Bank of Korea Governor Lee Changyong Holds One-on-One Meetings with Heads of Six Major Banks, Urges Participation in CBDC

Lee Changyong, Governor of the Bank of Korea, has requested that the heads of the six major commercial banks actively participate in the central bank digital currency (CBDC) initiative.

Lee Changyong, Governor of the Bank of Korea, is attending the Monetary Policy Committee plenary meeting held at the Bank of Korea headquarters in Jung-gu, Seoul on April 17, 2025. Photo by Joint Press Corps

According to the financial sector on May 22, Governor Lee recently held individual meetings of about 30 minutes each with the heads of KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH Nonghyup Bank, and IBK Industrial Bank of Korea.

Starting with Lee Hwanju, CEO of KB Kookmin Bank, on the morning of May 20, Governor Lee met with Jung Sanghyuk, CEO of Shinhan Bank, and Kim Sungtae, CEO of IBK Industrial Bank of Korea, on May 21. On this day, he also met sequentially with Lee Hosung, CEO of Hana Bank, Jung Jinwan, CEO of Woori Bank, and Kang Taeyoung, CEO of NH Nonghyup Bank. Some meetings were held at the Bank of Korea headquarters, while for others, such as Shinhan Bank and Woori Bank, Governor Lee visited the banks' headquarters directly.

It is unusual for the Governor of the Bank of Korea to visit banks individually for one-on-one meetings, rather than meeting collectively at events organized by associations like the Korea Federation of Banks.

During these meetings, Governor Lee is reported to have requested active participation in "Project Agora," which the Bank of Korea is currently promoting. This project is an international cooperation initiative that seeks to explore the potential for improving cross-border payment and settlement systems by utilizing institutional CBDC and tokenized deposits from commercial banks. The Bank of Korea is conducting this project in collaboration with the Bank for International Settlements (BIS), the central banks of the United States, United Kingdom, Japan, France, Switzerland, and Mexico, as well as the Institute of International Finance (IIF). Domestically, the six banks involved in these relay meetings are participating in the project.

Governor Lee reportedly explained to the bank CEOs the background and significance of Project Agora, which is set to begin testing in the second half of this year. He particularly emphasized that if the project is activated according to BIS objectives, frontline banks will benefit by reducing operational costs in areas such as foreign exchange transactions and alleviating legal burdens.

In addition, Governor Lee asked for interest in "Project Hangang," a separate initiative by the Bank of Korea. Project Hangang is an experiment that involves converting bank deposits into tokens linked to CBDC and using them as a means of payment in real-life situations.

The issue of issuing a won-based stablecoin, which commercial banks are jointly studying, was also discussed.

Based on this round of communication, Governor Lee will hold a meeting with the heads of the six major banks at 2 p.m. on May 26. Timothy Adams, President of the IIF, will also attend to share updates on Project Agora and discuss global financial issues.

A representative from one of the commercial banks said, "Governor Lee placed great significance on improving future payment and settlement services through Project Agora and Project Hangang, and sought our understanding. These in-person meetings are expected to lead to further discussions at the upcoming meeting."