Will Busan Spread Its Wings as an 'Asia Financial Hub'? Financial Center Index Rises 11 Places

Busan City Jumps to 40th in Global Financial Competitiveness Ranking... Ranked 51st Among Major World Cities in March
Competition Among 120 Financial Cities Worldwide... New York 1st, London 2nd, Seoul 25th, Busan 40th
Continued Efforts in Tax Incen

Financial Center Index Ranking of Major Cities Worldwide.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] In the Global Financial Centres Index (GFCI), which measures the financial competitiveness of world cities, Busan jumped to 40th place.

This is a significant rise of 11 ranks from 51st place in March. Seoul also rose 8 ranks from 33rd in March to 25th this time.

The Financial Centres Index evaluates the financial competitiveness of global cities and ranks them. The evaluation covers five areas: business environment, financial sector development, infrastructure, human capital, and reputation/general factors.

The world’s major financial centres index is managed by the City of London, the financial center of London, and is evaluated and announced twice a year in March and September by Z/Yen, a global think tank and consulting firm.

Recently, Busan has pursued strategic policies tailored to changes in the financial industry paradigm, such as intensified competition among countries due to the weakening status of Hong Kong as a financial center and the strengthening of non-face-to-face finance due to COVID-19.

They are conducting multifaceted efforts including strengthening marketing targeting Hong Kong financial institutions and focusing on fostering the fintech industry.

Byun Sung-wan, Acting Mayor of Busan, said, “This result is the outcome of continuous efforts to revitalize Busan’s financial center despite unprecedented situations such as COVID-19 and the Hong Kong incident.”

Acting Mayor Byun added, “Since establishing an action plan to attract foreign financial institutions to Busan this year, we have been focusing on promoting Busan’s financial center through online video conferences, advertisements in overseas daily newspapers, and overseas commercials.”

Busan is challenging to become an Asian financial hub by promoting the third phase development of the Busan International Financial Center in preparation for the ‘Season 2’ of public institution relocation to local areas, fostering the fintech industry combining the strengths of marine finance and blockchain special zones, and establishing the Busan International Financial Promotion Agency as a public-private cooperation body and financial control tower.