Seoul Rises 9 Ranks in 'International Financial Competitiveness'... 2nd in Future Growth Potential

Global Financial Centers Index Ranks Major World Cities 16th... Increased Global Financial Competitiveness
13th in Fintech Competitiveness Among 114 Cities, 2nd in Future Growth Potential

[Asia Economy Reporter Lim Cheol-young] On the 17th, Seoul City announced that it ranked 16th among 114 cities in the ‘Global Financial Centres Index (GFCI),’ a representative index measuring the financial competitiveness of major global cities based on business environment, financial industry development, infrastructure, and human resources.

This result marks a rise of 9 places from 25th announced last September and an increase of 20 places from 36th announced in September 2019. Seoul had declined to 36th by 2019, starting from 2015 when the relocation of financial institutions to provinces began in earnest, but it is now aiming to enter the top 10.

The GFCI is calculated by combining indices in five areas?△business environment △financial industry development △infrastructure △human resources △city reputation?based on an online survey conducted by the UK consulting group Z/Yen since 2007 targeting global financial professionals, and evaluations from external organizations such as the International Institute for Management Development (IMD) and the World Economic Forum (WEF). The GFCI index is announced twice a year, in March and September.

Seoul ranked 13th among 114 cities in the fintech competitiveness category. In the category of cities with high future potential, Seoul ranked 2nd among 114 cities. This ranking indicates cities likely to hold a more important position within the next 2 to 3 years compared to the present.

Seoul City analyzed that the upward trend in the GFCI, a representative index measuring financial competitiveness, reflects the results of consistent focus and investment in financial industry development policies such as ‘corporate fostering, talent development, and investment attraction’ centered around Yeouido to strengthen Seoul’s financial competitiveness.

Currently, Seoul operates the ‘Seoul Fintech Lab (corporate fostering),’ the largest fintech startup incubation institution in Korea housing 100 fintech startups; the ‘Digital Finance Graduate School (talent development),’ the first of its kind opened within the Yeouido financial district; and the ‘International Finance Office (Seoul Finance Hub, investment attraction),’ which is being developed as a hub for financial and fintech exchange by attracting domestic and foreign financial institutions aiming to enter Yeouido.

Kim Ui-seung, Director of Seoul City’s Economic Policy Office, said, “Despite the prolonged COVID-19 situation, we have achieved high results in fintech, a representative non-face-to-face sector,” and added, “We will continue to focus on supporting non-face-to-face digital financial innovation to enhance global digital financial competitiveness and turn it into an opportunity to lead the industry.”

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