[South Korea tests a 24-hour won settlement system to prepare for free overseas transactions] On September 21, the Bank of Korea began testing an all-weather Korean won payment system, laying the foundation for wider foreign capital entry into the Korean market that will be implemented next year. The Bank of Korea said in a statement that the trial began at 9 a.m. local time on Monday. A total of four Korean banks are participating, two of which have completed 1.4 billion won ($1 million) in transactions to date. Foreign banks will also participate in the trial, but the exact timing has not yet been determined, the statement said. South Korea is building infrastructure for around-the-clock won trading and settlement. The USD/KRW transaction in South Korea began to implement 24-hour trading in July this year, and overseas investors will be allowed to conduct Korean won transactions, transfers and settlements outside South Korea from January next year. The measures announced by Seoul this year are aimed at opening the foreign exchange market to global investors and ensuring that its stocks are upgraded to developed market status by MSCI Inc. The Bank of Korea said it will continue to monitor the system to ensure its smooth operation while continuously improving and adding market participants.