HUG and Busan International Finance Promotion Agency join forces to develop Busan as a financial hub

[Financial News] Korea Housing & Urban Guarantee Corporation (HUG) and Busan International Finance Promotion Agency are working together to foster Busan’s financial industry and promote balanced regional development. They plan to identify joint policy initiatives and pursue cooperative projects, including specialized research and global forums and seminars.
HUG announced on the 21st that it had signed a “Memorandum of Understanding for the Balanced Development of Local Communities and the Financial Industry” with Busan International Finance Promotion Agency on the 20th at the Busan International Finance Center (BIFC).
The agreement was drawn up to establish a framework for cooperation between HUG, a public institution that relocated to Busan, and Busan International Finance Promotion Agency, which is responsible for developing Busan as a financial hub. The two organizations plan to expand the local financial ecosystem by linking their financial expertise and human and material resources.
HUG exclusively manages the Housing and Urban Fund, which is worth approximately 234 trillion won, and provides housing presale guarantees, rental deposit guarantees and project financing (PF) guarantees, among others. Drawing on its policy-finance experience gained through managing the fund and guarantee programs, it plans to advance the transition to digital finance and upgrade real estate finance.
“HUG will devote all its capabilities not only to its fundamental role of ensuring housing stability for the people, but also to serving as a key partner that injects vitality into the local economy and leads the creation of a future financial ecosystem,” President Choi In-ho said.
[email protected] Choi Ga-young Reporter