Busan to Host 2026 WAIFC Annual General Meeting
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Busan to Host 2026 WAIFC Annual General Meeting
□ Busan Metropolitan City and the Busan Finance Center have announced that Busan was selected to host the 2026 Annual General Meeting of the World Alliance of International Financial Centers.
□ The decision was made at the Annual General Meeting in Tokyo, Japan on October 15th, 2024. The Busan Finance Center representatives attended the meeting to address agenda items regarding forging world financial epicenters. Frankfurt was also selected as the host for the 2025 Annual General Meeting.
○ Busan won the bid due to its multifaceted efforts to foster a robust financial ecosystem, including the designation of the Financial Opportunity Zone, the third stage development of the Busan International Financial Center, the planned relocation of the Korea Development Bank to Busan, and the proposed Global Hub City Special Act.
○ According to the recently released Global Financial Centres Index in September 2024, which measured the financial competitiveness of 121 major cities worldwide, Busan reached its highest-ever position at No. 25, climbing eight places from last year.
□ Busan is the fourth Asian city to host the WAIFC Annual General Meeting, following Abu Dhabi, United Arab Emirates in 2019, Dubai, United Arab Emirates in 2021, and Tokyo, Japan in 2024. The 2026 Annual General Meeting is anticipated to mark a momentous occasion to actively introduce the ‘Global Financial Hub, Busan’ initiative to financial powerhouses.
□ Established in 2018 and headquartered in Brussels, Belgium, the World Alliance of International Financial Centers is a network among leading financial destinations across the globe to strengthen collaboration, the exchange of information, and communication with the public.
○ The World Alliance of International Financial Centers identifies policy tasks for the financial landscape in each country, conducts joint research on various topics, such as digital finance, sustainable finance, and maritime finance, and explores publicity and cooperative opportunities.
○ Currently, relevant organizations in 22 financial cities in 20 countries participate in the World Alliance of International Financial Centers. Busan is a founding member, along with Frankfurt, Paris, and eight other cities.
□ Mayor Park Heong-joon said, “The 2026 WAIFC Annual General Meeting, which will be held here in Busan, is set to serve as a milestone in our global financial hub project.” He added, “We will continue to facilitate international cooperation and build advanced financial infrastructure so that Busan can grow beyond Asia into one of the world’s top financial hotspots.”
