Seoul City Conducts Non-Face-to-Face IR Targeting 30 European and Singaporean Financial Institutions

Seoul's Financial Industry Development Policy and Efforts to Attract Global Financial Institutions

[Asia Economy Reporter Jo In-kyung] On the afternoon of the 15th (Korean time), Seoul City held an online investment attraction briefing (IR) targeting financial companies located in Europe and Singapore to promote the strengths of Seoul as a 'financial hub' and introduce support policies, the city announced on the 16th.

The briefing, broadcast live via an online webinar platform, was attended by about 50 executives and employees from over 30 financial companies and institutions, including Bank of America Singapore branch, global fintech company Transwap, global insurance company Texel Group, and the UK Investment Managers Association.

The event, held to introduce Seoul City's financial industry promotion policies and attract global financial institutions, began with a welcome speech by Kim Ui-seung, Director of Seoul City's Economic Policy Office, followed by congratulatory remarks from Michael Mainelli, Chairman of the UK Z/Yen Group. Four presenters then sequentially explained Seoul's financial hub policies, opportunities in the Korean financial market, and the Seoul Fintech Lab.

The city especially focused on promoting the 'Seoul International Financial Office' being established on the 16th floor of One IFC in Yeouido, Seoul, highlighting its occupancy conditions and support policies to attract global financial institutions. This dedicated space aims to attract and cluster excellent domestic and foreign financial institutions, offering tenant companies office, meeting, and networking spaces, along with support covering more than 70% of rent and management fees for up to five years. Various programs such as legal and investment consulting, support for foreign executives and employees, educational programs, and networking with existing financial companies in Yeouido are also provided.

Michael Mainelli, Chairman of Z/Yen Group, which annually evaluates and ranks the financial competitiveness of 108 cities worldwide, stated, "Seoul has swiftly responded to the global pandemic caused by COVID-19, improving its ranking in the Global Financial Centres Index (GFCI) as well as its status as a global financial city." He emphasized, "Its excellent crisis management capabilities and reputation as a safe city will be even more attractive factors for many global financial institutions and fintech companies."

Earlier, Seoul City conducted an online IR targeting financial institutions based in Hong Kong last month in collaboration with the Financial Supervisory Service, and on the 10th of this month, participated online in the Singapore Fintech Festival to promote Seoul's fintech industry support policies.

Kim Ui-seung, Director of Seoul City's Economic Policy Office, said, "Despite the uncertainties caused by the COVID-19 pandemic, Seoul has demonstrated that it is a safe city and a prepared financial hub." He added, "We hope to continuously publicize Seoul's efforts to revitalize the financial industry so that competitive global financial institutions will establish themselves in Seoul."

This content was produced with the assistance of AI translation services.