Bank of Korea

What Bank of Korea does

The Bank of Korea (한국은행) is the central bank of the Republic of Korea, established in 1950 under the Bank of Korea Act and headquartered in Seoul with 16 regional offices. It conducts monetary policy through its 7-member Monetary Policy Committee (금융통화위원회), maintaining the benchmark interest rate (held at 2.50% as of May 2026) with a 2% inflation target, and oversees the stability of South Korea's financial system. The institution manages foreign exchange reserves of $426.99 billion (12th largest globally as of April 2026), issues national currency, and operates the country's payment and settlement systems. Its current Governor, Shin Hyun-song, took office on April 21, 2026, and was elected to the BIS Board of Directors in May 2026.

The BOK's core technology infrastructure spans wholesale and retail CBDC development via Project Hangang — a two-tier deposit token model now in Phase 2 with nine major commercial banks, supporting programmable wallets, P2P transfers, merchant networks, and government subsidy disbursements up to 110 trillion won (~$73 billion). Internationally, BOK participates in the BIS-led Project Agora alongside seven central banks and 40+ financial institutions, building a two-layer blockchain architecture for tokenized cross-border wholesale payments with atomic settlement. Its technology stack also includes the KOFR (Korea Overnight Financing Rate) as the modernized reference rate for derivatives pricing, and machine learning-based inflation forecasting models. BOK maintains membership in the BIS (board seat since 2019), FSB (since 2009), and BCBS.

As a public institution owned by the Korean government, BOK does not generate commercial revenue. Its financial scale is reflected in net operating surplus from foreign currency asset returns and interest income — Q1 2026 profit reached a record 4.21 trillion won ($2.71 billion), more than triple the prior-year quarter, driven by won weakness boosting FX revaluation gains. It serves the entire South Korean economy and financial system, with counterparties spanning all domestic commercial banks, securities firms, insurers, and government entities. Customer relationships are institutional and diversified rather than commercial in nature, and the institution communicates policy via official press releases, governor press conferences, the bok.or.kr website, and active social media channels.

Name

Bank of Korea

Legal name

Bank of Korea (한국은행)

Website

https://bok.or.kr

Company type

Public

Founded year

1950

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

The Bank of Korea (한국은행) is South Korea's central bank, established in 1950, conducting monetary policy, managing $426.99 billion in foreign reserves, operating payment systems, and leading CBDC development (Project Hangang) and cross-border tokenization (Project Agora) to serve the nation's economy and financial system.

Ownership category

akta.pro rank

Product category

Central Banking

NAICS

Monetary Authorities-Central Bank (521), Monetary Authorities-Central Bank (52111), Monetary Authorities-Central Bank (521110), Monetary Authorities-Central Bank (5211)

SIC

Finance Services (6199), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Central Bank Reserve Management (FSAAAGAF)

akta.pro secondary industries

Tokenized Bank Deposit & Commercial Bank Money Issuers (FSADADAB), Money Markets & Short-Term Funding (T-Bills, CP, CDs) (FSACAEAG)

Keywords

• Central banking services
• Monetary policy operations
• Payment settlement systems
• Foreign exchange management
• Financial stability oversight

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Foreign Exchange Gains and Interest Income: The BOK generates substantial profits from returns on its foreign currency assets, particularly when the won weakens, as foreign currency holdings are revalued favorably. The BOK also earns interest income on its holdings of government bonds and other securities. Q1 2026 profit reached a record 4.21 trillion won ($2.71 billion), more than triple the 1.39 trillion won from the same period in 2025, driven primarily by won weakness boosting returns on foreign currency assets.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

The Bank of Korea is South Korea's central bank, operating monetary policy through the Monetary Policy Committee, setting the benchmark interest rate, and issuing the national currency. It provides payment and settlement infrastructure to domestic financial institutions, manages foreign exchange reserves (approximately $426.99 billion), conducts open market operations, and oversees financial system stability. The BOK is also advancing digital currency innovation through Project Hangang (CBDC/deposit token infrastructure) and participating in BIS-led Project Agora for cross-border tokenization.

Product overview

The Bank of Korea operates as South Korea's central bank, offering financial infrastructure services rather than commercial products. Its primary digital product initiatives include Project Hangang (a national deposit token infrastructure) and CBDC development. These operate within a two-tier structure where the central bank manages base infrastructure while commercial banks handle end-user services. The institution also provides payment systems, foreign exchange systems, and economic statistics through its ECOS platform.

Differentiator

Problem solved

Functional benefit

Brands

• Project Hangang: Wholesale CBDC pilot project advancing toward full-scale deployment, with Phase 2 involving nine major commercial banks testing deposit tokens for daily payments, peer-to-peer transfers, and government subsidy disbursements.
• Project Agora
• KOFR (Korea Overnight Financing Rate)

Products and services

• Project Hangang (Deposit Token Infrastructure) A national deposit token infrastructure designed for daily payments, peer-to-peer transfers, and distribution of government subsidies via digital wallets. Implements a two-tier structure where the Bank of Korea manages base CBDC infrastructure while commercial banks issue deposit tokens to end-users. Phase 2 expands to nine major commercial banks for government subsidy disbursements up to 110 trillion won.
• Central Bank Digital Currency (CBDC) Digital currency initiative by the Bank of Korea for retail and wholesale applications, including blockchain-based wholesale CBDC pilot exploring unified ledger concepts. Built within the two-tier structure where the central bank manages base infrastructure and commercial banks handle end-user services.
• KOFR (Korea Overnight Financing Rate) A reference interest rate for the Korean financial market, used as the standard for financial derivatives and loan pricing, developed as part of financial market infrastructure modernization. Operates as the BOK's benchmark overnight unsecured rate replacing the legacy CD rate.
• Payment and Settlement Systems (한은금융망) The BOK operates Korea's interbank payment and settlement infrastructure used by domestic financial institutions for transfer, clearing, and settlement of funds. Supports reserve management and real-time gross settlement for the Korean financial system.
• Foreign Exchange Operations and Reserve Management The BOK manages foreign currency reserves of approximately $426.99 billion (world's 12th-largest as of April 2026), conducts FX market operations to stabilize the won, and oversees the 24-hour onshore won-dollar trading regime extending operations on weekdays.
• Government Bond and Treasury Services (국고증권) The BOK handles issuance, redemption, and management of government securities and treasury operations for the Korean government, supporting public finance and debt management.
• ECOS Economic Statistics System The Bank of Korea's Economic Statistics System (ECOS) provides comprehensive economic and financial statistics, including monetary aggregates, interest rates, FX rates, balance of payments, GDP, and inflation data to the public and researchers.
• Currency Issuance (Banknotes and Coins) The BOK issues and manages Korean won banknotes and coins, including commemorative coins, and oversees currency-related education, counterfeit prevention, and damaged currency exchange services.

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Basel Committee on Banking Supervision (BCBS)coreOthers · 24 June 2026The BOK is a member institution of the BCBS, which sets global banking supervision standards. Korea, represented by the BOK and Financial Supervisory Service, participates in BCBS activities including liquidity regulation, systemically important financial institution (SIFI) regulation, and other financial regulatory reform initiatives.
• Financial Stability Board (FSB)coreOthers · 24 June 2026South Korea joined the FSB (formerly Financial Stability Forum) in 2009 as a member country. The BOK and Financial Services Commission serve as member institutions. Korea actively participates in FSB plenary sessions, vulnerability assessment committees, and working groups, advocating for emerging market perspectives on global financial stability.
• Financial Supervisory Service (FSS)coreOthers · 24 June 2026The BOK and FSS jointly conduct financial supervision activities. On June 10, 2026, they began joint on-site and off-site examinations of major FX banks for the first time in 14 years, investigating destabilizing trading and potential exchange rate manipulation. They also conduct joint inspections and share financial stability monitoring data.
• Commercial Banks (Project Hangang)coreTechnology or Integration · 23 June 2026The BOK is collaborating with nine major South Korean commercial banks on Project Hangang Phase 2, which connects the BOK's CBDC infrastructure with participating banks' account-processing systems. Banks are developing programmable wallets for government subsidies and digital payment services, with Phase 2 testing including person-to-person transfers, expanded merchant networks, and B2B treasury payment programs.
• Financial Services Commission (FSC)coreOthers · 22 June 2026The BOK coordinates with the FSC on digital financial innovation, including Project Hangang deposit token expansion and regulatory sandbox reforms covering the Virtual Asset User Protection Act. The FSC announced plans to widen its regulatory sandbox while the BOK advances CBDC and deposit token commercialization.
• U.S. Federal ReserveminorOthers · 18 June 2026The BOK maintains ongoing coordination with the U.S. Federal Reserve on monetary policy developments, with Governor Shin Hyun-song and Finance Minister Koo Yun-cheol meeting to assess the Fed's hawkish stance and its implications for Korean financial and FX markets. BOK officials participate in BIS meetings where Fed policy is discussed among central bank leaders.
• Seven Central Banks (Project Agora)coreTechnology or Integration · 28 May 2026The BOK participates in the BIS-led Project Agora alongside seven central banks and more than 40 regulated financial institutions, working on a two-layer blockchain architecture for tokenized cross-border wholesale payments that can settle in seconds using atomic settlement with tokenized central bank reserves and commercial bank deposits.
• Bank for International Settlements (BIS)coreOthers · 12 May 2026The Bank of Korea is a member institution of the BIS and participates in BIS-led initiatives including Project Agora (tokenized cross-border wholesale payments). BOK Governor Shin Hyun-song was elected to the 18-member BIS Board starting a three-year term. South Korea joined the BIS in 1997 and has maintained a board seat since 2019.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Federal Reserve System: U.S. central bank and the most closely coordinated G3 peer — BOK explicitly tracks Fed policy and Governor Shin coordinates with the FOMC on FX and rate spillovers. Comparable on mandate, balance-sheet scale, and Project Agora participation.
• European Central Bank: Eurozone monetary authority and fellow BIS/Agora member with an active wholesale CBDC workstream and cross-border tokenization pilots. Comparable on dual mandate, reserve management, and integration into global standard-setting bodies.
• People's Bank of China: China's central bank and the dominant regional counterparty shaping KRW/CNY dynamics and Asian CBDC interoperability. Directly comparable on reserve management, FX intervention, and digital yuan (e-CNY) rollout relevant to Korea's Hangang design choices.

Direct peers

• Bank of Japan: Another advanced Asia central bank managing yen weakness, yield-curve control exit, and CBDC (a pilot launched in April 2026). BOK and BOJ are co-participants in Project Agora and face similar won/yen carry-trade dynamics.
• Monetary Authority of Singapore: Frequently cited as the gold-standard Asian monetary authority for innovation, running Project Orchid and live retail/wholesale CBDC pilots. Closest comparable on CBDC frontier execution, FX policy sophistication, and small-economy-with-global-ambition positioning.
• Bank of England: U.K. central bank with active CBDC consultation, Project Agora participation, and a research function where BOK Deputy Governor staff have rotated. Comparable on stablecoin regulatory posture and integrated bank-of-england research traditions.
• Swiss National Bank: Hosts the BIS, the regulatory anchor for Agora; runs a wholesale CBDC pilot and is one of the deepest reserve managers globally. Comparable on FX intervention intensity, balance-sheet earnings, and tight cross-border policy coordination.
• Reserve Bank of Australia: Advanced Asia-Pacific central bank running a long-running eAUD research pilot and same-time-zone BIS/Agora participant. Comparable on commodity-cycle exposure, FX policy, and project-agora co-development.
• Bank of Canada: Operated Project Jasper wholesale CBDC and contributes to G7 cross-border tokenization work relevant to Hangang's unified-ledger thinking. Comparable on innovation-heavy technical bench and small-open-economy FX posture.

Regional players

• Reserve Bank of India: India's central bank operating the digital rupee pilot across wholesale and retail segments. Comparable on emerging-market CBDC design trade-offs, FX volatility management, and G20-era cross-border tokenization leadership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/bok_hub
• YouTubeyoutube.com/thebankofkoreakr
• Facebookfacebook.com/bankofkoreahub
• Instagraminstagram.com/thebankofkorea
• LinkedInlinkedin.com/company/bank-of-korea

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Bank of Korea