Seoul Ranks Seventh Globally in Financial Competitiveness; Fintech Reaches an All-Time High

[Financial News] Seoul ranked seventh in the Global Financial Centres Index (GFCI), which assesses the financial competitiveness of major cities worldwide. It moved up from eighth place in March, regaining ground after six months. Seoul also ranked seventh in fintech, placing its overall and digital finance competitiveness among the world's top seven. The Seoul Metropolitan Government said on the 16th that Seoul ranked seventh overall among 139 cities worldwide in the 40th GFCI report released by British consulting group Z/Yen. This was one place higher than its previous ranking of eighth in March.
Seoul's ranking as a financial city has continued to rise in recent years. It ranked 53rd in 2009, then climbed to 16th in 2021 and 12th in 2022. After remaining between 10th and 11th from 2022 through 2025, Seoul rose to eighth in March this year and reached seventh in the latest assessment.
The GFCI is an index jointly produced by Z/Yen and the China Development Institute (CDI) to assess the financial competitiveness of major cities worldwide. It has been published twice a year, in March and September, since 2007. Rankings are calculated by combining quantitative indicators related to the business environment, human capital, infrastructure, financial industry development and reputation with survey results from financial industry professionals worldwide.
New York took first place in the overall assessment, while London and Hong Kong ranked second and third, respectively.
Seoul also achieved its highest-ever ranking of seventh worldwide in fintech, a sector that reflects the city's future digital finance competitiveness. After first reaching eighth place last September to set a new record, Seoul climbed another spot in the latest assessment.
The Seoul Metropolitan Government has supported the digital finance industry by establishing a development system tailored to the growth stages of fintech companies. Through the Seoul Fintech Lab for growth-stage companies and the Second Seoul Fintech Lab for nurturing early-stage firms, it has discovered and supported a total of 530 fintech companies to date.
Companies housed in or supported by these programs have generated cumulative sales of 1.1149 trillion won, attracted 574.6 billion won in investment and created 5,592 new jobs. Their expansion into overseas markets is also accelerating, with resident companies receiving the Best of Innovation Award and Innovation Award in the fintech category at CES 2026.
Seoul's gains were particularly notable in the detailed assessment. Its city reputation ranking jumped six places, from ninth to third. Infrastructure rose five places, from 10th to fifth; financial industry development climbed three places, from eighth to fifth; and the business environment moved up one place, from sixth to fifth. Four of the five assessment categories thus entered the world's top five.
City reputation, the category that posted the largest gain, reflects a city's brand and appeal, cultural diversity and level of urban innovation. The Seoul Metropolitan Government believes that the rise in Seoul's international recognition, including through K-culture, and the city's stronger competitiveness have also had a positive impact on its competitiveness as a financial city.
Since establishing the master plan “Seoul, an Asian Financial Hub” in November 2021, the Seoul Metropolitan Government has promoted the development of the financial industry, attracted global financial companies and supported fintech firms, with a focus on Yeouido. Going forward, it plans to strengthen cooperation among policy finance institutions, private financial institutions and related organizations, while expanding efforts to attract overseas financial companies and fintech firms. The goal is to build a financial ecosystem where financial institutions and companies, investors and skilled professionals are concentrated.
Oh Se-hoon, Mayor of Seoul, said, "Seoul is no longer a city that follows leading cities; it has become a city that competes confidently for a place among the world's top tier." He added, "We will further strengthen Seoul's financial competitiveness by developing the digital finance ecosystem in which Seoul excels and creating an environment that attracts global companies and talent."
[email protected] Seong Cho-rong Reporter