BIFC, a Global Financial Hub! ... Busan City Supports Busan International Financial Center Fintech Hub

Busan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City will hold a signing ceremony for the ‘Busan International Financial Center (BIFC) Fintech Hub Support’ to support the operation of the Global Fintech Industry Promotion Center at 2 p.m. on the 9th at ‘U-Space BIFC’.

At the signing ceremony, six organizations including Busan City, the Global Fintech Industry Promotion Center, Korea Housing & Urban Guarantee Corporation, Korea Asset Management Corporation, Korea Housing Finance Corporation, and Korea Technology Finance Corporation will sign a business agreement to support the operation and finances of the Global Fintech Industry Promotion Center.

The business agreement aims to improve the tech-based corporate growth infrastructure centered on the Munhyeon Financial Complex, secure the scalability of Busan’s financial hub strategy, and promote the development of Busan’s fintech industry.

Busan City will actively support the discovery of cooperative projects, while organizations such as Korea Housing & Urban Guarantee Corporation will cooperate in providing necessary financial resources for center operations.

Busan City stated, “With this agreement, corporate support programs such as nurturing corporate support experts and expanding research and development functions will be strengthened, and the development of Busan’s fintech startup ecosystem is expected to gain more momentum.”

The Global Fintech Industry Promotion Center was established in 2015 with sponsorship from the Korea Exchange, Korea Securities Depository, Koscom, and BNK Busan Bank.

Since 2019, Busan City has operated ‘U-Space BIFC,’ built to support digital financial startups, providing one-stop corporate support programs such as use of the financial big data platform lab, legal consultation, professional developer training, and venture capital (VC) connections.

‘U-Space BIFC’ has doubled the scale of resident companies within two years of opening, with 50 resident companies, 420 employees, and secured corporate investment and financing of 30 billion KRW through customized support for resident company needs.

Kwon Ki-ryong, Director of the Global Fintech Industry Promotion Center, said, “We will focus on building a platform where startups based on digital financial technology can grow quickly and strongly.”

Lee Jun-seung, Director of the Digital Economy Innovation Office of Busan City, said, “The support of major institutions within the Busan International Financial Center for the Global Fintech Promotion Center will be an opportunity to develop U-Space BIFC into a global financial mecca.”

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