Busan No. 25 in Global Financial Centres Index, up Eight Spots from a Year Ago
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Busan No. 25 in Global Financial Centres Index, up Eight Spots from a Year Ago
□ Busan Metropolitan City confirmed on September 24th that it has ranked 25th out of 121 financial centers in the Global Financial Centres Index, a measure of the financial competitiveness of major cities worldwide.
□ Despite gloomy economic sentiment at home and abroad, Busan landed the 25th position, the highest ranking since 2015, compared to 27th in the first half of 2024 and 33rd in September 2023.
○ In Asia, Busan is among the top nine cities, behind Hong Kong, Singapore, Shanghai, Dubai, and Tokyo.
□ The positive outlook for Busan’s financial market, even in the face of internal and external challenges, can be attributed to the strategic planning and vision of both central and local governments. The concerted efforts to promote Busan as a global financial destination, such as the designation of the city as a ‘Financial Opportunity Zone’ in June 2024 and the enactment of the Global Hub City Special Act, have played a significant role in this regard. These initiatives aim to attract financial service providers and bolster Busan's position as one of Korea's two main economic pillars, along with Seoul.
□ Busan, the country’s only blockchain regulation-free zone, views and fosters digital finance as an important growth engine. The opening of the Busan Digital Asset Exchange, a privately owned, but publicly controlled entity, around October is projected to contribute to its robust financial future.
○ The Busan International Finance Center Phase 3, set for completion in December of next year, is being developed into a Digital Finance Valley, in line with the city’s focus on digital finance companies driven by the Fourth Industrial Revolution, including fintech, blockchain, and artificial intelligence. The center’s commitment to supporting investment and guarantee functions will further underscore its potential in shaping Busan’s economic landscape.
□ Joining forces with the Busan Finance Center and Z/Yen, a leading commercial think-tank in London, Busan held the Global Financial Centres Index 36 Presentation and the Symposium on Global Competitiveness as a Financial Hub at Nurimaru APEC House at 14:00 on September 24th.
