Discussion on Financial Industry at Avani Central Busan at 11 AM on the 20th
City-Busan International Financial Center Resident Organizations-Financial Related Institutions Attending
Busan City and public-private sectors gather in one place to brainstorm for the development and innovation of Busan's financial industry.
On the 20th at 11 a.m., Busan City will announce the ‘Busan Financial Industry Promotion Plan’ and discuss cooperation at the ‘Busan Financial Hub Development Council Heads Meeting’ held at Avani Central Busan (located in Munhyeon-dong, Busan), with participation from Busan City, institutions residing in the Busan International Financial Center (BIFC), and related financial organizations.
The meeting will be attended by Mayor Park Hyung-jun, Kim Jong-ho, Chairman of the Korea Technology Finance Corporation, representatives of institutions residing in BIFC, Jang In-hwa, Chairman of the Busan Chamber of Commerce and Industry, and other heads of related financial organizations. The city will explain the ‘Busan Financial Industry Promotion Plan’ and request cooperation and support from participating institutions.
This plan comes as Busan City approaches the 15th anniversary of its financial hub. Although Busan has been establishing its foundation as a financial city through phased development of the Busan International Financial Center, nurturing financial professionals, and discovering new growth engines based on financial technology (Fintech), blockchain, and digital platforms, it still faces the reality of insufficient financial functions. Therefore, the city has established three key strategies and four major tasks to leverage opportunities as a financial hub.
The three key strategies are ▲ maximizing financial industry conditions based on concentrated policy financial institutions and digital capabilities ▲ attracting target financial companies by utilizing specialized finance (marine and derivatives) and strategic networks ▲ and introducing financial special zone systems (such as Dubai and Singapore) to improve business and residential environments.
The four major tasks are as follows.
▲ (Task ① Establishing a Global Financial Hub Foundation) To attract international financial institutions, Busan will enhance its financial recognition through building domestic and international strategic networks and holding overseas investment roadshows (IR). It will also strengthen a virtuous cycle financial investment ecosystem, build financial sector data centers, and promote the introduction of financial special zone systems to expand related infrastructure.
▲ (Task ② Maximizing the Effect of Concentrated Policy Financial Institutions) By strengthening the policy financial functions and collaborative support of policy financial institutions and related organizations located in Busan, the city aims to enhance regional competitiveness. It will also promote additional relocation of policy financial institutions reflecting regional characteristics and revitalization of the real economy, alongside the relocation of the Korea Development Bank to Busan.
▲ (Task ③ Leap to an Asian Digital Financial Hub) To strengthen digital financial competitiveness, Busan will create a digital financial valley (Phase 3 of the Busan International Financial Center) and nurture core digital financial talents. Support for local fintech companies will be enhanced, and new growth engines will be discovered based on the blockchain regulatory free zone and digital assets.
▲ (Task ④ Innovation in Marine and Derivatives Finance) Centered on the Korea Ocean Business Corporation and the Marine Finance Comprehensive Center, the city will strengthen the foundation of a marine-specialized financial hub through activation of marine finance policy support. Specialized financial professionals will be trained through Korea Maritime and Ocean University and the Financial Action Task Force Training Institute (FATF TRAIN). Additionally, Busan will establish a base for green finance growth for future financiers and activate the derivatives finance sector focused on green finance.
Busan City announced that the Phase 3 project of the Busan International Financial Center, which began construction in March 2022, is now on track. Key projects in Busan’s financial industry are progressing smoothly, including the designation notice of the ‘Korea Development Bank Busan Relocation Public Institution’ as a national agenda and the launch of a public-private-government cooperation task force (TF) for legal amendments.
Mayor Park Hyung-jun stated, “This plan is meaningful as it lays the foundation for Busan to become a competitive international financial city.” He added, “An international hub city must allow free movement of people, goods, and money. To support this, we will ensure sufficient financial functions so that Busan becomes a city favorable for finance.” He further expressed his commitment, saying, “Moreover, we will do our best to create a virtuous cycle structure where young talents gather, settle in the region, and continuously develop the area.”
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