Busan City to Invest 19.5 Billion Won in Fintech... Establishes Financial Technology Industry Development Plan

Aiming to Realize a Global Digital Financial Hub
Strengthening Scale-Up and Investment Ecosystem for Promising Companies
Pursuing Four Major Tasks and Ten Detailed Projects

A blueprint has been unveiled to transform Busan into a city of financial technology industries.

The Busan Metropolitan Government (Mayor Park Hyungjoon) announced on the 31st that it has established and will begin full-scale implementation of the 2025 Fintech Industry Promotion Plan. This plan aims to proactively respond to the rapidly changing financial environment, such as the acceleration of the digital economy transition, by providing support measures for promising local fintech companies and promoting their growth.

With the goal of realizing a 'Global Digital Financial Hub Busan,' the plan is designed to enable high-potential fintech companies to achieve substantial scale-up and to provide more focused and systematic support to these companies. A comprehensive support package covering commercialization, space, and labor costs will be provided, along with an investment of approximately 19.5 billion KRW in infrastructure and business advancement.

The plan consists of four main tasks and ten detailed projects: ▲Scale-up of promising companies and strengthening of the investment ecosystem ▲Promotion of Busan-specialized fintech new businesses ▲Advancement of fintech hub operations ▲Innovation of financial technology governance.

It includes support measures to facilitate the stable settlement of local fintech companies and to strengthen the competitiveness of the fintech industry. The plan was finalized after gathering feedback from businesses and holding various discussions with related organizations.

For the scale-up of promising companies and strengthening of the investment ecosystem, Busan City will select about 20 promising companies that need to scale up over five years, provide them with enhanced incentives, expand investment attraction opportunities, and establish nurturing spaces to help them settle in the region.

In addition, the city will strengthen the 'Partners Pool' and investment network, which facilitates collaboration between leading companies such as BNK Financial Group and fintech hub startups, including consulting and startup acceleration.

▲To prevent the outflow of strong small and medium-sized enterprises to the Seoul metropolitan area and to strengthen the competitiveness of the fintech industry, a dedicated space for company growth will be created in Phase 3 of the Busan International Finance Center (BIFC). ▲Incentives for companies certified as high-growth promising companies will be increased from the current 10 million KRW to over 100 million KRW. ▲Support will be provided for key development personnel for business model development, among other areas.

Furthermore, ▲by utilizing funds such as the 'Busan Future Growth Venture Fund' and 'Local Era Venture Fund,' the city will match companies with investors and help companies secure investment funds through events such as investment presentations (IR). ▲In accordance with the business agreement signed in February between the city, Korea Exchange, and Busan Chamber of Commerce and Industry to discover and nurture innovative growth companies, the city will drive corporate innovation through listing system briefings and customized consulting.

▲The 'Partners Pool' will be expanded from the existing pool (BNK Financial Group, Hana Card, SK Telecom, Yuanta Investment, AON Korea, SK Planet, etc.) to a practical investment-linked pool including Korea Technology Finance Corporation and Korea Development Bank. ▲Credit Guarantee Fund and Korea Technology Finance Corporation will provide guarantee-linked investments and preferential guarantees.

Additionally, ▲the city will activate investor matching support for fintech companies through the establishment of a fintech investment platform and support for fintech innovation fund investments and growth-linked support.

In the field of promoting Busan-specialized fintech new businesses, the city will continuously discuss with related organizations and reflect the voices of businesses to promote a variety of new businesses in regional specialized fintech sectors.

▲Reflecting the rise of insurance information technology (Insurtech) as a Busan-specialized fintech business, the city will support the development of a digital transformation platform for cargo insurance, the launch of product services in collaboration with domestic and international insurance companies and enterprises, and entry into overseas markets.

▲To foster advanced digital finance talent, the city will collaborate with Seoul fintech institutions on educational programs to train experts. ▲To address the difficulties of local startups in recruiting talent, the city will establish employment-linked programs with fintech education institutions to strengthen company promotion and matching.

In the area of advancing fintech hub operations, the city will further enhance the operation of a performance-based fintech specialist company support platform, focusing on key indicators (sales, investment, employment), and create an environment for growth based on corporate investment.

▲The city will support startup rental fees within the Innovation City area and establish specialized educational programs such as core programming for business models. ▲It will also support youth jobs that contribute to youth settlement in the region and the growth of regionally specialized companies.

In the field of financial technology governance innovation, the city will closely cooperate with the government, related organizations, and companies to promote innovative policies and technological development, thereby securing the future competitiveness of the financial industry.

▲The city will attract 'Korea Fintech Week 2026,' the largest fintech event in Korea hosted by the Financial Services Commission, to Busan. ▲Through on-site communication such as the 'Visiting Fintech Support Group,' the city will listen to the difficulties faced by companies, suggest regulatory improvements, and link with government support projects.

Nam Dongwoo, Director of Financial Startup Policy at Busan Metropolitan Government, said, "We plan to provide continuous support so that promising companies leading innovative growth in the region can overcome limitations in funding, investment, and infrastructure, establish a stable foundation for growth, and have a positive impact on the local economy." He added, "By establishing a comprehensive support system for fintech industry promotion, we will go beyond simple financial support to ensure that companies achieve real growth and that Busan becomes established as a global digital financial center."

He also stated, "By supporting promising companies to become unicorns and promoting various new financial businesses, Busan will lay the foundation for innovative technology and entrepreneurship to flourish as a leading city in the fintech industry."

Overview of Busan City's Fintech Industry Development Plan.

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