Since 2009 Busan Metropolitan City has been developing a financial hub specialising in maritime finance and derivatives. With its strategic location in the center of the southeast economic block of Korea and the crossroads of a global logistics route, Busan envisions growing into an international financial city in Northeast Asia. Busan Finance Center (BFC) will continue to develop and implement measures to promote Busan as the financial hub and bolster the local financial industry, while working together with various local economic players to pursue sustainable growth of the financial sector including FinTech. These efforts will enable BFC to play a leading role in taking Busan to the next level and become the international financial center and maritime capital of Northeast Asia.
BIFC offers an attractive incentive package to global financial leaders and cooperation network of Busan Metropolitan City, and Busan Finance Center will support you to identify opportunities in Busan, one of the fastest developing cities in Asia.
May 5, 2024
Busan Metropolitan City has announced the creation of a venture fund(Busan Future Growth Venture Fund) aimed at promptly supporting startups facing challenges. The initiative focuses on aiding local companies in their international expansion and subsequent investments, with a particular emphasis on investing in the expansion of technology commercialization enterprises. The fund is established with a total capital of 100 billion KRW(74 Million USD), with contributions including 5 billion KRW(3.7 Million USD) from Busan Metropolitan City, 50 billion KRW(37 Million USD) from the Korea Development Bank, 10 billion KRW(7.4 Million USD) from the regional BNK Financial Group, among others. Busan Metropolitan City emphasized that 'Future Growth Venture Fund' is the first region-led initiative and plans to create a sub-fund of up to 250 billion KRW(185 Million USD) by the second half of this year. The fund stands out not only for its substantial size but also for its innovative approach to fund
Jan. 5, 2024
Busan is on the cusp of a remarkable transformation, poised to become a digital finance hub with the advent of Digital-Valley (D-Valley). This project will establish D-Valley as the largest digital financial center in South Korea's southern region. Occupying a prime location in the new Busan International Finance Center (BIFC) complex, D-Valley spans an area of 10,293? and a total floor space of 146,568? across 45 stories. Set for completion in 2025, this facility is designed to accommodate a myriad of digital finance enterprises, providing them with a full spectrum of support functions including investment services, guarantees, and infrastructural facilities. Moreover, the plan includes the establishment of a specialized graduate school of digital finance, clustering venture capital, corporate guarantees, and creating family-friendly facilities for employees within the BIFC. Join us in Busan, where the future of digital finance is now!
Feb. 13, 2024
In 2024, South Korea unveiled a plan to develop Busan into a 'Busan Global Hub City', aimed at promoting balanced national growth. This strategy positions Busan as a major player in three sectors: 1) an international logistics hub with significant ports and the upcoming Gadeok Island Airport, 2) a global financial center, leveraging its position in the Global Financial Centres Index and the Busan Blockchain Regulation Free Special Zone, and 3) a leader in digital and advanced industries, ranking high in Asia's smart cities. Marking 2024 as a pivotal year, Busan introduced the 'Busan Global Hub City Development Special Act' on January 25. This legislation focuses on transforming Busan into a key center for logistics, finance, and digital industries while enhancing its urban environment, culture, education, and tourism. Major projects include opening Gadeok Island Airport, relocating the Industrial Bank of Korea's headquarters, developing the financial sector, and redeveloping the North
April 15, 2024
Since its designation as the 'Busan Blockchain Regulatory-Free Zone', Busan has embarked on a journey to establish the Busan Digital Asset Exchange. This innovative platform is designed to facilitate the tokenization and trading of a wide range of valuable assets, including raw materials, precious metals, intellectual property, and carbon emission rights, leveraging blockchain technology. With a focus on decentralization, the exchange promotes investor security through comprehensive mechanisms for escrow settlements, listing evaluations, and market surveillance, heralding a new era of '4th generation blockchain exchange.‘ In a significant advancement towards this vision, on February 21, 2024, Busan Metropolitan City made a partnership with the Busan BDX Consortium. This consortium, spearheaded by ITSEN Corporation and comprising companies like Hana Securities, Hana Bank, and others, is set to develop the 'Busan BDX,' a cutting-edge trading platform within the Blockchain regulatory-free
June 3, 2024
The basic plan is aiming to reduce greenhouse gas emissions by 45% by 2030 compared to 2018. The plan consists of 101 tasks across 8 sectors, with a vision to achieve carbon neutrality by 2050 and to become a global hub city, free from the climate crisis. The major sector-specific greenhouse gas reduction measures, which will see an investment of 19.87 trillion won by 2030, include ?the expansion of renewable energy to improve energy self-sufficiency in buildings, ?the distribution of eco-friendly vehicles such as electric and hydrogen cars, ?the provision of energy reduction devices in agriculture, fisheries, and aquaculture, ?Waste Valorization, ?hydrogen cluster construction, ?expansion of blue carbon, ?carbon dioxide capture, storage, and utilization. The Basic Plan includes carbon-neutral policies that leverage Busan's strengths, such as creating a ?'15-minute carbon-neutral urban space,' ?becoming a 'global green city in the hydrogen economy,' ?leading a 'carbon-neutral circular
July 3, 2024
First, the ATS in South Korea is scheduled to be established next year for the first time. Busan Metropolitan City confers with the ATS, Nextrade, to bring its derivatives and STO trading functions to Busan. Second, the BDX is set to launch in the second half of 2024, with an emphasis on commodity trading. The digital asset exchange is expected to promote various complementary financial innovations, including derivatives. Thirdly, the Korea Exchange(KRX) has announced the 'Busanization 3.0 Initiative' which includes supporting the substantial growth of Busan's local economic and industrial ecosystem and enhancing Busan’s status as a global financial hub by discovering and promoting new businesses in the financial data sector. These collaborative efforts with three pivotal financial institutions are expected to solidify Busan's status as a global financial hub specialized in derivatives finance.
Aug. 2, 2024
On June 25, 2024, Busan was designated as a ‘Special Financial Opportunity Development Zone’(hereinafter Special Financial Zone). An opportunity development zones refers to a system aimed at fostering the relocation of businesses to regions and supporting balanced regional development through incentives and benefits, such as tax exemptions, regulatory exceptions, and financial support. Notably, among the other designated areas, Busan was the only one uniquely designated as a ‘Special Financial Zone’, highlighting the Korean government’s strategic commitment to developing Busan as a financial hub. The geographical domain of the Special Financial Zone consists of a total area of 750,976?, including the Busan International Financial Center (10,293?), general land (16,973?), and the second stage of the North Port Redevelopment Area (723,710?). Along with the designation, Busan Metropolitan City delineates a plan to develop the Busan International Finance Center as a global financial hub. F
Sept. 4, 2024
Dr. Dong-Hae Lee commenced his career at the Korea Development Bank in 1989, ultimately ascending to the position of Head of the Maritime Finance Division. He has extensive working experience in international finance, having served at the Korea Development Bank with assignments in both London and New York. In regard of maritime finance, Dr. Lee led the establishment of the "KDB Let's Together Shipping Fund," with a scale of USD 800 million (approximately KRW 1 trillion) in 2009, and was also involved in large-scale shipping finance. Under his directorship, shipping finance volume reached more than USD 2.3 billion (approximately KRW 3.15 trillion), contributing to the construction of 20 ships for HMM as part of the South Korean government's "Five-Year Plan for Shipping Recovery. Before joining Busan Finance Center, Dr. Lee served as a deputy director of the Korea University Maritime Law Centre. Dr. Lee obtained his Ph.D. in Business Administration from Korea Maritime and Ocean Uni
June 22, 2021
Since 2009, Busan Metropolitan City has been developing a …
July 21, 2021
Busan has developed strongly as a financial centre in …
Sept. 24, 2021
The Global Financial Centres Index has been tracking …
July 21, 2022
Busan is a major commercial and shipping hub …
Dec. 7, 2022
The Director of Busan Finance Center (BFC), Mr Youngho Park, together with others from BFC, visited London in December and held a mixer event to build connections between Busan and London. We heard from Mr Youngho Park about latest developments in Busan and some of the opportunities available for partnership and investment with the City.
Programme
16:00 Arrivals & Networking
16:10 Welcome From Z/Yen Group & FS Club
Professor Michael Mainelli, Chairman, Z/Yen Group
16:15 Busan International Finance …
Feb. 14, 2024
Background: The maritime sector is a critical, but …
Nov. 27, 2024
The President of Busan Finance Center (BFC), Myongho Rhee, together with others from BFC, are visiting London in November and will hold a mixer event to build connections between Busan and London. We will hear from Mr |Rhee about latest developments in Busan and some of the opportunities available for partnership and investment with the City.
Programme
16:00 Registration & Refreshments
16:30 Welcome From Z/Yen Group & FS Club
Mike Wardle, Chief Executive Officer, Z/Yen Group
16:35 Busan …