In 2024, innovation in payment and settlement systems continued apace amid growing momentum in the digital transformation of finance. The Act on the Protection of Virtual Asset Users entered into force to safeguard the assets of virtual asset investors, and discussions were held on additional legislation to introduce entry and operation regulations as well as a regulatory framework for stablecoins. The international community’s efforts to improve payment and settlement infrastructures also saw success, including the implementation of the G20

Roadmap for Enhancing Cross-Border Payments and the adoption of ISO 20022. Meanwhile, the TMON-WeMakePrice event highlighted the need to improve supervisory regulations governing payment gateways (PGs) to better protect consumers. 

In the face of the evolving payment and settlement landscape, the BOK undertook wide-ranging efforts to enhance the safety and efficiency of the payment and settlement systems. BOK-Wire+ reliably and efficiently provided final settlement services for transactions, including funds transfers between BOK-Wire+ participants, retail payments and securities settlements, and foreign exchange payment-versus-payment (PvP) settlements. In connection with the progressive upward adjustments to the net-settlement collateral ratio, the BOK expanded the range of net settlement collateral-eligible securities in order to reduce the resulting burdens on participants. The BOK continued robust oversight of payment and settlement systems, conducting assessments of payment and settlement systems and joint examinations of financial companies. Virtual asset markets were monitored and analyzed by requesting the submission of data from virtual asset service providers. The coverage of mobile cash card services was expanded to further facilitate the public’s access to cash. The BOK made sustained efforts to improve payment and settlement infrastructure, including preparing to implement an real-time gross settlement (RTGS)-based fast payment system and to adopt ISO 20022, while also operating a task force to enhance cross-border payment services. In collaboration with the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS), the BOK also prepared for Project Hangang to assess the feasibility of introducing a digital money.

Looking ahead, the BOK plans to continue to expand domestic payment and settlement infrastructure, strengthen efforts to monitor and analyze virtual asset markets, develop a suitable and thriving payment and settlement ecosystem in keeping with the digital transformation of the economy, and establish an appropriate regulatory framework. Moreover, the BOK will actively contribute to global dialogues and international efforts for the innovation of payment and settlement systems, including the interlinking of national payment systems, and

also implement these efforts domestically.