Fintech Competitiveness Ranks 18th... Expected Impact of Focused Investment in Financial Talent Development
[Asia Economy Reporter Jo In-kyung] Seoul announced on the 28th that it ranked 25th among 121 cities worldwide in the Global Financial Centres Index (GFCI), which measures the financial competitiveness of major global cities based on business environment, financial industry development, infrastructure, and human resources.
This index has been published since 2016 by the UK’s Z/Yen Group and China Development Institute (CDI) after conducting online surveys every March and September. The 25th place ranking this time marks an 8-rank rise from 33rd in March this year and an impressive 11-rank jump from 36th in September last year.
Despite the average score of global cities dropping by 6.25% (41 points) since March due to the COVID-19 pandemic, Seoul maintained its previous level, which is analyzed to have enhanced its international competitiveness.
In particular, Seoul ranked 18th among all cities in the 'Fintech Competitiveness' category, climbing 9 places since March. Additionally, it secured 6th place in the 'Cities with High Future Potential' category, surpassing Hong Kong (10th) and New York (15th).
The city is currently focusing investments to strengthen financial competitiveness, including the 'Seoul Fintech Lab,' the largest fintech startup incubator in Korea located in Yeouido that can accommodate 100 companies and 1,000 people, the 'Digital Finance Graduate School' which opened for the first time within the Yeouido financial district, and the 'Seoul International Financial Office' under development to attract domestic and international financial institutions.
Kim Ui-seung, Director of Seoul’s Economic Policy Office, emphasized, "Despite the rapid economic downturn caused by the global pandemic, the strategies we have pursued to foster Asia’s fintech hub and revitalize the financial center are yielding meaningful results. We will continue to focus on supporting non-face-to-face and digital financial innovation and enhance Seoul’s financial competitiveness through attracting domestic and international financial institutions and networking."
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