Woori Bank enables offshore Won investment via Singapore branch

Woori Bank has completed the first transaction allowing overseas institutional investors to open Won accounts locally and invest in South Korean capital markets without using domestic financial institutions. Through its Singapore branch, the bank facilitated a transaction where an overseas institution opened a Won account and transferred funds to a Korean securities firm via the Bank of Korea’s international Won settlement system.

This development marks the first practical implementation of the offshore Won transaction liberalization, a key component of the government’s July Won internationalization roadmap. Under the Registered Foreign Institution for Korean Won (RFI-K) system, investors can manage, hold, and settle Won in their local markets. This removes the previous requirement for investors to open accounts directly with Korean institutions and coordinate settlements with Korean business hours.

Woori Bank has registered four major global hubs as RFI-K entities with the Ministry of Economy and Finance: its Singapore, Tokyo, and London branches, and its Chinese subsidiary. The bank plans to expand offshore Won transactions by promoting the use of the international settlement system to institutional investors across Asia and Europe.