Two Foreign Financial Institutions Move into Busan International Finance Center

2 PM on the 10th at Busan International Finance Center, UIB Insurance Brokerage and LINA One Joint Opening Ceremony

Strengthening Marine and Ship Specialized Financial Functions, Promoting Insurance Information Technology Development... Enhancing F

On the 10th at 2 p.m., Busan City will hold a joint opening ceremony for two foreign financial institutions, ‘UIB Insurance Brokerage’ and ‘Lina One,’ on the 63rd floor of the Busan International Finance Center (BIFC) D-Space.

Busan International Finance Center (BIFC).

The opening ceremony will be attended by Park Hyung-jun, Mayor of Busan, Kang Gu-hyun, Executive Director of the Korea Securities Depository, Lee Myung-ho, Director of the Busan International Finance Promotion Agency, as well as representatives from the two foreign financial institutions.

Since June, the city has been soliciting foreign financial institutions to move into D-Space. After the first document screening and the second presentation screening, the British UIB Insurance Brokerage and the American Lina One were finally selected as resident companies.

This opening ceremony marks the official completion of the move-in of the two foreign financial institutions that were finally selected as resident companies of the Busan International Finance Center through the city’s public recruitment.

UIB Insurance Brokerage is a Korean affiliate of the British UIB Group, which ranks among the Global Top-5 in the world’s reinsurance brokerage market. It plans to form a consortium with domestic companies DB Insurance and Meritz Fire & Marine Insurance to provide safety management for various risks to Busan’s maritime and key industrial companies, supply essential insurance products linked to this, and offer professional consulting services.

Lina One is a Korean affiliate of the global insurance company American Chubb Group. Based on Chubb Group’s international digital capabilities and experience, it plans to collaborate with local banks and fintech companies in Busan to digitalize insurance for businesses and individuals, thereby revitalizing the insurance technology (InsurTech) market.

InsurTech is a compound word of insurance and technology, referring to services that innovate the traditional insurance industry.

The event will proceed in the following order: ▲Welcome speech by Park Hyung-jun, Mayor of Busan ▲Greetings and business introductions by representatives of the two foreign financial institutions ▲Signing of a memorandum of understanding (MOU) between Busan City and the two foreign financial institutions for participation in the (tentatively named) Financial Opportunity Development Zone ▲Tour of the resident companies’ facilities.

On this day, the two foreign financial institutions will express their aspirations to strengthen Busan’s financial competitiveness in new fields by leveraging their advanced insurance capabilities and know-how to collaborate with various local organizations, promoting maritime and ship-specialized financial functions and fostering insurance technology (InsurTech) following their entry into Busan.

Furthermore, the two companies will also sign an investment memorandum of understanding with the city to participate in the (tentatively named) Financial Opportunity Development Zone, the first Busan-type opportunity development zone model, to jointly explore new development opportunities for Busan’s finance sector aimed at growing into a competitive and sustainable financial city.

The Opportunity Development Zone is a special zone designed to promote investment outside the metropolitan area, offering substantial benefits such as tax reductions to companies relocating to the designated area.

Mayor Park Hyung-jun stated, “The entry of these foreign financial institutions into the Busan International Finance Center will serve as an opportunity to further strengthen Busan’s position as a global financial hub. As world-class financial companies successfully settle in Busan and begin full-scale business operations, various financial business projects are expected to emerge alongside the third phase of the Busan International Finance Center, scheduled for completion in 2025. This will greatly contribute to Busan’s rise as a global financial hub city.” He added, “For Busan to establish itself as a global financial center beyond being an Asian financial hub, it is essential to attract capable domestic and foreign financial institutions and successfully complete the relocation of the Korea Development Bank to Busan. Our city will do its utmost to strengthen Busan’s financial ecosystem by additionally attracting policy financial institutions that have a significant impact on the local industry and financial development.”

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