Six Korean banks selected for Agora Project for real-time international remittances - Korean media

The Bank for International Settlements (BIS) and the Institute of International Finance (IIF) have announced that approximately 40 financial institutions will participate in the "Agora Project," which will enable international remittances to be sent in real time, just like e-mail.
Among domestic financial institutions, six banks were selected: Kookmin Bank, Industrial Bank of Korea, Nonghyup Bank, Sinan Bank, Woori Bank, and Hana Bank.
The Bank of Korea announced on the 16th that "The Bank for International Settlements and the Institute for International Finance have selected private financial institutions to participate in the AGORA project."
On May 14, the Bank for International Settlements and the Institute for International Finance announced a call for private financial institutions to participate in the Agora project.
In April of this year, the Bank for International Settlements and the central banks of the Group of Seven countries, including South Korea, announced plans to improve the international payment and settlement system.
The project involved the central banks of key currency countries such as the Bank of Korea, France, Japan, Switzerland, and the United Kingdom, as well as the Federal Reserve Bank of New York and the
The Mexican central bank will participate in the initiative, and the Institute of International Finance will represent the private sector. The Agora project aims to overcome structural inefficiencies that arise in international payments, such as international remittances.
It has been noted that cross-border payments between banks are costly and time-consuming due to a combination of different laws and regulations, technology compliance requirements, and differences in business hours and time standards.
Once the project is implemented, overseas remittances will be able to be sent in real time.