Busan Ranks 22nd in Global Financial Centres Index, Its Highest-Ever Position

[Financial News] Busan ranked 22nd in the Global Financial Centres Index (GFCI), which assesses the financial competitiveness of major cities worldwide, achieving its highest-ever position.
The Busan Metropolitan Government announced on the 17th that Busan ranked 22nd among 117 financial cities worldwide in the Global Financial Centres Index (GFCI), a leading indicator measuring the financial competitiveness of major cities.
Busan rose one place from 23rd in the 39th Global Financial Centres Index report released in March, reaching its highest-ever ranking since first entering the index in 2014. Its evaluation score also increased by 11 points to 737, up from 726 in the previous assessment.
The results were officially announced in the 40th Global Financial Centres Index report published by the UK financial consulting group Z/Yen and at the BIFC Global Finance Symposium held the previous day at Nurimaru APEC House.
In the Asia-Pacific region, Busan ranked ninth, following Hong Kong, Singapore and Shanghai.
The city assessed the rise in its ranking as the result of positive recognition for its continued expansion of financial infrastructure and efforts to build marine and digital finance ecosystems.
The city has strengthened the foundation for growth in its financial industry by expanding the concentration of financial institutions through the completion of Phase 3 of the Busan International Finance Center (BIFC), designating the Munhyeon Financial Complex and Busan North Port areas as financial opportunity development zones, and expanding policy funds.
It is also expanding its marine finance ecosystem by relocating the Ministry of Oceans and Fisheries (MOF), HMM and the headquarters of other marine and shipping-related institutions and companies to Busan, while attracting the global shipbroker Clarksons Korea and Waterline Partners, an asset management firm specializing in marine finance.
At the same time, the KDX Consortium, in which the Korea Exchange (KRX) and Koscom participate, obtained preliminary approval for the country's first over-the-counter exchange for fractional investment. Busan is also enhancing the competitiveness of its digital finance industry through the operation of the Busan Blockchain Regulatory Free Zone.
Mayor Chun Jae-soo said, "Achieving Busan's highest-ever ranking in the Global Financial Centres Index demonstrates that the city is steadily growing into a global financial hub. Taking the development of the Northern Sea Route as an opportunity, we will strengthen our financial capabilities to support marine industries, including ship finance, marine insurance, eco-friendly ships and fuels, and investment in port infrastructure. By expanding the concentration of domestic and international marine financial institutions and companies around the Busan International Finance Center, we will advance Busan into one of the world's top 20 and Asia's top five financial cities by 2030."

[email protected] Kwon Byung-seok Reporter