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Weekly Focus | Economic Trends - Korea Moves to Take the Won Global
South Korea is taking new steps to expand the international use of the Korean won and make its financial markets more accessible to foreign investors.
Under a new framework, approved foreign financial institutions will be able to settle won transactions for overseas customers without requiring them to open separate accounts in Korea. The system will cover areas including remittances, investments, securities transactions and won-denominated payments.
The Bank of Korea has also launched a pilot 24-hour offshore won settlement network with KB Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank. Full implementation is scheduled for January 2027, with overseas banks expected to join the network.
The reform comes as the won remains relatively limited in global foreign exchange markets. According to BIS figures cited by The Korea Herald, the won represented 1.8% of global forex turnover in 2025, compared with 28.5% for the euro.
By improving offshore access to the won, Korea aims to reduce barriers for foreign investors and strengthen the currency’s international use.
Source:The Korea Herald, September 16, 2026,Yonhap News Agency, September 21, 2026.
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