‘Asia Financial Hub Busan’ Busan City to Attract Additional Foreign Financial Institutions to BIFC 63rd Floor

Selection of 6 Companies in December 2020 First Round, Exceptional Terms from July 7 to July 2

‘Busan D-Space’ Strengthens Marine and Derivative Specialized Financial Functions, Promotes Digital Finance

Busan International Finance Center (BIFC).

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan City (Mayor Park Hyung-jun) will additionally attract foreign financial institutions valued at over $10 billion, known as 'decacorns,' to the 63rd floor of the Busan International Finance Center (BIFC) (Busan D-Space).

Following the selection of six companies in the first public offering last December, Busan City has begun recruiting institutions (companies) wishing to move in by July 2nd for the second round to attract more foreign financial institutions.

'Busan D-Space' is a space created by Busan City to leap forward as an Asian financial hub city.

Out of the total area of 3,057.24㎡ on the 63rd floor of the Busan International Finance Center, approximately 1,016.09㎡ will be allocated to house about 10 foreign financial institutions with strong capabilities and high growth potential that will contribute to the development of Busan's financial industry.

Foreign financial institutions moving in can use about 10㎡ of space per person free of charge for three-year terms, but management fees and interior costs are self-funded.

The lease can be extended up to 25 years based on project performance evaluation, and tenants will receive support such as domestic financial business consulting, provision of financial and investment information, guidance on domestic finance and living environment for foreign employees, and networking opportunities with other tenants of the Busan International Finance Center.

Eligibility for application includes foreign financial institutions, foreign fintech companies, domestic and international venture capital firms with fund investments of over 5 billion KRW in the past three years, and financial-related government agencies, public institutions, and international organizations that have at least one resident staff newly entering the Busan International Finance Center.

Companies (institutions) already operating in Busan that only intend to relocate their offices face restrictions. Considering the security of the Busan International Finance Center, business offices expected to have frequent access by unspecified customers are excluded. Additionally, companies (institutions) with outstanding national or local taxes or those intending to operate cryptocurrency mining or cryptocurrency exchanges are also excluded.

Companies wishing to move in should submit their application forms and business plans by registered mail or email by 6 p.m. on July 2nd.

Final tenants will be selected through a first round of document evaluation and a second round of face-to-face evaluation. For more details, please refer to the announcement on the Busan City website.

Busan City has made various efforts to attract foreign financial institutions, including overseas financial institution investor relations (IR) presentations, participation in global financial events, and consultation meetings. In December 2020, six companies including Korea Citibank and GBR Capital Limited were selected through the first public offering.

Mayor Park Hyung-jun of Busan said, “By attracting excellent foreign financial institutions to the 63rd floor of BIFC, the financial mecca of Busan, Busan can develop into a global asset management and digital finance hub city, focusing on fintech, which is a core of the 4th industrial revolution.”

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