Summary
- South Korea is allowing foreign banks to get quotes for dollar-won transactions from a wider pool of banks in the onshore market
- The first third-party foreign exchange transaction of won was carried out between Kookmin Bank’s Singapore branch and Deutsche Bank’s London branch
- Foreigners can now choose trading partners providing the best offer for foreign exchange transactions
- South Korea plans to ease regulations to facilitate transfers between Korean bank accounts and allow foreign investors to use overdraft accounts
