(Sept 21): South Korea’s central bank began testing a system for round-the-clock won payments, laying the groundwork for greater foreign access to local markets that is set to be implemented next year.

The trial started at 9am local time on Monday (8am Malaysia), the Bank of Korea said in a statement. Four local banks are taking part, with two completing 1.4 billion won (RM4.13 million) of transactions so far.

Foreign banks will also join the trial, though the timing has yet to be decided, according to the statement.

The test comes as South Korea builds the infrastructure for round-the-clock trading and settlement in the won. Onshore dollar-won trading moved to a 24-hour schedule in July while overseas investors will be allowed from January to trade, transfer and settle the currency among themselves outside South Korea.

Seoul announced the measures this year as part of a push to open its currency market to global investors and secure an upgrade to developed-market status for its stocks from MSCI Inc. The BOK said it will monitor the system to ensure it operates smoothly while making improvements and adding more participants.

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