investors to freely trade Korean won with other foreign investors by registering accounts opened by overseas institutions using the Korean won business in their home country.

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