The Bank of Korea (BOK) said on the 25th that it will launch a "next-generation foreign currency asset management system" that incorporates the latest information technology (IT). With the new system, the entire process from transaction and risk management to settlement can be handled on a single platform.
At 2 p.m. on the same day, the Bank of Korea (BOK) held a launch ceremony for the "next-generation foreign currency asset management system," attended by Governor Rhee Chang-yong and related officials. At the event, Rhee presented plaques of appreciation to the system developer and others and encouraged the employees in charge of the buildout.
The Bank of Korea (BOK) determined that the existing system, which has been in operation since 2012, had limitations in responding to the rapidly changing operating environment as it aged. Accordingly, starting with external consulting in Jun. 2023, it built a new foreign asset system after about 19 months of preparation and 14 months of development and testing.
The new system integrates previously dispersed external systems into one, enabling the entire process—from pre-transaction checks to execution, settlement, risk management, and performance evaluation—to be handled within a single system.
In addition, the entrusted asset data, which had been received with a time lag, has been standardized so it can be integrated and managed with the asset data directly managed by the Bank of Korea (BOK). The Bank of Korea (BOK) entrusts part of its foreign currency assets to Korea Investment Corporation (KIC) and manages the rest directly. It said this will also significantly reduce the time required for position checks and performance calculation.
Rhee urged Bank of Korea (BOK) employees to "continue working so that the new system becomes a solid cornerstone of asset management and helps the Bank of Korea (BOK) leap forward as a global leading investment institution."