Z/Yen Announces GFCI Rankings for 135 Cities
Seoul Leads Asia's Rise Alongside Hong Kong and Shenzhen
Achieves Best-Ever 8th Place in Fintech Sector
Seoul has ranked 10th overall among 135 cities in the Global Financial Centres Index, which measures the financial competitiveness of major cities worldwide. In particular, Seoul achieved its best-ever performance in the fintech sector, placing 8th.
According to the Seoul Metropolitan Government on September 25, the UK-based global consulting group Z/Yen announced the results of the 38th Global Financial Centres Index (GFCI), which analyzed 135 cities worldwide, through an online webinar at 9 a.m. UK local time.
At the 'Seoul City-Silks Investment Attraction MOU' held on the 22nd, Seoul Mayor Oh Sehoon and attendees are taking a commemorative photo after signing the agreement. (From left: Joo Yongtae, Director of Economic Affairs, Oh Sehoon, Mayor of Seoul, David Ferguson, Vice Chairman of WISeKey and Director of Silks, Loic Amon, Chief Operating Officer of Silks). Seoul City
The GFCI is jointly organized by Z/Yen of the United Kingdom and the China Development Institute (CDI) and is published every March and September. The index is calculated based on five key evaluation criteria-human capital, business environment, financial sector development, infrastructure, and city reputation-along with the results of online surveys conducted among financial professionals worldwide.
Maintaining its Top 10 position since March, Seoul was ranked 9th in business environment (up seven places), 11th in human capital (unchanged), and 5th in city reputation (up five places) among the five evaluation categories. Notably, Seoul's fintech ranking has steadily improved from 27th in 2020 to 13th in 2023, 10th in 2024, and now 8th. Z/Yen evaluated Seoul's rise in the fintech rankings as the result of sustained, long-term efforts rather than a sudden development.
Among the top-ranked cities, New York took the top spot as the leading global financial center, followed by London in second place, with Hong Kong (third) and Singapore (fourth) trailing behind.
The city government analyzed that this GFCI result reflects Seoul's active efforts to attract investment in advanced strategic industries, which has strengthened its competitiveness as a financial hub. This year, Seoul has promoted several initiatives: a 15 billion won (approximately 11 million USD) additional investment and a new hiring agreement for 100 employees with Intuitive Surgical, the global leader in robotic surgery (April); a partnership with global data cloud company Snowflake for overseas expansion and talent development in AI and fintech (September); and a memorandum of understanding with Swiss quantum security semiconductor company Silks for the establishment of a Seoul R&D center worth 30 million USD (approximately 42 billion won) (September). These expanded investments in innovative industries are providing a strong foundation for financial and fintech companies to grow with confidence, further enhancing Seoul's competitiveness as a financial center.
Furthermore, the talent and research and development infrastructure-such as Seoul Fintech Lab, Youth Job Training School, and Seoul AI Hub-has played a crucial role in strengthening human capital, a core component of the GFCI evaluation. Programs like 'Seoul-style R&D' and the 'Seoul Vision 2030 Fund' have worked in close synergy to support a sustainable ecosystem for fintech and advanced industries.
Joo Yongtae, Director of Economic Affairs for Seoul, stated, "Through the Seoul Investment Promotion Foundation, which will be launched at the end of October, we will actively support the attraction and growth of global financial and advanced technology companies." He added, "By combining fintech and advanced industries, we will strive to develop Seoul into Asia's premier fintech hub and a strategic base for innovative industries."
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