New Platform Lets Korean Firms Compare Bank FX Quotes in Real Time

Korea Joins Global Trend Toward Centralized FX Trading Platforms (Yonhap)

SEOUL, Oct. 31(Korea Bizwire) — South Korea is set to launch its first interbank-style foreign exchange brokerage platform for institutional clients, allowing companies, pension funds, and asset managers to compare multiple bank quotes in real time and trade at the most favorable rates.

FXONE, the nation’s first customer-facing foreign exchange brokerage firm, held its inaugural general meeting Thursday at its headquarters in Seoul’s Jongno District. The company is a joint venture between Seoul Money Brokerage Services, Korea Money Brokerage, and Yonhap Infomax, a financial data and news provider.

The new electronic trading platform marks the first time in Korea that institutional clients can access an aggregated view of banks’ foreign exchange quotes, select the best rate in real time, and execute trades transparently. Previously, traders had to contact each bank individually via phone or messenger to obtain quotes before making transactions.

FXONE’s system will not only streamline trading but also enhance transparency by recording transactions and enabling price comparisons across banks. The platform will support a range of currency pairs, including the U.S. dollar–won, euro–won, and yen–won, as well as major international pairs such as euro–dollar and dollar–yen. It will facilitate both spot and derivatives transactions, including forward and swap contracts.

The establishment of FXONE is part of the government’s broader effort to reform and modernize South Korea’s foreign exchange market structure, a process initiated in 2023. Following the amendment of the Foreign Exchange Transactions Act in September, FXONE received approval from the Ministry of Economy and Finance and plans to begin full operations in the first half of next year.

“FXONE will pioneer a new era of innovation in Korea’s foreign exchange services,” said CEO Lee Jung-tae. “We aim to enhance transparency and efficiency while contributing to the globalization and sophistication of the Korean FX market.”

Ashley Song (ashley@koreabizwire.com)