Company Formation and Business Operations in South Korea
South Korea is poised to implement significant reforms in its foreign exchange market, marking the most substantial changes since the 1998 financial crisis. These reforms include extending trading hours until 2 AM to coincide with the London market close and progressing towards 24-hour trading in the future. Notably, approved overseas financial institutions 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 in anticipation of these changes, intending to register their overseas branches as foreign financial institutions (RFIs) to strengthen their presence in Seoul and enhance global operations in South Korean won.