South Korea is set to undergo significant reforms in its foreign exchange market, the most extensive since the 1998 financial crisis. These reforms include extending trading hours until 2 AM, aligning with London's market close, and paving the way for 24-hour operations in the future. Notably, overseas financial institutions approved by Korean authorities will gain direct access to Seoul's forex market, reducing reliance on non-deliverable forward (NDF) markets. Major banks like KB Kookmin, Shinhan, Hana, and Woori are expanding their teams to prepare for these changes, aiming to register their overseas branches as foreign financial institutions (RFIs) to bolster their presence in Seoul and enhance global operations denominated in South Korean won.