Incheon Emerges as a Global Financial Hub as GCF, World Bank, and Hana Financial Group Move In

[Financial News, Incheon = Reporter Han Gap-su] The Incheon Free Economic Zone (IFEZ) is accelerating efforts to develop into a global financial hub, following the relocation of the Green Climate Fund (GCF), the World Bank Group Korea Office, and now the headquarters of Hana Financial Group.
The Incheon Free Economic Zone Authority plans to build on the foundation of international organizations and climate and development finance in Songdo, while fostering Cheongna into a center for private and digital finance around Hana Financial Group.
The authority also plans to link the financial infrastructure of the two areas and expand investment attraction for related companies, including financial institutions, fintech firms, blockchain businesses, and data companies.
Incheon's financial infrastructure began to take shape in earnest in 2012 with the attraction of the GCF secretariat. At the time, six countries, including South Korea, Germany, Switzerland, Mexico, Poland, and Namibia, competed to host it. Incheon won the bid by highlighting its accessibility to Incheon International Airport and Songdo's eco-friendly, smart-city infrastructure.
At the second GCF Board meeting held in Songdo in October 2012, Incheon was officially selected as the host city. The GCF secretariat formally launched in December the following year. At the 44th GCF Board meeting held in March, investment in 18 new climate projects worth $960.3 million, or about 1.33 trillion won, was approved. That brought the total portfolio to 354 projects worth more than $20 billion, or about 27.68 trillion won. About 400 people from more than 70 countries are currently working at the Songdo headquarters.
The GCF attraction was followed by the establishment of the WBG Korea Office. The office officially opened in Songdo in 2013 and shares South Korea's experience in economic development, ICT, infrastructure, and finance with developing countries. About 20 people currently work there, carrying out development cooperation projects in areas such as healthcare and the digital economy.
In Cheongna, the private financial industry base is expanding around Hana Financial Group. After Incheon Metropolitan City Government and the Incheon Free Economic Zone Authority signed an agreement in 2012 to develop a financial town, they gradually built the Integrated Data Center and Hana Global Campus. With the completion of the group headquarters (HQ) in May this year, Hana Dreamtown has also entered its final stage of completion.
About 2,200 employees from 10 affiliates, including Hana Financial Group Inc., Hana Bank, and Hana Securities, will relocate to Cheongna in stages from September through the end of the year. Including existing staff, about 4,000 finance and IT professionals will work at Hana Dreamtown.
Based on the concentration of Hana Financial Group, the authority plans to attract investment from digital finance companies in Cheongna, including those in digital assets and blockchain. It also aims to bring in overseas financial institutions and foreign companies by leveraging Incheon International Airport and Hana Financial Group's global network.
It also plans to expand the investment base for fintech, blockchain, and data industries by linking international organizations such as the GCF and WBG in Songdo with private financial companies in Cheongna. In addition, it will seek to foster specialized financial industries tailored to Incheon's industrial strengths, such as aviation and ship finance.
Mayor Park Chan-dae said, "For more than 20 years, from attracting the GCF and the World Bank to Songdo to Hana Financial Group's move to Cheongna, we have built the foundation of a global city and earned trust from the world." He added, "With international organizations and climate finance in Songdo and private and digital finance in Cheongna as two pillars, we will help the Incheon Free Economic Zone leap forward as a global financial and business city that draws the world's attention."
[email protected] Han Gap-su Reporter