In 2025, amid the ongoing digital transformation of finance, the need to upgrade infrastructure to enhance cross-border payments and related financial services intensified. In response, in March 2026, the BOK extended the operating hours of BOK-Wire+ and continued to strengthen international connectivity and infrastructure by establishing Bank of Korea Won International Wire Network (BOK-WireInt) and by adopting ISO 20022. Also, the BOK supported the launch of a cross-border QR payment system with Indonesia (April 2026), improving payment convenience for citizens of both countries. The BOK has also stepped up its analysis of virtual asset markets through the newly formed “Digital Asset Research Section,” created following the entry into force of the Act on the Protection of Virtual Asset Users in 2024, and actively contributed to discussions about legislation regarding KRW stablecoins.

BOK-Wire+ provided reliable final settlement services for funds transfers between BOK-Wire+ participants, retail payments, and securities settlements and foreign exchange payment-versus-payment (PvP) settlements. To ensure the safety of payment and settlement systems, related risk management frameworks were further reinforced. In particular, the net-settlement collateral ratio was raised to the final target of 100%, completing the phased increase that had been underway since 2016. The BOK continued its oversight of payment and settlement systems through regular assessments and joint examinations of financial institutions, while simultaneously working to make payment services more inclusive and convenient by expanding the infrastructure for debit service and improving public access to cash. In addition, a model of the future digital currency infrastructure was constructed and a pilot for Phase I of Project Hangang was undertaken, testing it with real-world transactions. Internationally, the BOK continued its engagement in Project Agorá, an initiative to enhance the efficiency of global inter-institutional payments using digital currencies, as part of its broader digital currency initiatives. In tandem, sustained efforts were made to strengthen international cooperation by hosting the Working Group on Payments and Market Infrastructures (WGPMI) of the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) in Seoul and by participating in discussions about connecting domestic instant payment systems (Project Nexus).

Going forward, while ensuring the smooth transition of BOK-Wire+ to extended operating hours, the BOK plans to continuously enhance its core infrastructure by commencing operation of BOK-WireInt and by expanding the scope of ISO 20022 adoption. At the same time, the BOK will carefully assess the risks arising from the growing adoption of digital assets and work to establish an optimal institutional framework to support a resilient and efficient payment and settlement ecosystem, while also enhancing the competitiveness of domestic payment systems, notably through support for cross-border QR payment linkages.