BOK to launch pilot program for 24-hour offshore won settlement network in Sept.

The Bank of Korea said Tuesday that it plans to launch a pilot program for a 24-hour offshore won settlement network in September as part of the country's efforts to improve foreign investors' access to the local financial market.

The BOK said it is testing the system, named the BOK Won International Wire Network, with four local operators -- Kookmin Bank, Woori Bank, Hana Bank and Shinhan Bank.

Revisions to related regulations will be completed by August before the pilot program begins in Septe ...