South Korea’s offshore won push shifts reform from promise to execution



Briefings South Korea’s offshore won push shifts reform from promise to execution Seoul now needs foreign banks to use RFI-K and build the liquidity that earlier currency reforms have yet to prove KOREA PROSeptember 17, 2026 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON South Korean 50,000 won bank notes, July 28, 2018 \| Image: Pixabay South Korea’s finance ministry on Wednesday amended foreign exchange rules to create a new licensing regime for overseas institutions handling won transactions, moving ahead with plans to build an offshore market for the currency. Registered Foreign Institutions for KRW Business, or RFI-Ks, will be able to serve foreign non-residents, open omnibus won accounts at Korean foreign exchange banks and settle transactions through the Bank of Korea’s international won payment network. The revised rules also allow RFI-Ks to borrow won without limit from Korean banks when needed to complete settlements and exempt most won-denominated capital transactions between non-residents from reporting requirements, © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Samsung, SK Hynix rejection exposes South Korea’s chip-grid financing problem 02Trump’s Cheongung social media post tests Seoul’s refusal to arm to Ukraine 03Lee Jae Myung risks public trust as South Korea rewires its justice system 04South Korea turns to Central Asia as Iran war tests its energy resilience 05Houthi seizure of Mokha sharpens South Korea’s Hormuz deployment dilemma 06Japan’s stronger yen may cut Korea’s import bill while raising funding costs 07South Korea leans on Europe as Hormuz deployment choices grow narrower 08Hanwha’s Austal bid shows where South Korea’s MASGA plan may be heading

Briefings

South Korea’s offshore won push shifts reform from promise to execution

Seoul now needs foreign banks to use RFI-K and build the liquidity that earlier currency reforms have yet to prove

KOREA PROSeptember 17, 2026

South Korea’s offshore won push shifts reform from promise to execution

South Korean 50,000 won bank notes, July 28, 2018 | Image: Pixabay

South Korea’s finance ministry on Wednesday amended foreign exchange rules to create a new licensing regime for overseas institutions handling won transactions, moving ahead with plans to build an offshore market for the currency. Registered Foreign Institutions for KRW Business, or RFI-Ks, will be able to serve foreign non-residents, open omnibus won accounts at Korean foreign exchange banks and settle transactions through the Bank of Korea’s international won payment network.

The revised rules also allow RFI-Ks to borrow won without limit from Korean banks when needed to complete settlements and exempt most won-denominated capital transactions between non-residents from reporting requirements,

South Korea’s offshore won push shifts reform from promise to execution

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