The Bank of Korea has launched a test network for international transfers in Korean won.

The project will make it possible to carry out settlements outside normal banking hours, around the clock, except on weekends and public holidays. South Korea’s largest banks took part in the initiative: KB Kookmin Bank, Woori Bank, Shinhan Bank, and Hana Bank. In particular, the latter bank also issued $100 million worth of five-year blockchain bonds through Euroclear.

Full-scale operation of the central bank’s project is scheduled for January 2027. After that, participation is expected to be expanded to other institutions and foreign banks. The project is intended to strengthen the won’s international standing by improving foreign investors’ access to settlement infrastructure.