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Seoul Finance Snapshot #2 : ‘Asian Financial Center, Seoul’ Strategy

관리자 │ 2023-11-15

Seoul Finance Snapshot #2(September 2023)_EN.pdf

Seoul Finance Snapshot #2 / September 2023 / SEOUL FINANCIAL HUB 서울국제금융 오피스
 

Seoul Financial Hub is pleased to announce the release of 'Seoul Finance Snapshot #2'. 

'Seoul Finance Snapshot' will provide information related to finance in Seoul, so we kindly request your interest and attention.

 

In this issue, we introduce four strategies and action plans proposed by the Seoul Metropolitan Government

with the goal of becoming ‘Asian Financial Center, Seoul’ to leap into the top 5 global financial hubs worldwide.

Goals by Strategy

1. Create a growth-focused financial industry ecosystem, connecting the top 3 financial pillars

Attracting 100 new overseas financial companies to Seoul by 2030

2. Strengthen capabilities in the digital financial industry, including fostering global Fintech companies

Creating the largest fintech hub in Asia by 2030

3. Enhance the brand image of Seoul as the financial city to solidify its appeal as a financial hub

Promoting the brand of "Seoul" as one of the top 5 global financial hubs

4. Create a globally-friendly financial business environment through improvements in financial regulation

Creating a global-friendly financial business environment

 

You can find detailed information in the infographic.


SEOUL MY SOUL / SEOUL FINANCIAL HUB 서울국제금융오피스 / 'Asian Financial Center, Seoul / Basic Plan / Background : Possible change in Hong Kong's status as a financial hub due to the enactment of the National Security Law in 2020 / Banks and financial companies 52 companies leave, Hong Kong, Insurance companies 24 companies leave - The enactment led to the outflow of 52 banks and financial companies, along with 24 insurance companies, from Hong Kong in 2020. - According to a survey conducted in July 2021 by the American Chamber of Commerce in Hong Kong (n = 325), 42% of American companies in Hong Kong were planning or in the process of relocating their businesses. South Korea's financial market growth stagnates relative to the size of its economy. - The growth rate of the asset management market in 2022 was 4.6%, and the operating profit ratio was 26.1%, the lowest level in 10 years / Emerging as an Asian financial center and narrowing the gap - `The result of the GFCI published in September 2022 showed that the rankings of Singapore (6th to 3rd), Shenzhen (10th to 9th), and Seoul (12th to 11th) all increased, and the gap between Singapore in 3rd (726 points) and Seoul in 11th (718 points) was only 7 points. - Hong Kong's ranking fell from 3rd to 6th when the National Security Law came into effect, and from 3rd to 4th in September 2022. / source: GFO(2022) Singapore 6th - 3th, China 10th - 9th, Korea 12th - 11th, Hong Kong 3th - 6th, *When Hong Kong National Security Law was enacted(2020) / Strategic system - Vision : Leap into the Top 5 Global Financial Hubs Worldwide, Asian Financial Hub, Seoul / Startegies : Create a growth-focused financial industry ecosystem, connecting the top 3 financial pillars.,  Strengthen capabilities in the digital financial industry, including fostering global Fintech companies,Enhance the brand image of Seoul as the financial city to solidify its appeal as a financial hub, Create a globally-friendly financial business environment through improvements in financial regulation / Detailed plan : Establishment of Invest Seoul • Establishment of a Seoul Digital Financial Support Center • Creation of additional Seoul Financial Hubs • Promotion Yeouido as the Special Finance Development District • Strengthening the capabilities of the financial industry as a Think Tank / • Supporting fintech companies • Creation of a second Fintech Lab • Cultivation of talent specialized in digital finance • Collaboration with graduate schools of digital finance and related institutions • Strengthening internship programs • Improvement of digital financial literacy / • Development of a financial policy brand • Hosting the Global Fintech Festival (tentative name) • Establishment and operation of networks, including domestic and international financial city associations / • Identification and improvement of main regulation limitations • Reformation of city subsidy program • Creation of an urban environment for an international-level financial industry in Yeouido / Expected index : 2021 GFCI Ranking 16th, Fintech Companies to Be Developed (Cumulative/No.) 150, Professionals to Be Developed (Cumulative/No.) 340, Financial Companies in Seoul (Cumulative/No.) 150, FDI Amount (Current Year/USD 100 Million) 102 / 2022 GFCI Ranking 15th, Fintech Companies to Be Developed (Cumulative/No.) 200, Professionals to Be Developed (Cumulative/No.) 440, Financial Companies in Seoul (Cumulative/No.) 155, FDI Amount (Current Year/USD 100 Million) 130 / 2023~2025 GFCI Ranking 10th-5th, Fintech Companies to Be Developed (Cumulative/No.) 700, Professionals to Be Developed (Cumulative/No.) 1200, Financial Companies in Seoul (Cumulative/No.) 180, FDI Amount (Current Year/USD 100 Million) 200 / 2026~2030 GFCI Ranking Maintaining 5th position, Fintech Companies to Be Developed (Cumulative/No.) 1000, Professionals to Be Developed (Cumulative/No.) 3000, Financial Companies in Seoul (Cumulative/No.) 250, FDI Amount (Current Year/USD 100 Million) 300
SEOUL MY SOUL / SEOUL FINANCIAL HUB 서울국제금융오피스 / Asian Financial Center, Seoul Basic Plan / Strategy 1 : Create a growth-focused financial industry ecosystem, connecting the top 3 financial pillars. / Goal : Attracting 100 new overseas financial companies to Seoul by 2030 / Objectives : Strategically attract overseas financial companies, improve the concentration of financial clusters, establish facilities for support of the financial industry, and strengthen the capabilities of research of the financial industry / Action plan : • Establish Invest Seoul • Introduce English consulting services via chatbots and voicebots for global investors and build the Invest Seoul metaverse (Invest & Play) • Strengthening the Seoul financial industry think tank function (establishing the Seoul Financial Hub Research Center) • Co-operate funds with global venture capital companies, achieve over USD 30 billion of FDI, and attract 100 overseas financial institutions • Establish the Digital Financial Support Center and create additional Seoul Financial Hubs (in Yeouido) • Promote Yeouido as the Special Finance Development District / Invest Seoul, Chatbot , Digital Financial Support Center
SEOUL MY SOUL / SEOUL FINANCIAL HUB 서울국제금융오피스 / Asian Financial Center, Seoul Basic Plan / Strategy 2 : Strengthen capabilities in the digital financial industry, including fostering global Fintech companies / Goal : Creating the largest fintech hub in Asia by 2030 / Objectives : Nurture a total of 1,000 fintech startups, discover 30 potential unicorns, and provide a workforce of approximately 80,000 digital financial professionals and 20,000 working-level personnel to the field / Action plan : • Support fintech startups so that they can bring their business to market (through regulatory innovation, consulting, networking, marketing, etc.) • Build a second Fintech Lab (in Mapo-gu) to provide tailored membership and create an ecosystem • Cultivate financial talent (through operation of graduate schools of digital finance and a working-level personnel match program for employment and entrepreneurship, and job search support) • Conduct online and offline education and campaigns to raise understanding of digital finance among citizens • Conduct online/offline education and campaigns to improve citizens' understanding of digital finance • Promote strengthening understanding of digital finance (online and offline campaigns, support fintech technology commercialization and discover cooperative projects, form a citizen monitoring group for digital financial crimes, promote commercialization of system improvement ideas) / Digital finance expert training project, FINTECH LAB, Digital Finance MBA
SEOUL MY SOUL / SEOUL FINANCIAL HUB 서울국제금융오피스 / Asian Financial Center, Seoul Basic Plan / Strategy 3 : Enhance the brand image of Seoul as the financial city to solidify its appeal as a financial hub / Goal : Promoting the brand of 'Seoul' as one of the top 5 global financial hubs / Objectives : Share cases through fair competition between financial cities and cooperation with global financial cities, develop a Seoul policy brand as the financial city for global marketing, and hold a global fintech festival / Action plan : • Conduct marketing activities by developing a brand image that reflects Seoul's urban image and the characteristics of an Asian financial hub • Promote international financial conferences and hold a global fintech festival • Build a global investment governance system by establishing and operating the 'Global Investment Ambassador' of Seoul Metropolitan Government' of the Seoul city • Establishment and operation of domestic and international networks related to the financial industryl / World Policy Conference, Yeouido Financial Hub, SEOUL FINTECH WEEK 2023
SEOUL MY SOUL / SEOUL FINANCIAL HUB 서울국제금융오피스 / Asian Financial Center, Seoul Basic Plan / Strategy 4 : Create a globally-friendly financial business environment through improvements in financial regulation / Goal : Creating a global-friendly financial business environment / Objectives : Identify limitations in strengthening the global financial competitiveness of the financial center, Seoul, attract international schools, improve the living environment for foreigners, for example, by providing serviced apartments, and by moving forward on green transport zone policies / Action plan : • Put institutional improvement into public discussion
and revise laws, for example, by co-hosting seminars related to cooperation with other organizations • Work together with the Korea Financial Investment Association to expand the 52-hour flexible workweek system for financial personnel • Frequently hold the Financial Industry Policy Committee's meetings and develop long-term policies • Reform the city's subsidy program (expansion of incentives and revision of the subsidy support system) • Support attracting foreigners (review of plans to provide customized housing for foreign financial personnel and attract international schools) • Creation of an international-level financial industry urban environment (Yeouido) / Seminar on Improvement of Treasury Stock System of Listed Companies, Yeouido district unit plans area on financial, Support for attracting foreigners
 




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